Cushman reprices $1bn of term loan

Cushman & Wakefield has completed a repricing of $1bn (£789m) of its term loan due in 2030. The agent said the repricing reduced the applicable interest rate on the amount by 25bps to Term SOFR plus 3.75%. The term loan was issued in August 2023. Additionally, the company said it had decided to prepay $50m of its term loan due in 2025 in Q1. The company estimated that the repricing and optional prepayment of debt would produce cash interest expense savings of around $6m annually. Chief financial officer Neil Johnston cited “strong market demand and lender support”. He added: “These recent successful debt transactions highlight our strengthened balance sheet and improved free cash flow conversion, creating increased flexibility as we continue to execute on our strategic priorities.”