Cushman & Wakefield has sealed deals to pay off its near-term borrowing and cut the cost of a loan due in 2030.
The agency has repriced $1bn (£770m) of a term loan issued in April 2024 and due in 2030, and paid off the remainder of a loan due next year.
The repricing reduces the interest rate by 50 basis points from Term SOFR plus 3.75% to Term SOFR plus 3.25%, with the maturity and other terms “substantially unchanged”, the agency said.
Cushman has also paid off the remaining $48m of a term loan due in 2025, meaning it has no debt maturities until 2028.
“We have repaid our 2025 debt maturities well ahead of schedule and have completed three term loan debt repricings this year,” said chief financial officer Neil Johnston. “These successful transactions highlight the excellent work our teams have done on driving free cash flow improvements and executing on our strategic priorities.
“We appreciate the strong market demand and lender support for our repricing. With no near-term debt maturities, the company is in a strong position to capitalise on market growth opportunities as the commercial real estate market recovers.”
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