Cushman closes further $1bn term loan repricing
Cushman & Wakefield has repriced around $1bn (£792m) of a term loan due in 2030 and prepaid an additional $45m of its facility due in 2025.
The business said the latest repricing reduced the applicable interest rate on the amount by 25bps to Term SOFR plus 3%. All other terms relating to the loan are unchanged.
Cushman previously repriced $1bn of a loan due in 2030 in April, which shrank the rate on the amount by 25bps to Term SOFR plus 3.75%.
Cushman & Wakefield has repriced around $1bn (£792m) of a term loan due in 2030 and prepaid an additional $45m of its facility due in 2025.
The business said the latest repricing reduced the applicable interest rate on the amount by 25bps to Term SOFR plus 3%. All other terms relating to the loan are unchanged.
Cushman previously repriced $1bn of a loan due in 2030 in April, which shrank the rate on the amount by 25bps to Term SOFR plus 3.75%.
An additional $45m of its term loan due in 2025 has been prepaid, bringing its year-to-date debt repayment total to $100m.
Cushman said the two repricings, in addition to the $100m repayment, would produce cash interest expense savings of around $14m annually.
Neil Johnston, chief financial officer, said: “We continue to proactively manage our balance sheet as we execute on our strategic priorities of creating increased financial flexibility while positioning the company for long-term growth. We were very pleased with the strong market demand and lender support for our term loan repricing.”
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