---
schema_version: "secwatch.filing_event.v1"
accession: "0001193125-23-021637"
form_type: "8-K"
ticker: "CWK"
cik: "0001628369"
company_name: "Cushman & Wakefield Ltd."
filed_at: "2023-02-01T23:59:59+00:00"
generated_at: "2026-06-20T03:49:10.528028+00:00"
event_type: "debt"
sentiment: "neutral"
materiality_score: 0.55
calibrated_materiality_score: 0.55
confidence: "high"
source: SEC EDGAR
---

# Cushman & Wakefield extends $1.0B term loan maturity to 2030; rates reset to SOFR+3.25%

## Summary
- Extended $1.0B of $2.6B senior secured term loan from Aug 2025 to Jan 2030.
- Refinancing term loans bear Term SOFR + 0.10% + 3.25% margin, with 0.50% floor.
- Remaining $1.6B term loan maturity unchanged at August 21, 2025.
- Amendment resets soft-call premium (1%) for 6-month period and updates EBITDA baskets.
- CFO cites $1.5B liquidity as of Sep 30, 2022 and commitment to balance sheet flexibility.

## SEC filing metadata
- accession: 0001193125-23-021637
- form_type: 8-K
- ticker: CWK
- cik: 0001628369
- company_name: Cushman & Wakefield Ltd.
- filed_at: 2023-02-01T23:59:59+00:00
- event_type: debt
- sentiment: neutral
- materiality_score: 0.55
- calibrated_materiality_score: 0.55
- confidence: high
- sec_items: 1.01, 2.03, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1628369/000119312523021637/0001193125-23-021637-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1628369/000119312523021637/d422009d8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001193125-23-021637
- JSON: https://secwatch.observer/filing/0001193125-23-021637.json
- Plain text: https://secwatch.observer/filing/0001193125-23-021637.txt

## Key facts
- Debt Financings
  Cushman & Wakefield Ltd. amended term loan of $1,000 million with JPMorgan Chase Bank, N.A. (as administrative agent) at Term Secured Overnight Financing Rate (SOFR), plus 0.10% (which sum is subject t maturing January 31, 2030.
  - Instrument: term loan
  - Principal: $1,000 million
  - Counterparty: JPMorgan Chase Bank, N.A. (as administrative agent)
  - Rate: Term Secured Overnight Financing Rate (SOFR), plus 0.10% (which sum is subject t
  - Maturity: January 31, 2030
  - Event: amendment
  source text: On January 31, 2023, Cushman & Wakefield U.S. Borrower, LLC (f/k/a DTZ U.S. Borrower, LLC) (the “Borrower”) and DTZ UK Guarantor Limited (“U.K. Guarantor”), each a subsidiary of Cushman & Wakefield plc (the “Company”), entered into an amendment (the “Amendment”) to the existing Credit Agreement between the Borrower, U.K. Guarantor, JPMorgan Chase Bank, N.A., as administrative agent, and the lenders and other subsidiary guarantors party thereto (as so amended, the “Credit Agreement”) to amend, among other things, certain pricing terms with respect to $1,000 million aggregate principal amount of outstanding borrowings under the senior secured term loan facility (such term loans as so amended, the “Refinancing Term Loans”) and extend the maturity date of the Refinancing Term Loans.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1628369/000119312523021637/0001193125-23-021637-index.htm
- Material Agreements
  Cushman & Wakefield Ltd. amended Amendment with JPMorgan Chase Bank, N.A., as administrative agent valued at $1,000 million (effective 2023-01-31).
  - Action: amendment
  - Agreement: credit facility
  - Counterparty: JPMorgan Chase Bank, N.A., as administrative agent
  - Value: $1,000 million
  - Effective: 2023-01-31
  source text: On January 31, 2023, Cushman & Wakefield U.S. Borrower, LLC (f/k/a DTZ U.S. Borrower, LLC) (the “Borrower”) and DTZ UK Guarantor Limited (“U.K. Guarantor”), each a subsidiary of Cushman & Wakefield plc (the “Company”), entered into an amendment (the “Amendment”) to the existing Credit Agreement between the Borrower, U.K. Guarantor, JPMorgan Chase Bank, N.A., as administrative agent, and the lenders and other subsidiary guarantors party thereto (as so amended, the “Credit Agreement”) to amend, among other things, certain pricing terms with respect to $1,000 million aggregate principal amount of outstanding borrowings under the senior secured term loan facility (such term loans as so amended, the “Refinancing Term Loans”) and extend the maturity date of the Refinancing Term Loans.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1628369/000119312523021637/0001193125-23-021637-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.