---
schema_version: "secwatch.filing_event.v1"
accession: "0001193125-23-180424"
form_type: "8-K"
ticker: "CWK"
cik: "0001628369"
company_name: "Cushman & Wakefield Ltd."
filed_at: "2023-06-30T23:59:59+00:00"
generated_at: "2026-06-13T13:58:17.857175+00:00"
event_type: "other"
sentiment: "neutral"
materiality_score: 0.2
calibrated_materiality_score: 0.2
confidence: "high"
source: SEC EDGAR
---

# Cushman & Wakefield amends credit agreement to replace LIBOR with Term SOFR

## Summary
- Amendment No. 5, effective June 28, 2023, replaces LIBOR-based rates with Term SOFR plus credit spread adjustment for Replacement Term Loans.
- No other material changes to representations, warranties, covenants, or events of default in the Credit Agreement.
- Amendment executed by Cushman & Wakefield U.S. Borrower, LLC and JPMorgan Chase Bank, N.A., as administrative agent.
- Transition aligns with industry-wide LIBOR discontinuation; no change in total debt outstanding.

## SEC filing metadata
- accession: 0001193125-23-180424
- form_type: 8-K
- ticker: CWK
- cik: 0001628369
- company_name: Cushman & Wakefield Ltd.
- filed_at: 2023-06-30T23:59:59+00:00
- event_type: other
- sentiment: neutral
- materiality_score: 0.2
- calibrated_materiality_score: 0.2
- confidence: high
- sec_items: 1.01, 2.03, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1628369/000119312523180424/0001193125-23-180424-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1628369/000119312523180424/d367652d8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001193125-23-180424
- JSON: https://secwatch.observer/filing/0001193125-23-180424.json
- Plain text: https://secwatch.observer/filing/0001193125-23-180424.txt

## Key facts
- Debt Financings
  Cushman & Wakefield Ltd. amended credit facility with JPMorgan Chase Bank, N.A., as administrative agent at Term Secured Overnight Financing Rate plus an applicable credit spread adjustmen.
  - Instrument: credit facility
  - Counterparty: JPMorgan Chase Bank, N.A., as administrative agent
  - Rate: Term Secured Overnight Financing Rate plus an applicable credit spread adjustmen
  - Event: amendment
  source text: Cushman & Wakefield U.S. Borrower, LLC (the “Borrower”) and DTZ UK Guarantor Limited (“U.K. Guarantor”), each a subsidiary of Cushman & Wakefield plc, entered into an amendment effective June 28, 2023 (the “Amendment”) to the existing Credit Agreement between the Borrower, U.K. Guarantor and JPMorgan Chase Bank, N.A., as administrative agent (as so amended, the “Credit Agreement”). The Amendment replaces the LIBOR-based reference interest rate option for the Replacement Term Loans (as defined in the Credit Agreement) with a reference interest rate option based on the Term Secured Overnight Financing Rate plus an applicable credit spread adjustment (subject to a minimum floor of 0.00%).
  evidence_url: https://www.sec.gov/Archives/edgar/data/1628369/000119312523180424/0001193125-23-180424-index.htm
- Material Agreements
  Cushman & Wakefield Ltd. amended Amendment with JPMorgan Chase Bank, N.A., as administrative agent (effective 2023-06-28).
  - Action: amendment
  - Agreement: credit facility
  - Counterparty: JPMorgan Chase Bank, N.A., as administrative agent
  - Effective: 2023-06-28
  source text: Cushman & Wakefield U.S. Borrower, LLC (the “Borrower”) and DTZ UK Guarantor Limited (“U.K. Guarantor”), each a subsidiary of Cushman & Wakefield plc, entered into an amendment effective June 28, 2023 (the “Amendment”) to the existing Credit Agreement between the Borrower, U.K. Guarantor and JPMorgan Chase Bank, N.A., as administrative agent (as so amended, the “Credit Agreement”).
  evidence_url: https://www.sec.gov/Archives/edgar/data/1628369/000119312523180424/0001193125-23-180424-index.htm

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