Cushman & Wakefield unit prices $400M 8.875% notes due 2031; upsizes term loan to $1B

Cushman & Wakefield Ltd.

Issuer prices $400M senior secured notes at 8.875% due 2031, reduced from previously announced $500M.
Concurrent $1B new term loan facility (2030 maturity) upsized from $700M.
Combined proceeds used to refinance $1.4B of existing 2025 senior secured term loan.
Remaining $193M of 2025 term loan expected to be repaid with on-hand cash.
Offering expected to close on August 24, 2023, subject to customary conditions.

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