---
schema_version: "secwatch.filing_event.v1"
accession: "0001193125-23-220171"
form_type: "8-K"
ticker: "CWK"
cik: "0001628369"
company_name: "Cushman & Wakefield Ltd."
filed_at: "2023-08-24T23:59:59+00:00"
generated_at: "2026-06-11T04:12:37.281170+00:00"
event_type: "debt"
sentiment: "neutral"
materiality_score: 0.7
calibrated_materiality_score: 0.7
confidence: "high"
source: SEC EDGAR
---

# Cushman & Wakefield closes $400M notes and $1B term loan to refinance 2025 debt

## Summary
- Issued $400M of 8.875% senior secured notes due 2031; closed $1B term loan at Term SOFR+4.00% (0.50% floor).
- Proceeds refinanced $1.4B of existing $1.593B senior secured term loan due August 2025.
- Remaining $193M of existing term loan expected to be repaid with cash on hand.
- Blended annual interest rate on total debt approximately 8%; liquidity ~$1.6B as of June 30, 2023.

## SEC filing metadata
- accession: 0001193125-23-220171
- form_type: 8-K
- ticker: CWK
- cik: 0001628369
- company_name: Cushman & Wakefield Ltd.
- filed_at: 2023-08-24T23:59:59+00:00
- event_type: debt
- sentiment: neutral
- materiality_score: 0.7
- calibrated_materiality_score: 0.7
- confidence: high
- sec_items: 1.01, 2.03, 8.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1628369/000119312523220171/0001193125-23-220171-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1628369/000119312523220171/d460041d8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001193125-23-220171
- JSON: https://secwatch.observer/filing/0001193125-23-220171.json
- Plain text: https://secwatch.observer/filing/0001193125-23-220171.txt

## Key facts
- Debt Financings
  Cushman & Wakefield Ltd. incurred senior notes of $400 million with Wilmington Trust, National Association at 8.875% maturing September 1, 2031.
  - Instrument: senior notes
  - Principal: $400 million
  - Counterparty: Wilmington Trust, National Association
  - Rate: 8.875%
  - Maturity: September 1, 2031
  - Event: incurrence
  source text: On August 24, 2023, Cushman & Wakefield U.S. Borrower, LLC (the "Company"), an indirect wholly owned subsidiary of Cushman & Wakefield plc ("Cushman & Wakefield"), closed its previously announced offering of $400 million in aggregate principal amount of its 8.875% senior secured notes due 2031 (the "Notes").
  evidence_url: https://www.sec.gov/Archives/edgar/data/1628369/000119312523220171/0001193125-23-220171-index.htm
- Material Agreements
  Cushman & Wakefield Ltd. entered into Indenture for 8.875% Senior Secured Notes due 2031 with Wilmington Trust, National Association valued at $400,000,000 aggregate principal amount at 8.875% interest due 2031 (effective 2023-08-24).
  - Action: entry
  - Agreement: notes offering
  - Counterparty: Wilmington Trust, National Association
  - Value: $400,000,000 aggregate principal amount at 8.875% interest due 2031
  - Effective: 2023-08-24
  source text: Item 1.01. Entry into a Material Definitive Agreement. Senior Secured Notes Offering On August 24, 2023, Cushman & Wakefield U.S. Borrower, LLC (the “Company”), an indirect wholly owned subsidiary of Cushman & Wakefield plc (“Cushman & Wakefield”), closed its previously announced offering of $400 million in aggregate principal amount of its 8.875% senior secured notes due 2031 (the “Notes”).
  evidence_url: https://www.sec.gov/Archives/edgar/data/1628369/000119312523220171/0001193125-23-220171-index.htm

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