---
schema_version: "secwatch.filing_event.v1"
accession: "0001628369-26-000102"
form_type: "8-K"
ticker: "CWK"
cik: "0001628369"
company_name: "Cushman & Wakefield Ltd."
filed_at: "2026-06-15T20:12:48+00:00"
generated_at: "2026-06-15T20:19:36.833472+00:00"
event_type: "debt"
sentiment: "positive"
materiality_score: 0.65
calibrated_materiality_score: 0.65
confidence: "high"
source: SEC EDGAR
---

# Cushman & Wakefield upsizes term loan to $1.2B, extends to 2033, redeems $350M of 6.75% notes

## Summary
- Upsized term loan tranche by $353M to $1.2B total; maturity extended to 2033; pricing reduced 50bps to SOFR+2.25%.
- Proceeds used to partially redeem $350M of 6.75% Senior Secured Notes due 2028; $200M remains outstanding.
- Gross debt unchanged; improved debt maturity profile and lower cost on significant portion of borrowings.
- CFO cites lowest borrowing margin on term loan since 2018 IPO, reflecting lender confidence.

## SEC filing metadata
- accession: 0001628369-26-000102
- form_type: 8-K
- ticker: CWK
- cik: 0001628369
- company_name: Cushman & Wakefield Ltd.
- filed_at: 2026-06-15T20:12:48+00:00
- event_type: debt
- sentiment: positive
- materiality_score: 0.65
- calibrated_materiality_score: 0.65
- confidence: high
- sec_items: 1.01, 2.03, 7.01, 8.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1628369/000162836926000102/0001628369-26-000102-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1628369/000162836926000102/cwk-20260612.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001628369-26-000102
- JSON: https://secwatch.observer/filing/0001628369-26-000102.json
- Plain text: https://secwatch.observer/filing/0001628369-26-000102.txt

## Key facts
- Debt Financings
  Cushman & Wakefield Ltd. amended term loan of approximately $848 million aggregate principal amount of outstanding borrowings under the senior secured term loan facil with JPMorgan Chase Bank, N.A. at Term SOFR, plus an applicable margin of 2.25% per annum, or (b) the Base Rate, p maturing 2033.
  - Instrument: term loan
  - Principal: approximately $848 million aggregate principal amount of outstanding borrowings under the senior secured term loan facil
  - Counterparty: JPMorgan Chase Bank, N.A.
  - Rate: Term SOFR, plus an applicable margin of 2.25% per annum, or (b) the Base Rate, p
  - Maturity: 2033
  - Event: amendment
  source text: On June 12, 2026 (the “Effective Date”), Cushman & Wakefield U.S. Borrower, LLC (the “Borrower”) and DTZ UK Guarantor Limited (“U.K. Guarantor”), each a subsidiary of Cushman & Wakefield Ltd. (the “Company”) amended (the “Amendment”) the Credit Agreement between the Borrower, U.K. Guarantor, JPMorgan Chase Bank, N.A., as administrative agent, and the Lenders party thereto (the “Existing Credit Agreement” and the Existing Credit Agreement as amended, the “Credit Agreement”) which, among other things, (i) amended certain pricing terms with respect to approximately $848 million aggregate principal amount of outstanding borrowings under the senior secured term loan facility (such term loans as so amended, the “2026-1 Term Loans”), (ii) extended the maturity date of the 2026-1 Term Loans to 2033 and (iii) upsized the principal amount of 2026-1 Term Loans by approximately $353 million.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1628369/000162836926000102/0001628369-26-000102-index.htm
- Material Agreements
  Cushman & Wakefield Ltd. amended Amendment with JPMorgan Chase Bank, N.A., as administrative agent, and the Lenders party thereto valued at approximately $848 million (effective 2026-06-12).
  - Action: amendment
  - Agreement: credit facility
  - Counterparty: JPMorgan Chase Bank, N.A., as administrative agent, and the Lenders party thereto
  - Value: approximately $848 million
  - Effective: 2026-06-12
  source text: On June 12, 2026 (the “Effective Date”), Cushman & Wakefield U.S. Borrower, LLC (the “Borrower”) and DTZ UK Guarantor Limited (“U.K. Guarantor”), each a subsidiary of Cushman & Wakefield Ltd. (the “Company”) amended (the “Amendment”) the Credit Agreement between the Borrower, U.K. Guarantor, JPMorgan Chase Bank, N.A., as administrative agent, and the Lenders party thereto (the “Existing Credit Agreement” and the Existing Credit Agreement as amended, the “Credit Agreement”) which, among other things, (i) amended certain pricing terms with respect to approximately $848 million aggregate principal amount of outstanding borrowings under the senior secured term loan facility (such term loans as so amended, the “2026-1 Term Loans”), (ii) extended the maturity date of the 2026-1 Term Loans to 2033 and (iii) upsized the principal amount of 2026-1 Term Loans by approximately $353 million.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1628369/000162836926000102/0001628369-26-000102-index.htm

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