Cushman & Wakefield Completes Redemption of 2028 Notes, Bringing Total Debt Repayments to More Than $800 Million Since 2024
Key Highlights
- ➤$150 million redemption fully retires Cushman & Wakefield’s 2028 Notes
- ➤More than $800 million in debt repayments completed since 2024
- ➤No debt maturities remain until 2030
- ➤More than $300 million repaid this year, with approximately 80% debt fixed-rate
- ➤S&P and Moody’s upgraded Cushman & Wakefield’s credit ratings
Expert Statements
Michelle MacKay, Chief Executive Officer at Cushman & Wakefield
“We continue to deliver on our deleveraging targets ahead of schedule, reflecting disciplined execution and confidence in our business model and long-term strategy.”
Michelle MacKay, Chief Executive Officer at Cushman & Wakefield
“This year alone, we’ve repaid more than $300 million in debt, secured the lowest borrowing margin on our term loan since going public, extended our maturity profile, and used swaps to bring approximately 80% of our debt to fixed-rate exposure.”
Michelle MacKay, Chief Executive Officer at Cushman & Wakefield
“Together with our recent earnings momentum, these steps earned us credit rating upgrades from both S&P and Moody’s.”
Michelle MacKay, Chief Executive Officer at Cushman & Wakefield
“Thanks to the hard work of our teams, our balance sheet has been transformed, and a stronger capital structure enhances our durability and flexibility as we drive toward our 2028 targets.”
Cushman & Wakefield Completes Redemption of 2028 Notes, Bringing Total Debt Repayments to More Than $800 Million Since 2024
Cushman & Wakefield Ltd. (NYSE: CWK), a leading global commercial real estate services firm, announced today that it has redeemed the remaining $150 million of its outstanding 6.75% Senior Secured Notes due May 2028 (“2028 Notes”), which had an original principal amount of $650 million. This redemption fully retires the 2028 Notes, brings total debt repayments since 2024 to more than $800 million, and leaves the company with no maturities until 2030.
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