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NEW YORK - Commercial real estate services firm Cushman & Wakefield (NYSE:CWK) announced Monday it has completed a repricing of approximately $948 million of its Term Loan due 2030, reducing the applicable interest rate by 50 basis points from Term SOFR plus 3.25% to Term SOFR plus 2.75%.
The company reported that the maturity date and other substantive terms of the loan remain unchanged following the repricing action. On June 30, Cushman & Wakefield prepaid $25 million of this Term Loan, bringing its total debt repayment for the year to $50 million.
"We’re pleased to have completed another successful repricing of our term loan debt, locking in the lowest margin on our term loans since going public," said Neil Johnston, Chief Financial Officer, in the press release statement.
The Term Loan was originally issued in October 2024 and is scheduled to mature in 2030.
Cushman & Wakefield operates as a global commercial real estate services provider with approximately 52,000 employees across nearly 400 offices in 60 countries. The firm reported revenue of $9.4 billion in 2024 across its core service lines of Services, Leasing, Capital markets and Valuation and other.
In other recent news, Cushman & Wakefield reported first-quarter 2025 earnings that exceeded analyst expectations, delivering an EPS of $0.09, compared to the anticipated $0.03. The company’s revenue also surpassed projections, reaching $2.28 billion against the expected $1.57 billion, marking a significant outperformance. Additionally, Cushman & Wakefield’s adjusted EBITDA increased by 24% to $96 million, showcasing strong operational performance and improved profitability. The company has been actively reducing its debt, having repaid $25 million recently, which is part of its broader strategy to strengthen its financial position.
Cushman & Wakefield’s management remains optimistic about continued growth in the leasing and capital markets, projecting mid-single-digit growth for the year. In parallel, Citizens JMP initiated coverage of Cushman & Wakefield with a Market Outperform rating, citing the company’s improved balance sheet and potential market share gains. The firm set a price target of $15.00, highlighting the company’s strategic hiring efforts and growth focus. Cushman & Wakefield’s recent Midpoint 2025 Outlook report indicates that the commercial real estate market is expected to remain resilient despite challenges, with strong fundamentals in various sectors. The company anticipates further momentum in property markets by 2026, driven by economic growth.
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