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Cushman & Wakefield Completes $500M Amended and Restated Senior Credit Agreement
28 Jul, 2011, New York
Cushman & Wakefield has completed the amended and restated five year $500 million senior
secured credit agreement to provide additional borrowing capacity, greater flexibility and more
favorable terms to support the firm's global growth initiatives.
As part of the refinancing, Cushman & Wakefield:
- Repaid amounts outstanding under and terminated the $50.0 million subordinated credit
facility to EXOR S.p.A.;
- Added a $150.0 million senior secured term loan and refinanced its existing $350.0 million
senior secured revolving credit facility, with the ability to increase the total facilities by
an additional $100 million, subject to certain conditions;
- Extended the term of the credit facilities from May 2012 until June 2016;
- Eliminated the LIBOR floor in the existing credit facility and achieved favorable pricing,
which will reduce its annual borrowing costs, and
- Eliminated or relaxed financial and operating covenants.
"Access to capital and greater financial flexibility will drive our global growth initiatives," said Glenn Rufrano, Cushman & Wakefield's President and Chief Executive Officer. "This transaction is a key step forward in the implementation of our strategic plan and in our continued development of a comprehensive and consistent platform. We are very pleased that the banks in our amended and restated credit agreement recognized the strength and stability of our business and shared our confidence in the long-term growth prospects for Cushman & Wakefield."
The refinancing was led by Merrill Lynch, Pierce, Fenner & Smith Incorporated ("MLPFS") and JPMorgan Securities Inc. as Joint Lead Arrangers, MLPFS as Sole Book Manager and Bank of America, N.A. acting as Administrative Agent.
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