Cushman & Wakefield trims term loan B size to $2.7 billion

By Sara Rosenberg

New York, Aug. 17 – Cushman & Wakefield downsized its seven-year term loan B to $2.7 billion from $2.85 billion, according to a market source.

Pricing on the loan is Libor plus 325 basis points with a 0% Libor floor and an original issue discount of 99.5.

The term loan has 101 soft call protection for six months.

Earlier in syndication, pricing on the term loan was increased from talk in the range of Libor plus 275 bps to 300 bps.

J.P. Morgan Securities LLC is the left lead bank on the deal.

Proceeds will be used to refinance existing debt.

Cushman & Wakefield is a Chicago-based commercial real estate services company.

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