By Paul A. Harris
Portland, Ore., May 19 – Cushman & Wakefield plc priced an upsized $650 million issue of eight-year senior secured notes (Ba3/BB-) at par to yield 6¾% on Tuesday, according to market sources.
Bookrunners were J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, HSBC Securities (USA) Inc., Goldman Sachs & Co. LLC, Barclays, UBS Securities LLC, Fifth Third Securities Inc. and Citigroup Global Markets Inc.
The issue size increased from $400 million.
The yield printed in the middle of the 6 5/8% to 6 7/8% yield talk and tight to the 6¾% to 7% initial talk.
Cushman & Wakefield U.S. Borrower, LLC was the issuer.
The Chicago-based real estate services provider plans to use the proceeds for working capital and general corporate purposes.
Issuer: | Cushman & Wakefield U.S. Borrower, LLC
|
Amount: | $650 million, increased from $400 million
|
Maturity: | May 15, 2028
|
Securities: | Senior secured notes
|
Bookrunners: | J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, HSBC Securities (USA) Inc., Goldman Sachs & Co. LLC, Barclays, UBS Securities LLC, Fifth Third Securities Inc. and Citigroup Global Markets Inc.
|
Coupon: | 6¾%
|
Price: | Par
|
Yield: | 6¾%
|
Spread: | 616 bps
|
Call protection: | Three years
|
Special call: | 40% of the notes at a premium for the first 120 days with proceeds from a regulatory debt facility
|
Trade date: | May 19
|
Settlement date: | May 22
|
Ratings: | Moody's: Ba3
|
| S&P: BB-
|
Distribution: | Rule 144A and Regulation S for life
|
Price talk: | 6 5/8% to 6 7/8%
|
Marketing: | Roadshow
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.