Cushman trims extended term loan B pricing to SOFR plus 325 bps

By Sara Rosenberg

New York, Jan. 24 – Cushman & Wakefield reduced pricing on its amended and extended term loan B due January 2030 (BB) to SOFR plus 325 basis points from SOFR plus 375 bps and set the original issue discount at 98, the tight end of the 97.5 to 98 talk, according to a market source.

The term loan still has 10 bps CSA and a 0.5% floor.

JPMorgan Chase Bank is the lead on the deal.

Recommitments were scheduled to be due at 11 a.m. ET on Tuesday, the source added.

Proceeds will be used to amend and extend a minimum of $1 billion of the company’s existing $2.6 billion term loan B due August 2025 that is priced at Libor plus 275 bps with a 0% floor.

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

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