Cushman & Wakefield (NYSE: CWK) has announced the successful amendment of its credit agreement, with notable changes from the previous period. The maturity date for revolving commitments has been extended from April 28, 2027, to October 21, 2030. Additionally, the company has reduced the availability from $1.1 billion to $1.0 billion to better align with improved working capital management.
Neil Johnston, the Chief Financial Officer of Cushman & Wakefield, expressed satisfaction with the extended maturity of the revolver for another five years. He highlighted that the transaction was oversubscribed and preserves abundant liquidity while right-sizing the facility for capital efficiency. This move underscores the confidence lenders have in the strength of the company's balance sheet and its ability to execute its strategy.
In 2024, Cushman & Wakefield reported revenue of $9.4 billion across its core service lines of services, leasing, capital markets, valuation, and others. The firm employs approximately 52,000 individuals across nearly 400 offices and 60 countries.
These changes in the credit agreement reflect the company's commitment to optimizing its financial position and capital structure. Following these announcements, the company's shares moved 0.93%, and are now trading at a price of $16.29. Check out the company's full 8-K submission here.
