Cushman & Wakefield (C&W) has completed $500 mln worth of new senior secured credit agreements in an attempt 'to provide greater flexibility and more favourable terms to support its global growth initiatives'.
Cushman & Wakefield (C&W) has completed $500 mln worth of new senior secured credit agreements in an attempt 'to provide greater flexibility and more favourable terms to support its global growth initiatives'.
As part of the refinancing, C&W said it has added a $150 mln senior secured term loan and refinanced its existing $350 mln senior secured revolving credit facility, with the ability to increase the total facilities by an additional $100 mln, subject to certain conditions.
The new debt facility matures in June 2016, as opposed to the previous term of May 2012.
The world's largest privately-held broker has also committed to repay amounts outstanding under a $50 mln subordinated credit facility provided by Exor, the investment arm of the Italian Agnelli family and the major shareholder in C&W.
'Access to capital and greater financial flexibility will drive our global growth initiatives,' said Glenn Rufrano, C&W's president and Chief Executive Officer.
