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Cushman & Wakefield Announces Senior Secured Notes Offering

May 18, 2020, 09:00 AM
Filed Under: Industry News

Cushman & Wakefield plc announced that its indirect wholly owned subsidiary, Cushman & Wakefield U.S. Borrower, LLC, plans to conduct an offering of up to $400,000,000 in aggregate principal amount of senior secured notes due 2028 (the “Notes”) in a private placement exempt from registration under the Securities Act of 1933, as amended (the “Securities Act”), subject to market conditions. We intend to use the net proceeds from the offering for working capital and general corporate purposes.

The Notes will be guaranteed by DTZ UK Guarantor Limited, a private limited company organized under the laws of England and Wales and a direct wholly owned subsidiary of Cushman & Wakefield (“Holdings”), and each of Holdings’ existing and future wholly owned domestic and U.K. restricted subsidiaries that guarantees Cushman & Wakefield’s existing senior secured credit facility.

The Notes will be offered in a private placement to qualified institutional buyers pursuant to Rule 144A under the Securities Act, and to certain non-U.S. persons in transactions outside of the United States in reliance on Regulation S under the Securities Act. The Notes will not be registered under the Securities Act or the securities laws of any state or jurisdiction, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements.

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