{"id":1004031284,"date":"2011-07-29T05:00:26","date_gmt":"2011-07-29T13:00:26","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004031284"},"modified":"2022-12-08T03:43:58","modified_gmt":"2022-12-08T11:43:58","slug":"cushman-wakefield-wraps-up-500m-financing-deal","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/cushman-wakefield-wraps-up-500m-financing-deal\/","title":{"rendered":"Cushman &amp; Wakefield Wraps Up $500M Financing Deal"},"content":{"rendered":"<p><strong>July 29, 2011<\/strong><br \/>\n<em>By Barbra Murray, Contributing Editor<\/em><br \/>\n<a class=\"highslide\" href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2011\/07\/072911-CushWake-plaque.jpg\"><img loading=\"lazy\" decoding=\"async\" data-attachment-id=\"1004031285\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/cushman-wakefield-wraps-up-500m-financing-deal\/072911-cushwake-plaque\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2011\/07\/072911-CushWake-plaque.jpg\" data-orig-size=\"480,326\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;}\" data-image-title=\"072911 &#8211; CushWake plaque\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2011\/07\/072911-CushWake-plaque.jpg?w=480\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2011\/07\/072911-CushWake-plaque.jpg\" alt=\"\" title=\"072911 - CushWake plaque\" width=\"150\" height=\"150\" class=\"alignright size-thumbnail wp-image-1004031285\" \/><\/a><\/p>\n<p>Cushman &amp; Wakefield, currently in growth mode, is taking advantage on the capital markets&#8217; warmer perception of certain real estate companies with its assets. The commercial real estate services firm just closed its amended and restated five-year $500 million senior secured credit agreement. The deal allows for greater borrowing capacity, increased flexibility and terms that are more favorable. <\/p>\n<p>Merrill Lynch, Pierce, Fenner &amp; Smith Inc. and JPMorgan Securities Inc. acted as joint-lease arrangers on the refinancing and  Bank of America, N.A. served as administrative agent.<\/p>\n<p>The transaction included the addition of a $150 million secured-term loan. The firm also refinanced its existing $450 million senior secured revolving credit facility, a change that provides the option to increase the secured term loan and the credit facility by a total of $100 million. C&amp;W&#8217;s deal also allowed for the repayment of outstanding funds and the termination of a $50 million subordinated credit facility to EXOR S.p.A, Additionally, the firm was able to extend the term of the facilities by four years to June 2016. <\/p>\n<p>Elimination of the LIBOR floor in the existing credit facility and obtainment of more advantageous pricing were also part of the financing package, as was the eradication or easing of financial and operating covenants.<\/p>\n<p>&#8220;We are very pleased that the banks in our amended and restated credit agreement recognized the strength and stability of our business and shared our confidence in the long-term growth prospects for Cushman &amp; Wakefield,&#8221; Glenn Rufrano, president and CEO of C&amp;W, said. <\/p>\n","protected":false},"excerpt":{"rendered":"<p>Cushman &amp; Wakefield, currently investigating growth opportunities, is taking advantage on the capital markets&#8217; warmer perception of certain real estate companies. <\/p>\n","protected":false},"author":1201,"featured_media":1004031285,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21808,21825,21742],"tags":[],"class_list":["post-1004031284","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-featured","category-finance","category-latest"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Cushman &amp; 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