Cushman & Wakefield redeems $150M of 2028 notes
Retirement of the 2028 notes removes the company’s nearest debt maturity, with no long-term debt arrangements maturing before 2030.
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Form Type
8-K
Rhea-AI Filing Summary
Cushman & Wakefield Ltd. (CWK), through its wholly owned subsidiary Cushman & Wakefield U.S. Borrower, LLC, redeemed the remaining $150 million principal amount outstanding of its 6.750% Senior Secured Notes due May 2028 on October 21, 2026. The notes had an original principal amount of $650 million, and the redemption completed their retirement. The company said no long-term debt arrangements mature before 2030.
The accompanying release said total debt repayments since 2024 exceeded $800 million. CEO Michelle MacKay said that in 2026 alone the company repaid more than $300 million in debt, secured its lowest borrowing margin on its term loan since going public, and used swaps to bring approximately 80% of debt to fixed-rate exposure. She also said the company received credit rating upgrades from S&P and Moody’s, citing these steps together with recent earnings momentum.
1 point · 1 major0 major · 0 points
How this balance works
Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.
It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.
Rhea-AI Sentiment measures something else, the tone of the wording.
Positive
- Major pointDebt repayments exceeded $800 million since 2024; no long-term debt arrangements mature before 2030. 30% of market cap
Negative
- None.
8-K Event Classification
3 items: 7.01, 8.01, 9.01
3 items
Item 7.01
Regulation FD Disclosure
Disclosure
Material non-public information disclosed under Regulation Fair Disclosure, often investor presentations or guidance.
Item 8.01
Other Events
Other
Voluntary disclosure of events the company deems important to shareholders but not covered by other items.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, or exhibit attachments filed with this report.
Key Figures
Principal amount redeemed: $150 million
Interest rate: 6.750%
Original principal amount: $650 million
+4 more
7 metrics
Principal amount redeemed
$150 million
Remaining principal amount outstanding of the 2028 Notes, redeemed October 21, 2026
Interest rate
6.750%
Senior Secured Notes due May 2028
Original principal amount
$650 million
2028 Notes
Debt repayments since 2024
More than $800 million
Total debt repayments since 2024
Debt repaid in 2026
More than $300 million
CEO statement in the October 21, 2026 release
Fixed-rate exposure
Approximately 80%
Share of debt brought to fixed-rate exposure using swaps, as stated by the CEO
Debt maturities
No long-term debt arrangements maturing before 2030
Following the redemption
Key Terms
Senior Secured Notes, principal amount outstanding, borrowing margin, fixed-rate exposure, +1 more
5 terms
Senior Secured Notes financial
"6.750% Senior Secured Notes due May 2028"
Senior secured notes are loans a company sells to investors that are backed by specific assets and given first priority for repayment if the company defaults. Because they have a claim on collateral and are paid before other debts, they usually offer lower risk and correspondingly lower interest than unsecured debt; investors use them to judge how safe repayment and recovery of principal might be, like holding a mortgage instead of an unsecured credit card balance.
principal amount outstanding financial
"remaining $150 million principal amount outstanding"
borrowing margin financial
"the lowest borrowing margin on our term loan since going public"
fixed-rate exposure financial
"bring approximately 80% of our debt to fixed-rate exposure"
maturity profile financial
"extended our maturity profile"
The maturity profile is the schedule showing when a company’s debts and other time‑bound obligations come due, typically listing amounts by date or year. Think of it as a household’s calendar of bills—knowing what’s due when helps investors judge whether the company will have enough cash, face refinancing risk, or be forced to pay higher rates; it also reveals concentration of short‑term vs long‑term obligations.
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
How much of CWK’s 2028 notes did it redeem?
Cushman & Wakefield U.S. Borrower, LLC redeemed the remaining $150 million principal amount outstanding on October 21, 2026, completing the retirement of the notes.
What did CWK report about its debt repayments since 2024?
The company said total debt repayments since 2024 exceeded $800 million. CEO Michelle MacKay also said the company repaid more than $300 million in debt in 2026.
What percentage of CWK’s debt did swaps bring to fixed-rate exposure?
CEO Michelle MacKay said swaps brought approximately 80% of the company’s debt to fixed-rate exposure. She also said the company secured its lowest borrowing margin on its term loan since going public.
Which credit rating agencies upgraded CWK?
The company said it received credit rating upgrades from S&P and Moody’s, citing the debt-related steps together with recent earnings momentum.
AI-generated analysis. How Rhea-AI works. Not financial advice.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_____________________________
FORM 8-K
_____________________________
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): October 21, 2026
_____________________________
(Exact name of registrant as specified in its charter)
_____________________________
| (State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) | ||||||
| (Address of principal executive offices) (Zip Code) | ||||||||
| (Registrant’s telephone number, including area code) | ||||||||
| Not applicable | ||||||||
| (Former name or former address, if changed since last report.) | ||||||||
_____________________________
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |||||
| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |||||
| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |||||
| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) | |||||
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 7.01 Regulation FD.
On October 21, 2026, Cushman & Wakefield Ltd. (the “Company”) issued a press release announcing the completion of the Redemption (as defined below in Item 8.01). A copy of this press release is furnished as Exhibit 99.1 to the Current Report on Form 8-K. The information contained in Exhibit 99.1 hereto shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such filing.
Item 8.01 Other Events.
On October 21, 2026, Cushman & Wakefield U.S. Borrower, LLC, a wholly-owned subsidiary of the Company, fully redeemed (the “Redemption”) the remaining $150 million principal amount outstanding of its 6.750% Senior Secured Notes due May 2028 (CUSIP 23166MAA1; U1272MAA5) (the “2028 Notes”), completing the retirement of the 2028 Notes and eliminating the Company’s nearest debt maturity. Following the Redemption, there are no long-term debt arrangements maturing prior to 2030.
Capitalized terms used in this Item 8.01 and not otherwise defined in the Current Report on Form 8-K shall have the respective meanings ascribed to them in the Indenture governing the 2028 Notes.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
| Exhibit No. | Description | ||||
99.1* | Press release dated October 21, 2026 | ||||
| 104 | Cover Page Interactive Data File (formatted as Inline XBRL) | ||||
* Furnished herewith.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
CUSHMAN & WAKEFIELD LTD. | ||||||||
| Date: October 21, 2026 | ||||||||
/s/ Neil Johnston | ||||||||
Neil Johnston | ||||||||
Executive Vice President, Chief Financial Officer | ||||||||
Exhibit 99.1
For Immediate Release
Cushman & Wakefield Completes Redemption of 2028 Notes, Bringing Total Debt Repayments to More Than $800 Million Since 2024
NEW YORK (BUSINESS WIRE), October 21, 2026 – Cushman & Wakefield Ltd. (NYSE: CWK), a leading global commercial real estate services firm, announced today that it has redeemed the remaining $150 million of its outstanding 6.75% Senior Secured Notes due May 2028 (“2028 Notes”), which had an original principal amount of $650 million. This redemption fully retires the 2028 Notes, brings total debt repayments since 2024 to more than $800 million, and leaves the company with no maturities until 2030.
“We continue to deliver on our deleveraging targets ahead of schedule, reflecting disciplined execution and confidence in our business model and long-term strategy,” said Michelle MacKay, Chief Executive Officer at Cushman & Wakefield. “This year alone, we’ve repaid more than $300 million in debt, secured the lowest borrowing margin on our term loan since going public, extended our maturity profile, and used swaps to bring approximately 80% of our debt to fixed-rate exposure. Together with our recent earnings momentum, these steps earned us credit rating upgrades from both S&P and Moody’s. Thanks to the hard work of our teams, our balance sheet has been transformed, and a stronger capital structure enhances our durability and flexibility as we drive toward our 2028 targets.”
About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global commercial real estate services firm for occupiers and investors with approximately 53,000 employees in over 350 offices and nearly 60 countries. In 2025, the firm reported revenue of $10.3 billion across its core service lines of Services, Leasing, Capital markets, and Valuation and other. Built around the belief that Better never settles, the firm receives numerous industry and business accolades for its award-winning culture. For additional information, visit www.cushmanwakefield.com
Cautionary Note Regarding Forward-Looking Statements
This release contains forward-looking statements, which rely on a number of estimates, projections and assumptions concerning future events. Such statements are also subject to a number of uncertainties and factors outside the control of the company. Such factors include, but are not limited to, uncertainty regarding and changes in global economic or market conditions and changes in government policies, laws, regulations and practices. Should any of the company’s estimates, projections and assumptions or these other uncertainties and factors materialize in ways that it did not expect, there is no guarantee of future performance and the actual results could differ materially from the forward-looking statements in this release, including the possibility that recipients may lose a material portion of the amounts invested. While the company believes the assumptions underlying these forward-looking statements are reasonable under current circumstances, recipients should bear in mind that such assumptions are inherently uncertain and subjective and that past or projected performance is not necessarily indicative of future results. No representation or warranty, express or implied, is made as to the accuracy or completeness of the information contained in this release, and nothing shall be relied upon as a promise or representation as to the performance of any investment. You are cautioned not to place undue reliance on such forward-looking statements or other information in this release and should rely on your own assessment of an investment or a transaction. Any estimates or projections as to events that may occur in the future are based upon the best and current judgment of the company as actual results may vary from the projections and such variations may be material. Any forward-looking statements speak only as of the date of this release and, except to the extent required by applicable securities laws, the company expressly disclaims any obligation to publicly update or revise any of them, whether as a result of new information, future events or otherwise. Additional information concerning factors that may influence the company’s results is discussed under “Risk Factors” in Part I, Item 1A of its most recently filed Annual Report on Form 10-K and in its other periodic reports filed with the U.S. Securities and Exchange Commission.
| INVESTOR RELATIONS | MEDIA CONTACT | |||||||
| Megan McGrath | Aixa Velez | |||||||
| Investor Relations | Corporate Communications | |||||||
| +1 312 338 7860 | +1 312 424 8195 | |||||||
| ir@cushwake.com | aixa.velez@cushwake.com | |||||||