Cushman & Wakefield to redeem $100M of 2028 notes

Cushman & Wakefield Ltd. reported that its wholly owned subsidiary, Cushman & Wakefield U.S. Borrower, LLC, has elected to partially redeem $100 million of its outstanding $650 million 6.750% Senior Secured Notes due May 2028.

Rhea-AI Filing Summary

Cushman & Wakefield Ltd. reported that its wholly owned subsidiary, Cushman & Wakefield U.S. Borrower, LLC, has elected to partially redeem $100 million of its outstanding $650 million 6.750% Senior Secured Notes due May 2028.

The partial redemption will occur on May 15, 2026, at a price equal to 100% of the principal amount of the notes being redeemed, plus accrued and unpaid interest up to, but excluding, the redemption date. The formal notice of redemption will be delivered to noteholders by the trustee under the existing indenture.

Positive

• $100 million partial redemption of 6.750% Senior Secured Notes reduces outstanding secured debt and future interest linked to this tranche.

Negative

• None.

Insights

Credit & capital structure analyst

Company plans a $100M partial redemption of its 2028 secured notes.

Cushman & Wakefield U.S. Borrower, LLC is redeeming $100 million of its 6.750% Senior Secured Notes due May 2028, out of $650 million outstanding. The redemption will be executed at 100% of principal plus accrued interest.

This move directly reduces secured debt and future interest obligations on these notes, using mechanisms set out in the existing indenture. The partial redemption is scheduled for May 15, 2026, following formal notice from the trustee to noteholders as required.

8-K Event Classification

Item 8.01 — Other Events

1 item

Item 8.01 Other Events Other

Voluntary disclosure of events the company deems important to shareholders but not covered by other items.

Key Figures

Notes to be redeemed: $100 million principal Notes outstanding before redemption: $650 million principal Coupon rate: 6.750% +2 more

5 metrics

Notes to be redeemed $100 million principal 6.750% Senior Secured Notes due May 2028

Notes outstanding before redemption $650 million principal 6.750% Senior Secured Notes due May 2028

Coupon rate 6.750% Senior Secured Notes due May 2028

Redemption date May 15, 2026 Scheduled completion of partial redemption

Redemption price 100% of principal Plus accrued and unpaid interest to, but excluding, May 15, 2026

Key Terms

Senior Secured Notes, partial redemption, Indenture, Redemption Date, +1 more

5 terms

Senior Secured Notes financial

"the Issuer’s 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.

partial redemption financial

"election to partially redeem $100 million of the Issuer’s outstanding $650 million 2028 Notes"

Partial redemption is when an issuer repays only a portion of a debt or redeemable security issue—such as bonds, notes, or preferred shares—rather than the entire outstanding amount. It matters to investors because it changes the size of their holding and future cash flows: some holders receive cash for the redeemed portion while remaining investors retain a smaller, unchanged instrument, similar to trimming part of a loan and leaving the rest on the original terms.

Indenture financial

"in accordance with the terms of the Indenture governing the 2028 Notes"

An indenture is a legal agreement between a company that borrows money by issuing bonds and the people who buy those bonds. It explains the rules the company must follow, like paying back the money and keeping certain financial promises. This document helps both sides understand their rights and responsibilities.

Redemption Date financial

"The partial redemption will be completed on May 15, 2026 (the “Redemption Date”)."

The redemption date is the specific day when a debt-like security (such as a bond, preferred share, or certificate) must be repaid by the issuer and the investor receives the principal plus any final interest or dividends. It matters to investors because it tells when cash will return, shapes the effective return and price of the security, and creates reinvestment and timing considerations—like knowing when a loan is due so you can plan what to do with the returned money.

Trustee financial

"notified Wilmington Trust, National Association, the trustee (the “Trustee”)"

A trustee is a person or institution legally appointed to hold and manage assets or enforce an agreement on behalf of other people (beneficiaries). Think of a trustee as a neutral referee or custodian who must act in the beneficiaries’ best interests, follow the trust or contract rules, and handle distributions, recordkeeping and enforcement. Investors care because a trustworthy trustee protects their rights, ensures promised payments or remedies are delivered, and can influence recoveries if things go wrong.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What did Cushman & Wakefield (CWK) announce regarding its 2028 notes?

Cushman & Wakefield’s subsidiary elected to partially redeem $100 million of its 6.750% Senior Secured Notes due May 2028. This reduces the outstanding balance of that debt tranche under the existing indenture and changes future interest obligations tied to those redeemed notes.

How large is the Cushman & Wakefield 2028 notes partial redemption?

The partial redemption covers $100 million principal amount of the 6.750% Senior Secured Notes. These notes currently have $650 million outstanding, so the transaction affects only a portion of the total issue while leaving the remaining notes in place under the same indenture.

When will Cushman & Wakefield’s 2028 notes be partially redeemed?

The company states the partial redemption will be completed on May 15, 2026, defined as the “Redemption Date.” On that date, the redeemed notes will be paid at the contractual redemption price, and interest will cease accruing on the redeemed principal after that date.

At what price is Cushman & Wakefield redeeming the 2028 notes?

The redemption price will equal 100% of the principal amount of the 6.750% Senior Secured Notes being redeemed, plus accrued and unpaid interest up to, but excluding, the Redemption Date. This follows the terms described in the governing indenture for these notes.

Who will notify holders about Cushman & Wakefield’s 2028 notes redemption?

The Issuer instructed Wilmington Trust, National Association, acting as trustee, to send formal redemption notices to holders. These notices must be delivered in accordance with the procedures and timing requirements set out in the indenture governing the 6.750% Senior Secured Notes.

Does this 8-K itself serve as the redemption notice for CWK’s 2028 notes?

No. The company explicitly states this communication does not constitute a notice of partial redemption. Instead, the trustee will separately provide the official notice to holders, following the detailed procedures in the indenture for the 6.750% Senior Secured Notes.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 05/04/2026 - 06:59 AM EDT Learn about SEC filing dates

0001628369false00016283692026-04-302026-04-30

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): April 30, 2026

_____________________________

Cushman & Wakefield Ltd.

(Exact name of registrant as specified in its charter)

_____________________________

Bermuda			001-38611			98-1896559
(State or other jurisdiction of incorporation)			(Commission File Number)			(IRS Employer Identification No.)
			Clarendon House, 2 Church Street
			Hamilton HM 11, Bermuda
			(Address of principal executive offices) (Zip Code)
			+1 441 295 1422
			(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
Common Shares, $0.10 par value			CWK			New York Stock Exchange

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 8.01 Other Events.

On April 30, 2026, Cushman & Wakefield U.S. Borrower, LLC (the “Issuer”), a wholly-owned subsidiary of Cushman & Wakefield Ltd., notified Wilmington Trust, National Association, the trustee (the “Trustee”) for the Issuer’s 6.750% Senior Secured Notes due May 2028 (CUSIP 23166MAA1;U1272MAA5) (the “2028 Notes”), of the Issuer’s election to partially redeem $100 million of the Issuer’s outstanding $650 million 2028 Notes.

The Issuer also instructed the Trustee to provide notice of such partial redemption to the Holders of the 2028 Notes in accordance with the terms of the Indenture governing the 2028 Notes (the “Indenture”). The partial redemption will be completed on May 15, 2026 (the “Redemption Date”). The redemption price will be 100% of the principal amount of the 2028 Notes to be redeemed, plus accrued and unpaid interest up to, but excluding, the Redemption Date.

This Current Report on Form 8-K does not constitute a notice of partial redemption of the 2028 Notes. Capitalized terms used and not otherwise defined in this Current Report on Form 8-K shall have the respective meanings ascribed to them in the Indenture.

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: May 4, 2026

/s/ Neil Johnston

Neil Johnston

Executive Vice President, Chief Financial Officer

Filing Exhibits & Attachments

3 documents

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