CWK amends credit facility: $1.1B to $1.0B, maturity to 2030

Rhea-AI Filing Summary

Cushman & Wakefield plc amended its senior credit facility effective October 21, 2025. The Amendment reduces the revolving commitments from $1,100 million to $1,000 million and extends the revolving maturity from April 28, 2027 to October 21, 2030, subject to a springing maturity date in certain circumstances.

The update also refreshes currency reference rates for revolving borrowings, including replacing CDOR with Term CORRA, and reduces applicable interest for certain levels within the leverage-based pricing step downs as set forth in the Credit Agreement. A press release describing the Amendment was furnished as Exhibit 99.1, and the full Amendment was filed as Exhibit 10.1.

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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, 2025

CUSHMAN & WAKEFIELD PLC

(Exact name of registrant as specified in its charter)

England and Wales		001-38611		98-1193584
(State or other jurisdiction of incorporation)		(Commission File Number)		(IRS Employer Identification Number)

125 Old Broad Street

London, United Kingdom EC2N 1AR

(Address of principal executive offices) (Zip Code)

+44 20 3296 3000

(Registrant’s telephone number, including area code)

N/A

(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:

☐ 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
Ordinary shares, $0.10 nominal 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 1.01 Entry into a Material Definitive Agreement.

Cushman & Wakefield U.S. Borrower, LLC (the “Borrower”) and DTZ UK Guarantor Limited (“U.K. Guarantor”), each a wholly-owned subsidiary of Cushman & Wakefield plc, entered into an amendment effective October 21, 2025 (the “Amendment”) to the existing Credit Agreement between the Borrower, U.K. Guarantor, JPMorgan Chase Bank, N.A., as administrative agent, and other Lenders party thereto (as so amended, the “Credit Agreement”).

The Amendment among other changes, (i) reduces the revolving commitments from $1,100 million to $1,000 million, (ii) extends the maturity date applicable to revolving commitments from April 28, 2027 to October 21, 2030 (subject to a springing maturity date in the event that certain conditions occur), (iii) updates certain currency reference rates for revolving borrowings, including replacing the CDOR rate with Term CORRA and (iv) reduces the applicable interest for certain levels of the leverage based pricing step downs as set forth in the Credit Agreement.

The foregoing description of the Amendment does not purport to be complete and is subject to, and qualified in its entirety by, the full text of the Amendment, a copy of which is attached as Exhibit 10.1 to this Current Report on Form 8-K and incorporated by reference herein.

Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.

The information set forth under Item 1.01 is incorporated by reference to this Item 2.03.

Item 7.01 Regulation FD Disclosure.

On October 21, 2025, the Company issued a press release describing the Amendment. The press release is furnished hereto as Exhibit 99.1.

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 9.01 Financial Statements and Exhibits.

(d) Exhibits.

The following exhibits are filed as part of this report:

Exhibit No.		Description
10.1		Amendment No. 13 to the Credit Agreement, dated as of October 21, 2025, among Cushman & Wakefield U.S. Borrower, LLC, DTZ UK Guarantor Limited, JPMorgan Chase Bank, N.A. as administrative agent, and other Lenders party thereto.
99.1		Press Release issued by Cushman & Wakefield plc dated October 21, 2025.
104		Cover Page Interactive Data file (formatted as Inline XBRL).

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.

Date: October 21, 2025

CUSHMAN & WAKEFIELD PLC
By:		/s/ Neil Johnston
Name:		Neil Johnston
Title:		Chief Financial Officer

FAQ

What did CWK change in its credit facility?

The revolving commitments were reduced from $1,100 million to $1,000 million, and the revolving maturity was extended to October 21, 2030.

What is the new maturity of CWK’s revolving credit commitments?

The maturity was extended from April 28, 2027 to October 21, 2030, subject to a springing maturity date in certain conditions.

Did CWK change reference rates in the Amendment?

Yes. The Amendment updates certain currency reference rates, including replacing CDOR with Term CORRA for revolving borrowings.

How does the Amendment affect interest costs?

It reduces applicable interest for certain levels of the leverage-based pricing step downs as set in the Credit Agreement.

Where can investors find the full Amendment details?

The full text is filed as Exhibit 10.1, with a descriptive press release furnished as Exhibit 99.1.

What is CWK’s ticker and listing venue?

Cushman & Wakefield plc trades under CWK on the New York Stock Exchange.