Cushman & Wakefield Retires 2028 Notes, Exceeds $800M Debt Repayments

Cushman & Wakefield Ltd. (NYSE: CWK) has completed the redemption of its remaining 2028 Notes, a move that brings the company's total debt repayments since 2024 to more than $800 million. By fully retiring this debt tranche, the commercial real estate services firm has cleared its maturity schedule through 2030.

The redeemed notes were 6.75% Senior Secured Notes due May 2028. Although the original principal amount for this issue was $650 million, the company redeemed the final outstanding balance of $150 million. This action concludes the repayment of this specific debt instrument, leaving Cushman & Wakefield without any required debt maturities until the year 2030.

Michelle MacKay, Chief Executive Officer at Cushman & Wakefield, stated that the company is delivering on its deleveraging targets ahead of schedule. MacKay attributed this progress to disciplined execution and confidence in the firm's business model and long-term strategy. She noted that these financial moves are part of a broader effort to enhance the durability and flexibility of the company's capital structure as it drives toward its 2028 targets.

In 2026 alone, Cushman & Wakefield has repaid more than $300 million in debt. According to MacKay, the company also secured the lowest borrowing margin on its term loan since going public. Additionally, the firm extended its maturity profile and used swaps to bring approximately 80% of its debt to fixed-rate exposure.

MacKay linked these balance sheet improvements to recent earnings momentum, claiming that these steps earned credit rating upgrades from both S&P and Moody’s. The CEO described the balance sheet as transformed, emphasizing that a stronger capital structure supports the company's strategic goals.

Cushman & Wakefield operates as a global commercial real estate services firm for occupiers and investors. The company employs approximately 53,000 people across more than 350 offices in nearly 60 countries. In 2025, the firm reported revenue of $10.3 billion across its core service lines, which include Services, Leasing, Capital markets, and Valuation and other.

The company included a cautionary note regarding forward-looking statements in its release. It stated that such statements rely on estimates, projections, and assumptions concerning future events and are subject to uncertainties and factors outside its control. These factors include changes in global economic or market conditions and shifts in government policies, laws, regulations, and practices. The firm cautioned that actual results could differ materially from these forward-looking statements, potentially resulting in a loss of a material portion of invested amounts.

Cushman & Wakefield disclaimed any obligation to publicly update or revise these forward-looking statements, except as required by applicable securities laws. Additional information regarding factors that may influence results is available in the Risk Factors section of its most recently filed Annual Report on Form 10-K and other periodic reports filed with the U.S. Securities and Exchange Commission.