By Paul A. Harris
Portland, Ore., May 19 – Cushman & Wakefield plc priced an upsized $650 million issue of eight-year senior secured notes (Ba3/BB-) at par to yield 6¾% on Tuesday, according to market sources.
Bookrunners were J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, HSBC Securities (USA) Inc., Goldman Sachs & Co. LLC, Barclays, UBS Securities LLC, Fifth Third Securities Inc. and Citigroup Global Markets Inc.
The issue size increased from $400 million.
The yield printed in the middle of the 6 5/8% to 6 7/8% yield talk and tight to the 6¾% to 7% initial talk.
Cushman & Wakefield U.S. Borrower, LLC was the issuer.
The Chicago-based real estate services provider plans to use the proceeds for working capital and general corporate purposes.
| Issuer: | Cushman & Wakefield U.S. Borrower, LLC
|
| Amount: | $650 million, increased from $400 million
|
| Maturity: | May 15, 2028
|
| Securities: | Senior secured notes
|
| Bookrunners: | J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, HSBC Securities (USA) Inc., Goldman Sachs & Co. LLC, Barclays, UBS Securities LLC, Fifth Third Securities Inc. and Citigroup Global Markets Inc.
|
| Coupon: | 6¾%
|
| Price: | Par
|
| Yield: | 6¾%
|
| Spread: | 616 bps
|
| Call protection: | Three years
|
| Special call: | 40% of the notes at a premium for the first 120 days with proceeds from a regulatory debt facility
|
| Trade date: | May 19
|
| Settlement date: | May 22
|
| Ratings: | Moody's: Ba3
|
| S&P: BB-
|
| Distribution: | Rule 144A and Regulation S for life
|
| Price talk: | 6 5/8% to 6 7/8%
|
| Marketing: | Roadshow
|
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