Cushman & Wakefield’s $400 million eight-year secured notes talked at 6 5/8%-6 7/8%; pricing Tuesday

By Paul A. Harris

Portland, Ore., May 19 – Cushman & Wakefield plc talked a $400 million offering of eight-year senior secured notes (Ba3/BB-) to yield 6 5/8% to 6 7/8%, according to market sources.

Official talk comes tight to the 6¾% to 7% initial price talk, a trader said.

The deal is expected to price on Tuesday.

J.P. Morgan Securities LLC is the lead.

The Rule 144A and Regulation S notes come with three years of call protection.

The issuing entity will be Cushman & Wakefield U.S. Borrower, LLC.

The Chicago-based real estate services provider plans to use the proceeds for working capital and general corporate purposes.

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