Cushman & Wakefield plc (“Cushman & Wakefield”) today announced the pricing of its initial public offering of 45,000,000 of its ordinary shares, at a price to the public of $17.00 per share. The shares will be listed on the New York Stock Exchange and will trade under the symbol “CWK” beginning August 2, 2018. In addition, Cushman & Wakefield has granted the underwriters a 30-day option to purchase up to an additional 6,750,000 ordinary shares at the public offering price less underwriting discounts and commissions.
Cushman & Wakefield expects to use the net proceeds from the ordinary shares offered by it to reduce outstanding indebtedness, in particular to repay its second lien loan, to pay the outstanding amount of the deferred payment obligation related to its acquisition of Cassidy Turley and any remaining net proceeds for general corporate purposes.
Morgan Stanley, J.P. Morgan, Goldman Sachs & Co. LLC and UBS Investment Bank are acting as joint book-running managers and representatives of the underwriters for the offering. Barclays Capital Inc., BofA Merrill Lynch, Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC and William Blair & Company, L.L.C. are also acting as joint book-running managers for the offering. TPG Capital BD, LLC, HSBC Securities (USA) Inc., Credit Agricole Securities (USA) Inc., JMP Securities LLC, China Renaissance Securities (US) Inc., Fifth Third Securities, Inc., Academy Securities, Inc., Loop Capital Markets LLC, Samuel A. Ramirez & Company, Inc., Siebert Cisneros Shank & Co. L.L.C. and The Williams Capital Group, L.P. are acting as co-managers for the offering.
The offering is being made only by means of the written prospectus forming part of the effective registration statement. Copies of the final prospectus related to the offering, when available, may be obtained from Morgan Stanley & Co. LLC, Attention: Prospectus Department, 180 Varick Street, 2nd Floor, New York, NY 10014, J.P. Morgan Securities LLC, Attention: Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, email: [email protected], Goldman Sachs & Co. LLC, Attention: Prospectus Department, 200 West Street, New York, NY 10282, telephone: (866) 471-2526 or email: [email protected] and UBS Securities LLC, Attention: Prospectus Department, 1285 Avenue of the Americas, New York, NY 10019, telephone: 888-827-7275 or email: [email protected].
A registration statement relating to these securities was declared effective as of August 1, 2018 by the Securities and Exchange Commission. This news release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state or jurisdiction in which such offer, sale or solicitation would be unlawful prior to registration or qualification under the securities law in any such state or jurisdiction.
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