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: prospectus-eq_fi@jpmchase.com,
Goldman Sachs & Co. LLC, Attention: Prospectus Department, 200 West
Street, New York, NY 10282, telephone: (866) 471-2526 or email: prospectus-ny@ny.email.gs.com
and UBS Securities LLC, Attention: Prospectus Department, 1285 Avenue of
the Americas, New York, NY 10019, telephone: 888-827-7275 or email: olprospectusrequest@ubs.com.
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.
About Cushman & Wakefield
Cushman & Wakefield is a leading global real estate services firm that
delivers exceptional value by putting ideas into action for real estate
occupiers and owners. Cushman & Wakefield is among the largest real
estate services firms with 48,000 employees in approximately 400 offices
and 70 countries. In 2017, the firm had revenue of $6.9 billion across
core services of property, facilities and project management, leasing,
capital markets, valuation and other services.
Cautionary Note Regarding Forward-Looking Statements
Any statements in this release that are not historical or current facts
are forward-looking statements. Forward-looking statements convey
Cushman & Wakefield’s current expectations or forecasts of future
events. Forward-looking statements involve known and unknown risks,
uncertainties and other factors that may cause Cushman & Wakefield’s
actual results, performance or achievements to be materially different
from any future results, performances or achievements expressed or
implied by the forward-looking statements. Certain of these risks and
uncertainties are described in the “Risk Factors” and “Cautionary Note
Regarding Forward-Looking Statements” section of the Registration
Statement on Form S-1. Unless required by law, Cushman & Wakefield
undertakes no obligation to publicly update or revise any
forward-looking statements to reflect circumstances or events after the
date of this press release.
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