Dipo Olowookere
By Dipo Olowookere
The board of Cushman & Wakefield Plc has announced the pricing of its initial public offering of 45,000,000 of its ordinary shares, at a price to the public of $17 per share.
Business Post reports that the shares started trading on the New York Stock Exchange on August 2, 2018 under the symbol ‘CWK’.
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.
The firm 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.
