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Cushman & Wakefield Prices IPO Shares at $17 Each

Shares Begin NYSE Trading
August 2, 2018
Cushman & Wakefield priced its initial public offering at $17 a share, the midpoint of the real estate services company's proposed range of $16 to $18 per share.

The company said it expects to sell at least 45 million shares as trading began early Thursday on the New York Stock Exchange under the symbol CWK. Cushman plans to sell at least 45 million shares, raising at least $765 million before commissions, expenses and underwriter discounts.

Cushman granted its underwriters a 30-day option to buy as many as an additional 6.75 million shares at the public offering price, minus underwriting discounts and commissions.

The company expects to use the funds to repay its $460 million second-lien loans related to its acquisition of Cassidy Turley, part of the company's $3.1 billion in total debt. The company said it will use any remaining net proceeds to fund corporate operations.

Morgan Stanley, J.P. Morgan, Goldman Sachs & Co. LLC and UBS Investment Bank are joint book-running managers and representatives of the underwriters for the offering.
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