CDW Corp Announces $1.5 Billion Senior Notes Offering

Executive Summary

On September 15, 2026, CDW Corporation (NASDAQ: CDW) filed a Current Report on Form 8-K under Item 1.01 (Entry into a Material Definitive Agreement) announcing that its co-issuers, CDW LLC and CDW Finance Corporation, entered into an underwriting agreement on September 14, 2026, to issue and sell $1.5 billion aggregate principal amount of Senior Notes in a registered public offering.

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Key Terms of the Offering

• Total Offering Size: $1,500,000,000
• Tranche Breakdown:
  1. $600,000,000 aggregate principal amount of 5.700% Senior Notes due 2029
  2. $500,000,000 aggregate principal amount of 6.100% Senior Notes due 2032
  3. $400,000,000 aggregate principal amount of 6.350% Senior Notes due 2033
• Guarantor: CDW Corporation (unsecured senior guarantee)
• Underwriters / Representatives: BofA Securities, Inc., J.P. Morgan Securities LLC, Mizuho Securities USA LLC, and Wells Fargo Securities, LLC
• Expected Settlement Date: September 21, 2026, subject to customary closing conditions

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Capital Structure & Market Implications

• Debt Profile: The transaction adds $1.5B in fixed-rate senior indebtedness spread across 3-, 6-, and 7-year maturities, allowing CDW to manage its maturity profile and optimize liquidity.
• Pricing & Yield: Coupons ranged from 5.700% to 6.350%, reflecting contemporary corporate credit spreads for investment-grade/high-quality corporate debt.
• Significance: Medium. The new financing provides CDW with substantial liquidity for general corporate purposes, potential refinancing of existing debt, or capital allocation priorities without equity dilution.