CDW Corp Closes $1.5 Billion Multi-Tranche Senior Notes Offering

Executive Summary

On September 21, 2026, CDW Corp announced that its subsidiaries, CDW LLC and CDW Finance Corporation (the "Co-Issuers"), completed a public debt offering totaling $1.5 billion aggregate principal amount of Senior Notes. The offering was registered under the Securities Act of 1933 and consists of three tranches maturing in 2029, 2032, and 2033.

Key Terms of the Offering

• 2029 Notes:

  • Aggregate Principal Amount: $600,000,000
  • Coupon / Maturity: 5.700% per annum, maturing September 21, 2029
  • Issue Price: 99.908% of principal amount
  • Interest Payment Dates: Semi-annually on March 21 and September 21, starting March 21, 2027
  • Par Call Date: August 21, 2029 (Make-whole spread: Treasury + 15 bps prior to par call)

• 2032 Notes:

  • Aggregate Principal Amount: $500,000,000
  • Coupon / Maturity: 6.100% per annum, maturing January 15, 2032
  • Issue Price: 100.000% of principal amount
  • Interest Payment Dates: Semi-annually on January 15 and July 15, starting January 15, 2027
  • Par Call Date: December 15, 2031 (Make-whole spread: Treasury + 20 bps prior to par call)

• 2033 Notes:

  • Aggregate Principal Amount: $400,000,000
  • Coupon / Maturity: 6.350% per annum, maturing September 21, 2033
  • Issue Price: 99.805% of principal amount
  • Interest Payment Dates: Semi-annually on March 21 and September 21, starting March 21, 2027
  • Par Call Date: July 21, 2033 (Make-whole spread: Treasury + 25 bps prior to par call)

Guarantee and Covenants

• Guarantor: Fully and unconditionally guaranteed on an unsecured senior basis by CDW Corporation. No subsidiary guarantees the Notes.
• Change of Control: Holders have the right to require repurchase at 101% of principal plus accrued interest upon the occurrence of a Change of Control Repurchase Event (requiring both a change of control and a rating downgrade event).
• Covenants & Defaults: Customary negative covenants limiting liens, sale/leaseback transactions, and consolidations or mergers, alongside standard cross-acceleration and bankruptcy default provisions.