CDW prices $1.5 billion of senior notes across 2029, 2032 and 2033 maturities

CDW Corporation (Nasdaq: CDW) said subsidiaries CDW LLC and CDW Finance Corporation completed the sale of $1.5 billion aggregate principal amount of senior notes on Sept. 21 in a registered offering, according to a Form 8-K.

The deal includes $600 million of 5.700% notes due Sept. 21, 2029, issued at 99.908% of principal; $500 million of 6.100% notes due Jan. 15, 2032, issued at par; and $400 million of 6.350% notes due Sept. 21, 2033, issued at 99.805% of principal. Interest accrues from Sept. 21, with first payments on March 21, 2027, for the 2029 and 2033 notes and Jan. 15, 2027, for the 2032 notes.

CDW Corporation fully and unconditionally guarantees the notes on an unsecured senior basis. No subsidiary of the company guarantees the notes, the filing said.

The notes were issued under a December 2014 base indenture as supplemented by three Sept. 21 supplemental indentures, with U.S. Bank Trust Company, National Association as trustee. The co-issuers may redeem before each tranche’s par call date at a make-whole price based on Treasury yields plus 15, 20, or 25 basis points for the 2029, 2032, and 2033 notes, respectively, and at par thereafter.

Holders may require repurchase upon a Change of Control Repurchase Event as defined in the indenture.

By the numbers

• Total principal: $1.5 billion
• 2029 notes: $600 million at 5.700%
• 2032 notes: $500 million at 6.100%
• 2033 notes: $400 million at 6.350%

Sources

1. CDW Corporation Form 8-K, filed Sept. 21, 2026, accession 0001193125-26-396653

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