CDW Corporation Announces Upsizing and Pricing of Registered Offering of $700 Million of Senior Notes due 2029

LINCOLNSHIRE, Ill., Aug. 10, 2020 (GLOBE NEWSWIRE) -- CDW Corporation (NASDAQ: CDW), a leading multi-brand technology solutions provider to business, government, education and healthcare customers in the United States, the United Kingdom and Canada, today announced that its wholly owned subsidiaries CDW LLC and CDW Finance Corporation (together, the “Issuers”) have priced an offering of $700 million in aggregate principal amount of 3.25% senior notes due 2029 (the “Notes”), representing an increase of $70 million in aggregate principal amount from the initially proposed offering size, in an offering registered under the Securities Act of 1933, as amended (the “Note Offering”). The Notes were priced at 100 % of par. The sale of the Notes is expected to be completed on August 13, 2020, subject to customary closing conditions.

The Issuers intend to use the proceeds from the Note Offering (a) to fund the redemption of all of their outstanding $600 million aggregate principal amount of Senior Notes due 2025 (the “2025 Senior Notes”) at a redemption price of 103.75% of the principal amount redeemed plus accrued and unpaid interest to the date of redemption and (b) to pay fees and expenses related to such redemption and the Note Offering. The remaining proceeds will be used for general corporate purposes. The Issuers have issued a conditional notice of redemption to holders of the 2025 Senior Notes. The redemption of the 2025 Senior Notes is contingent upon the pricing and closing of the Note Offering.

The Notes will be fully and unconditionally guaranteed, jointly and severally, on a senior unsecured basis by CDW Corporation and by certain of CDW LLC’s current and future direct and indirect wholly owned domestic subsidiaries.

Morgan Stanley & Co. LLC, Barclays Capital Inc., Wells Fargo Securities, LLC, J.P. Morgan Securities LLC, BofA Securities, Inc., Capital One Securities, Inc., MUFG Securities Americas Inc., Goldman Sachs & Co. LLC and RBC Capital Markets, LLC are acting as joint book‑running managers and U.S. Bancorp Investments, Inc. and Siebert Williams Shank & Co., LLC are acting as co-managers for the Note Offering. The Note Offering is being made only by means of a prospectus supplement and an accompanying base prospectus. Copies of the preliminary prospectus supplement and the accompanying base prospectus relating to the Note Offering may be obtained from (i) Morgan Stanley & Co. LLC, Attention: Prospectus Department, 180 Varick Street, New York, NY 10014, by telephone (toll-free) at [phone] or by e-mail at [e-mail], (ii) Barclays Capital Inc., c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, by telephone at [phone] or by e-mail at [e-mail], (iii) Wells Fargo Securities, LLC, 550 S. Tryon Street, 5th Floor, Charlotte, NC 28202, by fax at [phone] (with such fax to be confirmed by telephone to [phone]) Attention: Leveraged Syndicate or by e-mail at [e-mail], (iv) J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, Attn: Prospectus Department, 1155 Long Island Avenue, Edgewood, NY 11717, or by telephone: [phone], (v) BofA Securities, Inc., NC1-004-0343, 200 North College Street, 3rd floor, Charlotte, NC 28255-0001, Attn: Prospectus Department, or by email at [e-mail], (vi) Capital One Securities, Inc., by e-mail at [e-mail], (vii) MUFG Securities Americas Inc., Attention: Capital Markets Group, 1221 Avenue of the Americas, 6th Floor, New York, NY 10020 by telephone at [phone], (viii) Goldman Sachs & Co. LLC, Goldman Sachs & Co. LLC, Prospectus Department, 200 West Street, New York, NY 10282, telephone: [phone], facsimile: 212-902-9316 or by emailing [e-mail], (ix) ROYAL BANK OF CANADA, 200 Vesey Street, New York, New York 10281, (x) U.S. Bancorp Investments, Inc., by telephone (toll-free) at [phone] or (xi) Siebert Williams Shank & Co., LLC, by telephone at [phone] or by e-mail at [e-mail].