CDW Corp Issues $1.5B of Senior Notes Due 2029–2033

What Happened

• CDW LLC and CDW Finance completed a registered offering on September 21, 2026, issuing $1.5 billion of senior unsecured notes: $600 million of 5.700% notes due September 21, 2029; $500 million of 6.100% notes due January 15, 2032; and $400 million of 6.350% notes due September 21, 2033.
• The notes were issued at prices near par (99.908% for 2029, 100.000% for 2032, 99.805% for 2033), bear interest semi‑annually, accrue from September 21, 2026, and are fully and unconditionally guaranteed on an unsecured senior basis by CDW Corporation (the parent). The offering was issued under the Base Indenture (dated December 1, 2014) as supplemented by three supplemental indentures dated September 21, 2026.

Key Details

• Total issuance: $1,500,000,000 across three series (2029: $600M @5.700%; 2032: $500M @6.100%; 2033: $400M @6.350%).
• Interest/payment: semiannual interest; first payments — 2029 & 2033 notes on March 21, 2027; 2032 notes on January 15, 2027.
• Redemption & protections: callable before par-call dates at specified make-whole formulas; par-call dates — Aug 21, 2029 (2029 notes), Dec 15, 2031 (2032), Jul 21, 2033 (2033). Change‑of‑control repurchase right at 101% of principal plus accrued interest.
• Indenture covenants: customary limits on liens, sale-leaseback transactions, and consolidations/mergers; events of default include nonpayment and insolvency triggers.

Why It Matters

• This filing documents CDW’s addition of $1.5B of fixed‑rate long‑term debt, which increases the company’s leverage and will raise interest expense that must be paid from operating cash flow.
• The notes are unsecured senior obligations guaranteed by the parent (no subsidiary guarantees), so in a default recovery scenario holders rely on the parent guarantee and senior claim status.
• Investors should note the maturity schedule (largest near‑term maturity in 2029) and the callable features and change‑of‑control protections, which affect potential refinancing risk and investor recoveries.