CDW prices $1.5 billion in senior notes across three tranches maturing through 2033
CDW LLC and CDW Finance Corporation priced $1.5 billion in aggregate principal amount of senior notes, with the offering expected to close on Sept. 21, 2026.
CDW Corp. (CDW) said Monday that its subsidiaries CDW LLC and CDW Finance Corporation entered into an underwriting agreement to issue and sell $1.5 billion in aggregate principal amount of senior notes across three tranches.
Key takeaways
- CDW priced $600 million of 5.700% senior notes due 2029.
- The company priced $500 million of 6.100% senior notes due 2032.
- CDW priced $400 million of 6.350% senior notes due 2033.
- The offering is expected to close on Sept. 21, 2026.
Note terms and tranches
The co-issuers agreed to issue the notes in a registered public offering with CDW Corporation acting as guarantor, according to a regulatory filing. The offering includes $600 million aggregate principal amount of 5.700% senior notes due 2029, $500 million aggregate principal amount of 6.100% senior notes due 2032, and $400 million aggregate principal amount of 6.350% senior notes due 2033.
Underwriting and closing conditions
BofA Securities Inc., J.P. Morgan Securities LLC, Mizuho Securities USA LLC, and Wells Fargo Securities LLC acted as representatives of the several underwriters named in the agreement. The underwriting agreement includes customary representations, warranties, and indemnification provisions between the co-issuers, the company, and the underwriters. The offering is subject to customary closing conditions.
Why it matters
The transaction taps public debt markets for $1.5 billion in total capital across maturities extending to 2033. The filing does not disclose the specific intended use of proceeds from the sale of the notes.
By the numbers
| Metric | Value | Source |
|---|---|---|
| 2029 Notes Principal | $600 million | Regulatory filing |
| 2029 Notes Coupon | 5.700% | Regulatory filing |
| 2032 Notes Principal | $500 million | Regulatory filing |
| 2032 Notes Coupon | 6.100% | Regulatory filing |
| 2033 Notes Principal | $400 million | Regulatory filing |
| 2033 Notes Coupon | 6.350% | Regulatory filing |
Expected closing and registration details
The offering is being made pursuant to an effective registration statement on Form S-3ASR initially filed with the Securities and Exchange Commission on Feb. 23, 2026, along with a related preliminary prospectus supplement and a free writing prospectus filed on Sept. 14, 2026. Closing is scheduled for Sept. 21, 2026, pending the fulfillment of customary closing conditions.