debt
confidence high
sentiment neutral
materiality 0.50
CDW issues $2.5B in three tranches of senior notes at 2.670%, 3.276%, and 3.569%
CDW Corp
- $1.0B of 2.670% notes due Dec 1, 2026; $500M of 3.276% notes due Dec 1, 2028; $1.0B of 3.569% notes due Dec 1, 2031.
- Notes issued at 100% of par; interest payable semi-annually starting June 1, 2022.
- Co-Issuers may redeem prior to par call dates at make-whole premium; after par call at 100% plus accrued interest.
- Upon change of control with ratings downgrade, holders can require repurchase at 101% of principal plus accrued interest.
- Indenture contains customary covenants limiting liens, sale-leasebacks, and asset sales.