CDW enters $2.8845B credit facility; extends severance for four top executives

CDW Corp

CDW enters $2.8845B senior unsecured credit facility, consisting of $634.5M term loan and $2.25B revolver, maturing Dec 2025 + 5 years.
Facility refinances prior 2021 term loan and revolver; proceeds for working capital and general corporate purposes.
Leverage ratio covenant set at 4.00:1.00, with step-up to 4.50:1.00 for four quarters after qualified acquisitions.
Four named executives (Leahy, Miralles, Kulevich, Sanderson) get extended Compensation Protection Agreements through Jan 1 2029.
Severance provisions updated to base pro-rated bonus on target rather than actual performance for termination year.

item 1.01 item 1.02 item 2.03 item 5.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

CDW Corp incurred credit facility of $2,884.5 million with JPMorgan Chase Bank, N.A., as administrative agent at alternate base rate plus an initial margin of 0.125% or a SOFR-based rate (with maturing the fifth anniversary of the Effective Date.

Instrument: credit facility
Principal: $2,884.5 million
Counterparty: JPMorgan Chase Bank, N.A., as administrative agent
Rate: alternate base rate plus an initial margin of 0.125% or a SOFR-based rate (with
Maturity: the fifth anniversary of the Effective Date
Event: incurrence

Exact text from the filing

On December 17, 2025 (the “Effective Date”), CDW LLC, an Illinois limited liability company (“CDW”), entered into a new five-year $2,884.5 million senior unsecured credit facility (the “Senior Credit Facility”), consisting of (a) a term loan facility in the amount of $634.5 million, fully funded on the Effective Date, and (b) a revolving loan facility in the amount of $2,250.0 million, with a letter of credit subfacility of $175,000,000 and a swingline subfacility of $100,000,000 thereunder.

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Source: SEC EDGAR

accession 0001193125-25-329779

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