{"schema_version":"secwatch.filing_event.v1","accession":"0001193125-25-329779","form_type":"8-K","ticker":"CDW","cik":"0001402057","company_name":"CDW Corp","filed_at":"2025-12-23T23:59:59+00:00","discovered_at":"2026-05-14T18:02:39.314599+00:00","generated_at":"2026-05-16T12:14:32.714749+00:00","sec_items":["1.01","1.02","2.03","5.02","9.01"],"event_type":"debt","sentiment":"neutral","materiality_score":0.6,"calibrated_materiality_score":0.6,"confidence":"high","headline":"CDW enters $2.8845B credit facility; extends severance for four top executives","bullets":["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."],"urls":{"canonical":"https://secwatch.observer/filing/0001193125-25-329779","json":"https://secwatch.observer/filing/0001193125-25-329779.json","markdown":"https://secwatch.observer/filing/0001193125-25-329779.md","text":"https://secwatch.observer/filing/0001193125-25-329779.txt","edgar_index":"https://www.sec.gov/Archives/edgar/data/1402057/000119312525329779/0001193125-25-329779-index.htm","edgar_primary_document":"https://www.sec.gov/Archives/edgar/data/1402057/000119312525329779/d43199d8k.htm"},"model":{"generated_by":"deepseek-v4-flash:cloud@v2","generated_at":"2026-05-16T12:14:32.714749+00:00"},"review":{"review_status":"machine_generated","human_reviewed":false,"corrected":false,"correction_note":null,"correction_timestamp":null,"superseded_by":null,"related_filings":[]},"source_grounded_claims":[{"claim_id":"b2f13997d52564ffd77c87183b3fee8fd73ba8ec","claim":"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.","evidence_excerpt":"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.","evidence_source":"SEC 8-K Item 2.03/2.04","evidence_url":"https://www.sec.gov/Archives/edgar/data/1402057/000119312525329779/0001193125-25-329779-index.htm","confidence":0.9,"family_label":"Debt Financings","details":[{"label":"Instrument","value":"credit facility"},{"label":"Principal","value":"$2,884.5 million"},{"label":"Counterparty","value":"JPMorgan Chase Bank, N.A., as administrative agent"},{"label":"Rate","value":"alternate base rate plus an initial margin of 0.125% or a SOFR-based rate (with"},{"label":"Maturity","value":"the fifth anniversary of the Effective Date"},{"label":"Event","value":"incurrence"}]}],"license":"Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer"}