---
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"
generated_at: "2026-05-16T12:14:32.714749+00:00"
event_type: "debt"
sentiment: "neutral"
materiality_score: 0.6
calibrated_materiality_score: 0.6
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- 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
- event_type: debt
- sentiment: neutral
- materiality_score: 0.6
- calibrated_materiality_score: 0.6
- confidence: high
- sec_items: 1.01, 1.02, 2.03, 5.02, 9.01
- 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

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001193125-25-329779
- JSON: https://secwatch.observer/filing/0001193125-25-329779.json
- Plain text: https://secwatch.observer/filing/0001193125-25-329779.txt

## Key facts
- Debt Financings
  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
  source text: 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_url: https://www.sec.gov/Archives/edgar/data/1402057/000119312525329779/0001193125-25-329779-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.