secwatch.observer — SEC 8-K summary
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Issuer:     CDW Corp (CDW)
CIK:        0001402057
Form:       8-K
Filed at:   2025-12-23T23:59:59+00:00
Accession:  0001193125-25-329779
Event type: debt
Sentiment:  neutral
Materiality: 0.60
Item codes: 1.01, 1.02, 2.03, 5.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1402057/000119312525329779/0001193125-25-329779-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1402057/000119312525329779/d43199d8k.htm
  HTML page:      https://secwatch.observer/filing/0001193125-25-329779

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