CDW talks $630 million 8.5-year notes in 3 3/8% area; pricing Monday

By Paul A. Harris

Portland, Ore., Aug. 10 – CDW LLC and CDW Finance Corp. talked a $630 million offering of 8.5-year senior notes (existing ratings Ba2/BB-) in the 3 3/8% area, according to market sources.

Official talk comes tight to the 3 3/8% to 3½% initial guidance, a bond trader said.

The public offering is set to price in a Monday drive-by execution.

Lead left bookrunner Morgan Stanley & Co. LLC will bill and deliver. Barclays, Wells Fargo Securities LLC, J.P. Morgan Securities LLC, BofA Securities Inc., Capital One Securities Inc., MUFG and Goldman Sachs & Co. LLC are the joint bookrunners.

RBC Capital Markets LLC, U.S. Bancorp Investments Inc. and Siebert Williams Shank & Co. LLC are the co-managers.

The notes become callable after three years at par plus 50% of the coupon.

The Vernon Hills, Ill.-based provider of technology products and services plans to use the proceeds, together with cash on hand, to fund the redemption of all its outstanding 2025 senior notes at 103.75.

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