CDW markets three senior notes via seven bookrunners; pricing Tuesday

By Rebecca Melvin and Paul A. Harris

Concord, N.H., Nov. 23 – CDW LLC and CDW Finance Corp. are offering three series of split-rated senior notes (Ba2/BBB-/BBB-), according to a 424B5 filing with the Securities and Exchange Commission and additional information from a market source.

A five-year tranche is being talked for a spread in the Treasuries plus 150 basis points area. A middle seven-year part has talk in the 180 bps area. And, the longest tranche, the 10-year tranche has talk in the 200 bps area.

Pricing is expected on Tuesday.

The notes will have a make-whole call followed by a par call. They have a change-of-control put at 101.

J.P. Morgan Securities LLC, BofA Securities Inc., Wells Fargo Securities LLC, Morgan Stanley & Co. LLC, Capital One Securities Inc., Mizuho Securities USA Inc. and MUFG are the bookrunners.

Goldman Sachs & Co. LLC, Scotia Capital (USA) Inc., U.S. Bancorp Investments Inc. and Siebert Williams Shank & Co. LLC are co-managers.

Proceeds of the notes will be used to partially fund CDW’s acquisition of Granite Parent Inc., the indirect parent of Sirius Computer Solutions Inc. If the acquisition is not completed, there will be a special mandatory redemption of the notes at a redemption price equal to 101% of the principal amount of the notes plus accrued interest to the redemption date.

CDW is an information technology and cybersecurity company based in Lincolnshire, Ill.

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