CDW Corp Issues $1.5B in Senior Notes with Maturities Through 2033

CDW Corporation has completed the sale of $1.5 billion in aggregate principal amount of senior notes, according to a filing with the Securities and Exchange Commission dated September 21, 2026. The offering consists of three separate tranches issued by CDW LLC and CDW Finance Corporation, with the debt fully and unconditionally guaranteed by CDW Corporation.

The first tranche is the 5.700% Senior Notes due 2029, with an aggregate principal amount of $600 million sold at an issue price of 99.908% of par. The second tranche is the 6.100% Senior Notes due 2032, with an aggregate principal amount of $500 million sold at par. The final tranche is the 6.350% Senior Notes due 2033, with an aggregate principal amount of $400 million sold at an issue price of 99.805% of par.

Interest for the 2029 Notes is payable semi-annually on March 21 and September 21 of each year, beginning March 21, 2027. The 2032 Notes bear interest at 6.100% per annum, payable semi-annually on January 15 and July 15, with the first payment due January 15, 2027. The 2033 Notes bear interest at 6.350% per annum, also payable semi-annually on March 21 and September 21, with the first payment due March 21, 2027.

The notes were issued pursuant to an indenture dated December 1, 2014, which has been supplemented by three new agreements dated September 21, 2026, to reflect the specific terms of each tranche. U.S. Bank Trust Company, National Association, serves as trustee. The indenture includes covenants that limit the creation of liens on assets, restrict sale and lease-back transactions, and regulate mergers and asset dispositions.

Under the terms of the agreement, the company may redeem the notes prior to the applicable par call date at a price equal to the greater of the present value of remaining payments or 100% of the principal amount plus accrued interest. The par call dates are August 21, 2029, for the 2029 Notes; December 15, 2031, for the 2032 Notes; and July 21, 2033, for the 2033 Notes. Additionally, upon a Change of Control Repurchase Event, holders may require the company to repurchase the notes at 101% of the principal amount plus accrued interest.