CDW Corp Enters into New Five-Year Senior Unsecured Credit Facility

CDW LLC, a subsidiary of CDW Corporation, has entered into a new five-year senior unsecured credit facility totaling $2,884.5 million. This facility includes a $634.5 million term loan and a $2,250.0 million revolving loan, with subfacilities for letters of credit and swingline loans. The new facility consolidates and replaces previous senior unsecured loan agreements dated December 1, 2021. The proceeds are intended for working capital, general corporate purposes, and refinancing existing debt. The facility allows for borrowings in USD, Euros, Sterling, and Canadian Dollars, with a sublimit for the UK Borrower. It includes provisions for potential increases and is subject to interest rates based on the company's senior unsecured credit ratings, ranging from 0.00% to 1.75% depending on the loan type and applicable margin. The agreement also contains a maximum leverage ratio covenant of 4.00:1.00, with a potential increase to 4.50:1.00 under specific conditions related to qualified acquisitions. Customary covenants, representations, warranties, and events of default are included.