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Red Flags Detected

  • The Notes Are Not Guaranteed By Any of Our Subsidiaries. Our Subsidiaries Are Separate and Distinct Legal Entities and Have No Obligation, Contingent or Otherwise, to Pay Any Amounts Due Under the Notes or to Make Any Funds Available Therefor, Whether By Dividends, Loans, Distributions, or Other Payments. (new) — Structural subordination means noteholders have no direct claim on subsidiary assets, increasing credit risk in a bankruptcy scenario.
  • As of June 30, 2026, We Have Approximately $809.5 Million of Variable Rate Debt Outstanding. (new) — Significant variable rate debt exposes the company to interest rate risk, which could increase debt service costs and pressure net income.
  • The Acquisition May Not Be Completed, and We May Not Realize the Anticipated Benefits of the Acquisition. (new) — The company plans to use proceeds to fund an acquisition, but there is risk the acquisition may not close or integration may be difficult, potentially affecting the use of proceeds and future performance.
NASDAQ: CDW CDW Corp 424B5

CDW LLC and CDW Finance Corporation offer $1.5B of senior notes across three tranches due 2029, 2032, and 2033

Filed September 15, 2026 · ~2 min read

Key Changes

  • high

    The offering consists of $600M 5.700% notes due 2029, $500M 6.100% notes due 2032, and $400M 6.350% notes due 2033.

    The Offering verify on EDGAR →
  • high

    Net proceeds to the company are estimated at $1.5B after underwriting discounts and expenses.

    Use of Proceeds verify on EDGAR →
  • high

    CDW intends to use $1.0B of net proceeds to retire its 2026 Senior Notes, with the remainder for general corporate purposes including funding a substantial portion of an acquisition.

    Use of Proceeds verify on EDGAR →

3 more material changes behind this preview — plus the full narrative summary, section-by-section diffs against the prior filing, and verbatim quotes with EDGAR citations.

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Figures/quotes linked to EDGAR · Narrative written by AI · Sep 15, 2026 · How we verify