CDW Corp (CDW) Commences IPO; Will Sell 27.9M Common Shares
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CDW Corporation (Nasdaq: CDW) has commenced an initial public offering of 27,900,000 shares of common stock pursuant to a Registration Statement on Form S-1 filed with the U.S. Securities and Exchange Commission (SEC). CDW is offering 23,250,000 shares and selling stockholders are offering 4,650,000 shares. It is expected that the underwriters will have a 30-day option to purchase up to an additional 4,185,000 shares of common stock from the selling stockholders. The initial public offering price is currently expected to be between $20.00 and $23.00 per share of common stock.
CDW intends to use the net proceeds that it receives in the offering, together with cash on hand or borrowings under its subsidiary’s senior secured asset-based revolving credit facility, to (i) redeem $175 million of outstanding Senior Secured Notes due 2018, (ii) redeem $239 million of outstanding Senior Subordinated Notes due 2017 and (iii) make a one-time payment of $24.4 million to affiliates of Madison Dearborn Partners and Providence Equity Partners in connection with the termination of the management services agreement with such entities. CDW will not receive any proceeds from the offering of shares by the selling stockholders.
J.P. Morgan, Barclays and Goldman, Sachs & Co. are serving as joint book-running managers in the offering. Additional book-running managers are Deutsche Bank Securities and Morgan Stanley. Robert W. Baird & Co. Incorporated, Raymond James & Associates, Inc., William Blair & Company, L.L.C., Needham & Company, LLC, Stifel, Nicolaus & Company, Incorporated, Loop Capital Markets LLC and The Williams Capital Group, L.P. are also acting as managing underwriters of the offering.
CDW intends to use the net proceeds that it receives in the offering, together with cash on hand or borrowings under its subsidiary’s senior secured asset-based revolving credit facility, to (i) redeem $175 million of outstanding Senior Secured Notes due 2018, (ii) redeem $239 million of outstanding Senior Subordinated Notes due 2017 and (iii) make a one-time payment of $24.4 million to affiliates of Madison Dearborn Partners and Providence Equity Partners in connection with the termination of the management services agreement with such entities. CDW will not receive any proceeds from the offering of shares by the selling stockholders.
J.P. Morgan, Barclays and Goldman, Sachs & Co. are serving as joint book-running managers in the offering. Additional book-running managers are Deutsche Bank Securities and Morgan Stanley. Robert W. Baird & Co. Incorporated, Raymond James & Associates, Inc., William Blair & Company, L.L.C., Needham & Company, LLC, Stifel, Nicolaus & Company, Incorporated, Loop Capital Markets LLC and The Williams Capital Group, L.P. are also acting as managing underwriters of the offering.
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