CDW tightens discount on $1.35 billion seven-year term loan to 99¾

By Sara Rosenberg

New York, April 24 - CDW LLC revised the original issue discount on its $1.35 billion seven-year senior secured covenant-light term loan (Ba3/B+) to 99¾ from 991/2, according to a market source.

Pricing on the loan is still Libor plus 250 basis points with a 1% Libor floor, however, a step-down was added to Libor plus 225 bps at 4 times net total leverage, the source said.

In addition, the 101 soft call protection was extended to one year from six months.

Recommitments are due at noon ET on Thursday.

Barclays, Morgan Stanley Senior Funding Inc., J.P. Morgan Securities LLC, Goldman Sachs & Co., Deutsche Bank Securities Inc. and BofA Merrill Lynch are the lead banks on the deal.

Proceeds will be used to refinance the company's existing senior secured bank debt.

CDW is a Vernon Hills, Ill.-based provider of integrated information technology solutions.

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