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CDW subsidiaries accept tenders for $321.43 million of 11% notes, $91.41 million of toggle notes
By Jennifer Chiou
New York, May 20 - CDW Corp. subsidiaries CDW LLC and CDW Finance Corp. announced that they accepted tenders for $321,431,000 of their 11% senior exchange notes due 2015 and $91,412,749 of 11½%/12¼% senior payment-in-kind election exchange notes due 2015 in the completed offer for up to $412,844,000 of the securities.
The tender offer expired at 8 a.m. ET on May 19. It began on April 21.
In all, holders validly tendered $352.6 million of the 11% notes and $100,259,825 of the PIK notes. Because the tender amount exceeded the cap, the amount of notes accepted for purchase was determined by multiplying valid tenders by a proration factor of 0.9118 and rounding down to the nearest $1,000 for the 11% notes and to the nearest $1.00 for the PIK notes.
Holders received $1,090 per $1,000 principal amount of notes plus accrued interest.
The tender offer was subject to the receipt of enough funds to purchase the tendered notes. CDW Escrow Corp. closed its $450 million add-on to its 8½% senior notes due 2019 and deposited the proceeds, along with borrowings under the revolving credit facility, to fund the tender offer.
As previously reported, the issuers purchased $519,248,000 of the 11% notes and $145,889,034 of the toggle notes in a tender offer and consent solicitation that expired on April 12.
The dealer manager and solicitation agent was J.P. Morgan Securities LLC (800 245-8812 or 212 270-1200). The information agent and tender agent was D.F. King & Co., Inc. (800 290-6429 or 212 269-5550).
CDW is a Vernon Hills, Calif.-based provider of information technology solutions and services.
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