CDW marketing $800 million ABL revolver at Libor plus 150 bps

By Sara Rosenberg

New York, Sept. 19 - CDW Corp. is currently marketing its $800 million ABL revolving credit facility to investors with price talk of Libor plus 150 basis points, according to a market source.

JPMorgan, Lehman Brothers, Deutsche Bank and Morgan Stanley are the lead banks on the financing.

Proceeds will be used to help fund the buyout of the company by Madison Dearborn Partners, LLC and Providence Equity Partners Inc. for $87.75 in cash per share. The transaction is valued at $7.3 billion.

The remaining debt for the LBO has not yet been launched and details on that debt are currently unavailable, the source added.

Originally, the company said in filings with the Securities and Exchange Commission that it would get a $2.9 billion senior secured credit facility - consisting of a $700 million revolver and a $2.2 billion term loan - and $1.95 billion in bridge loans - consisting of a $1.04 billion senior bridge facility and a $910 million senior subordinated bridge facility.

CDW is a Vernon Hills, Ill., provider of technology products and services to business, government and education customers.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.