CDW Corporation Form 8-K Summary
Business Context and Reporting Period
This Current Report on Form 8-K was filed by CDW Corporation on March 4, 2011. The filing addresses a specific corporate action regarding a previously announced cash tender offer and consent solicitation involving the company's wholly owned subsidiaries, CDW LLC and CDW Finance Corporation.
Key Financial Metrics
The filing does not provide standard operating financial metrics such as revenue, profit, cash flow, or margins. It specifically references the following debt instruments subject to the tender offer:
- 11.00% Senior Exchange Notes due 2015: $890,000,000 aggregate principal amount.
- 11.50% / 12.25% Senior PIK Election Exchange Notes due 2015: $316,974,000 aggregate principal amount.
Material Changes
The primary material change reported is the amendment to the terms of the ongoing tender offer and consent solicitation. The Issuers have eliminated the "early settlement feature" from the offer. This change modifies the conditions under which the outstanding notes may be repurchased or exchanged.
Outlook, Risks, and Management Commentary
Management commentary is limited to the announcement of the amendment to the tender offer terms. The filing incorporates by reference a press release (Exhibit 99.1) detailing the elimination of the early settlement feature. No specific guidance, forward-looking financial outlook, or new risk factors are disclosed in this specific report beyond the modification of the debt restructuring terms.
Key Facts for Investor Verification
- Verify the specific terms of the amended tender offer and consent solicitation statement dated February 22, 2011, as modified on March 4, 2011.
- Confirm the impact of eliminating the early settlement feature on the potential repurchase price or exchange ratio for the $890 million and $316.974 million notes.
- Review the attached press release (Exhibit 99.1) for detailed rationale regarding the amendment.