CDW Corp Form 8-K Summary
Business Context and Reporting Period
This Current Report (Form 8-K) was filed by CDW Corporation on February 6, 2013. The filing discloses a specific corporate action regarding the company's debt obligations rather than a standard periodic financial report.
Key Financial Metrics
The filing details a partial redemption of the company's 12.535% Senior Subordinated Exchange Notes due 2017. Key figures include:
- Notes Redeemed: $50.0 million aggregate principal amount.
- Total Outstanding Notes: $621.5 million aggregate principal amount prior to redemption.
- Redemption Price: 106.268% of the principal amount ($1,062.68 per $1,000 principal).
- Redemption Date: March 8, 2013.
- Interest: Includes accrued and unpaid interest to, but not including, the redemption date.
The filing text does not provide clear values for revenue, profit, cash flow, margins, or overall liquidity metrics for the period.
Material Changes
The primary material change is the reduction of the company's long-term debt load by $50.0 million through the early call of the 2017 Notes. This action will result in a cash outflow equal to the principal plus the premium and accrued interest on the redemption date.
Outlook, Risks, and Management Commentary
Management has initiated this redemption to reduce outstanding debt. The filing incorporates a press release (Exhibit 99.1) announcing the event. No specific forward-looking guidance, risk factors, or unusual items beyond the debt redemption are detailed in this specific filing text.
Investor Verification Checklist
- Verify the total cash outflow required for the March 8, 2013 redemption, including the premium and accrued interest.
- Confirm the remaining principal balance of the 12.535% Senior Subordinated Exchange Notes due 2017 post-redemption.
- Review the attached press release (Exhibit 99.1) for additional context on the company's capital allocation strategy.
- Assess the impact of this debt reduction on the company's overall leverage ratios in the next quarterly report.