CDW Corp Form 8-K Summary
Business Context and Reporting Period
This Current Report on Form 8-K was filed by CDW Corporation on May 31, 2013. The filing reports a triggering event regarding the acceleration of a direct financial obligation involving the redemption of senior secured notes.
Key Financial Metrics
The filing details a specific debt transaction rather than providing comprehensive financial statements for a reporting period.
- Debt Instrument: 8% Senior Secured Notes due 2018.
- Total Outstanding Principal: $500.0 million.
- Amount Called for Redemption: $175.0 million aggregate principal amount.
- Redemption Price: 108.000% of principal ($1,080.00 per $1,000 principal amount) plus accrued and unpaid interest.
The filing text does not provide clear values for revenue, profit, cash flow, margins, or overall liquidity metrics beyond the specific redemption details.
Material Changes and Conditions
The redemption of the $175.0 million in notes is contingent upon two specific conditions:
- The consummation of the initial public offering (IPO) of CDW Corporation's common stock pursuant to an effective registration statement.
- The contribution by CDW Corporation to the Issuers (CDW LLC and CDW Finance Corporation) of net proceeds from the IPO equal to at least the aggregate redemption price of the Notes.
Outlook, Risks, and Management Commentary
Management has announced the intent to redeem a portion of the 2018 notes, signaling a capital structure adjustment tied to the company's IPO. The primary risk identified is the failure to consummate the IPO or secure sufficient net proceeds, which would prevent the redemption from occurring. No other risks, contingencies, or unusual items are detailed in this specific filing.
Key Facts for Investor Verification
- Verify the status and expected closing date of CDW Corporation's IPO.
- Confirm whether the net proceeds from the IPO will be sufficient to cover the $175.0 million principal plus the 8% premium and accrued interest.
- Monitor the official press release (Exhibit 99.1) for any updates on the redemption execution.