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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Cdw Corp (MM) | NASDAQ:CDWC | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0 | - |
CDW Corp. unveiled plans for a private offering of nearly $1.07 billion in eight-year senior notes, seeking proceeds to pay down shorter-term debt.
The provider of technology services, which was acquired by private-equity firms Madison Dearborn Partners LLC and Providence Equity Partners Inc. for $7.3 billion in 2007, joined the throngs of companies issuing debt lately, with many seeking proceeds to refinance as interest rates hover near historic lows.
CDW is in the midst of a tender offer to buy back $890 million in senior exchange notes and $317 million in senior pay-in-kind election exchange notes. Both debt series are due in 2015 and have rates of at least 11%. It said Monday it would use the debt sale to help fund those repurchases.
Last month, the company reported its fourth-quarter loss narrowed to $24.2 million from $37.3 million a year earlier as sales jumped 16%. Electronics retailers face a tough consumer spending environment and several semiconductor companies have warned of weak demand for PCs.
-By Matt Jarzemsky, Dow Jones Newswires; 212-416-2240; matthew.jarzemsky@dowjones.com
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