CDW launches $1.1 billion term loan B-2 at Libor plus 325 bps

By Sara Rosenberg

New York, Feb. 24 - CDW LLC launched its $1.1 billion senior secured term loan B-2 due 2017 on Thursday with price talk of Libor plus 325 basis points with a 1.25% Libor floor and a par offer price, according to a market source.

There is 101 soft call protection for six months, the source said.

J.P. Morgan Securities LLC and Morgan Stanley & Co. Inc. are the lead banks on the repricing deal.

When the term loan B-2 was originally completed late last year, it was priced at Libor plus 500 bps, with step-downs to Libor plus 475 bps at 4.0 times senior secured leverage and to Libor plus 450 bps at 3.5 senior secured leverage.

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

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