CDW enters into $900 million asset-based revolver with five-year term

By Jennifer Chiou

New York, June 30 - CDW LLC entered into on June 24 a new $900 million senior secured asset-based revolving credit facility with, among other agents, JPMorgan Chase Bank, NA as administrative agent and GE Commercial Distribution Finance Corp. as floorplan funding agent, according to an 8-K filing with the Securities and Exchange Commission.

The new five-year revolver replaces the company's prior facility and provides for an overall increase from $800 million.

The filing added that the company may request an incremental increase of up to $200 million, up from $100 million.

The new loan also adds a springing maturity covenant based on excess cash availability.

As compared to the previous loan, the unused fee is up to a range of 37.5 basis points to 50 bps, depending on availability, from 25 bps, and pricing is increased by 100 bps.

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

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