CDW gets $2.5 billion bridge loan commitment for Sirius purchase

By Sara Rosenberg

New York, Oct. 18 – CDW Corp. has received a commitment for an up to $2.5 billion 364-day senior unsecured bridge loan to support its acquisition of Sirius Computer Solutions Inc., according to an 8-K filed with the Securities and Exchange Commission on Monday.

JPMorgan Chase Bank provided the debt commitment.

Under the agreement, Sirius is being bought from Clayton, Dubilier & Rice for $2.5 billion in cash, subject to customary closing adjustments.

Closing is expected in December, subject to regulatory approvals and other customary conditions.

Net leverage is anticipated to be about 3.3x at close, with the target being to deleverage to around 2.5x to 3.0x by the end of 2022.

CDW is a Lincolnshire, Ill.-based provider of information technology solutions. Sirius is a San Antonio-based provider of secure, mission-critical technology-based solutions.

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