CDW Corp. said in a regulatory filing Friday that it expects to price its initial public offering between $20.00 and $23.00 per share. CDW is offering 23.25 million shares of common stock and the selling stockholders are offering an additional 4.65 million shares of common stock.
The company said it has applied to list its common stock on the NASDAQ Global Select Market under the symbol "CDW." The company noted that it will not receive any proceeds from the sale of these shares of common stock by the selling stockholders.
The underwriters have an option to purchase up to 4,185,000 additional shares from the selling stockholders to cover overallotments, if any. The underwriters can exercise this option at any time within 30 days from the date of this prospectus.
CDW is a Fortune 500 company and a provider of integrated information technology solutions in the U.S. and Canada.
CDW estimates that the proceeds to the company from this offering, after deducting estimated underwriting discounts and commissions and offering expenses payable by the company, will be approximately $467.4 million, assuming the shares offered by the company are sold for $21.50 per share, the midpoint of the price range. The company stated that it will not receive any proceeds from the sale of shares of common stock by the selling stockholders.
The company noted that it intends to use a portion of the net proceeds received by it from this offering to exercise the right under the "equity clawback" provision in the indenture governing the Senior Secured Notes to redeem $175.0 million aggregate principal amount of Senior Secured Notes at a redemption price of 108.000% plus accrued and unpaid interest thereon to the date of redemption, using cash on hand or borrowings under the ABL Facility to pay such accrued and unpaid interest.
The company stated that it plans to use a portion of the net proceeds received by it from this offering to redeem $239.0 million aggregate principal amount of the Senior Subordinated Notes at a redemption price of 106.268% plus accrued and unpaid interest thereon to the date of redemption, using cash on hand or borrowings under the ABL Facility to pay such accrued and unpaid interest.
The company added that it will use $24.4 million of the net proceeds received by it from this offering to make a one-time payment to affiliates of the Sponsors in connection with the termination of its management services agreement with such entities.
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