Item 1.01 - Entry into Material Definitive Agreement: CDW LLC and CDW Finance Corporation (Co-Issuers), with CDW Corporation as guarantor, entered into an underwriting agreement on September 14, 2026 with BofA Securities, J.P. Morgan Securities, Mizuho Securities USA, and Wells Fargo Securities as underwriter representatives. Senior Notes Offering: The Co-Issuers agreed to issue and sell three…

Our analysis rates this filing CAUTIOUS. CDW's $1.5B senior notes offering represents a material increase in financial leverage at a time of elevated interest rates, creating concrete and quantified debt service risks. The 5.7%-6.35% coupon rates reflect a tightening credit environment and higher…

Concern level: HIGH (6.8/10). Key factors: One high-severity risk identified: $1.5B debt issuance materially increases leverage and fixed interest obligations (severity 7/10); Overall risk trend is INCREASING with risk score of 6.8/10; Elevated coupon rates (5.7%-6.35%) signal tightening credit conditions and higher cost of capital, reflecting market's risk assessment of CDW.

Notable risk changes: Material $1.5 billion debt issuance announced with three tranches maturing 2029-2033, significantly increasing leverage and fixed interest obligations ($85-95M annual interest expense); Coupon rates of 5.7%-6.35% reflect elevated cost of capital and market risk assessment, indicating tightening credit conditions or deteriorating market sentiment toward CDW; Refinancing obligations beginning…