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CDW files for IPO of 27.9 million shares

VERNON HILLS, Ill. (AP) -- Information technology company CDW has filed for an initial public offering of 27.9 million shares.

The Vernon Hills, Ill., company is offering about 23.2 million shares, while selling stockholders are offering 4.7 million shares. The IPO is expected to price between $20 and $23 apiece. If priced at the midpoint of the range, CDW said in a regulatory filing that it anticipates about $467.4 million in proceeds to the company — after deducting estimated underwriting discounts and commissions and offering expenses.

CDW won't receive any proceeds from shares offered by the selling stockholders.

The underwriters are expected to be given a 30-day option to buy up to an additional 4.2 million shares from the selling stockholders to cover any excess demand.

CDW Corp. said Friday that it plans to use its net proceeds from the offering, along with available cash or borrowings under a revolving credit facility, to redeem $175 million outstanding senior secured notes due 2018; to redeem $239 million outstanding senior subordinated notes due 2017 and for a one-time payment of $24.4 million to affiliates of private equity firms Madison Dearborn Partners and Providence Equity Partners related to the termination of a management services agreement.

CDW said in the filing that it was a public company from 1993 until October 2007 — when it was purchased by Madison Dearborn and Providence Equity for about $7.4 billion.

Sales last year were $10.13 billion with net income of $119 million.

The shares are expected to list on the Nasdaq under the "CDW" ticker symbol.

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