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Table of Contents CDW CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
the purchase of inventory from this vendor (the “Revolving Loan inventory financing agreement”). Amounts outstanding under the
Revolving Loan inventory financing agreement are unsecured and non-interest bearing.
The Company also maintains other inventory financing agreements with financial intermediaries to facilitate the purchase of inventory
from certain vendors. At December 31, 2014 and 2013 , amounts owed under other inventory financing agreements of $2.0 million and
$0.5 million , respectively, were collateralized by the inventory purchased under these financing agreements and a second lien on the
related accounts receivable.
The Company is obligated under various non-cancelable operating lease agreements for office facilities that generally provide for
minimum rent payments and a proportionate share of operating expenses and property taxes and include certain renewal and expansion
options. For the years ended December 31, 2014, 2013 and 2012 , rent expense under these lease arrangements was $21.4 million ,
$20.7 million and $22.4 million , respectively.
Future minimum lease payments are as follows:
(1) Included in these amounts are future minimum lease payments commencing in the fourth quarter of 2016 that relate to a new lease entered into in
December 2014 for the Company’s future headquarters in Lincolnshire, Illinois. Also reflected in these amounts is the future expiration of two leases
in the first quarter of 2016 for facilities currently in use by the Company which the Company plans to consolidate into the new headquarters location
and accordingly, these leases will not be renewed.
Long-term debt was as follows:
(1) Interest rate at December 31, 2014 .
At December 31, 2014 , the Company was in compliance with the covenants under its various credit agreements and indentures as
described below. Under the indenture governing the 8.5% Senior Notes due 2019, which contains the
6.
Lease Commitments
(in millions)
Years ending December 31,
2015
$
19.1
2016
15.3
2017
16.1
2018
13.6
2019
12.8
Thereafter
50.6
Total future minimum lease payments
(1)
$
127.5
7. Long-
Term Debt
(dollars in millions)
December 31,
Interest Rate
(1)
2014
2013
Senior secured asset-based revolving credit facility
—
%
$
—
$
—
Senior secured term loan facility
3.25
%
1,513.5
1,528.9
Unamortized discount on senior secured term loan facility
(3.7
)
(4.4
)
Senior secured notes due 2018
—
%
—
325.0
Senior notes due 2019
8.5
%
503.9
1,305.0
Unamortized premium on senior notes due 2019
1.3
4.2
Senior notes due 2022
6.0
%
600.0
—
Senior notes due 2024
5.5
%
575.0
—
Senior subordinated notes due 2017
—
%
—
92.5
Total long-term debt
3,190.0
3,251.2
Less current maturities of long-term debt
(15.4
)
(45.4
)
Long-term debt, excluding current maturities
$
3,174.6
$
3,205.8