Dell lifts term loan sizes, finalizes at Libor/Euribor plus 325 bps

By Sara Rosenberg

New York, June 3 – Dell Inc. upsized its U.S. dollar term loan B-2 due April 29, 2020 to about $4.36 billion from $3 billion and its euro term loan due April 29, 2020 to €825 million from €622 million, according to a market source.

Additionally, pricing on the term loans firmed at Libor/Euribor plus 325 basis points, the wide end of the Libor/Euribor plus 300 bps to 325 bps talk, the source said.

The term loans still have a 0.75% floor, an original issue discount of 99.75 and 101 soft call protection for six months.

Bank of America Merrill Lynch, J.P. Morgan Securities LLC, Citigroup Global Markets Inc., UBS AG and Goldman Sachs Bank USA are the leads on the deal.

Proceeds will be used to refinance the company’s U.S. term loan B that is priced at Libor plus 350 bps with a 1% Libor floor, a euro term loan that is priced at Euribor plus 375 bps with a 1% floor and a term loan C priced at Libor plus 275 bps with a 1% Libor floor.

Dell is a Round Rock, Texas-based provider of technology and business products and services.

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