By Andrea Heisinger
New York, Sept. 7 - Dell Inc. priced $1.5 billion of unsecured notes (A2/A-/) in three tranches late on Tuesday, a source away from the sale said.
The $500 million tranche of 1.4% three-year notes priced at a spread of Treasuries plus 70 basis points.
A $700 million tranche of 2.3% five-year notes priced at a spread of 90 bps over Treasuries.
The final tranche was $300 million in 5.4% 30-year bonds priced at Treasuries plus 175 bps.
Full terms were not available due to the lateness of pricing.
Barclays Capital Inc., Goldman Sachs & Co. and Morgan Stanley & Co. Inc. ran the books.
Proceeds are being used for general corporate purposes.
The company last sold bonds in a $1 billion offering of notes with three-year and 10-year maturities on June 10, 2009. The 3.375% three-year notes priced at more than twice the spread of the new three-years at 150 bps.
The technology and IT company is based in Round Rock, Texas.
| Issuer: | Dell Inc.
|
| Issue: | Unsecured notes
|
| Amount: | $1.5 billion
|
| Bookrunners: | Barclays Capital Inc., Goldman Sachs & Co., Morgan Stanley & Co. Inc.
|
| Trade date: | Sept. 7
|
| Ratings: | Moody's: A2
|
| Standard & Poor's: A-
|
|
|
| Three-year notes
|
| Amount: | $500 million
|
| Maturity: | 2013
|
| Coupon: | 1.4%
|
| Spread: | Treasuries plus 70 bps
|
|
|
| Five-year notes
|
| Amount: | $700 million
|
| Maturity: | 2015
|
| Coupon: | 2.3%
|
| Spread: | Treasuries plus 90 bps
|
|
|
| 30-year bonds
|
| Amount: | $300 million
|
| Maturity: | 2040
|
| Coupon: | 5.4%
|
| Spread: | Treasuries plus 175 bps
|
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