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S&P rates Dell loan BBB-
S&P said it assigned a BBB- rating and 2 recovery rating to Dell International LLC's $3.6 billion term loan A-6 due March 2024.
EMC Corp. is the co-borrower.
The 2 recovery rating indicates 70% to 90% expected default recovery.
Dell International and EMC are wholly owned subsidiaries of Dell Technologies Inc.
The company will use the proceeds from the proposed term loan to partially refinance its existing term loan A-2, S&P said.
Pro forma for the transaction, the outstanding balance on the company's term loan A-2 will be about $1.3 billion, the agency said.
All of the other ratings on Dell Technologies are unchanged, including the BB+ issuer credit rating.
The new loan is rated one notch higher than the issuer credit rating on Dell Technologies, S&P said.
The negative outlook reflects a view that the company's pro forma leverage is high at about 4.4x as of year-end 2019, the agency said.
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