Dell Software ups spread on $1.35 billion loan to Libor plus 600 bps

By Sara Rosenberg

New York, Sept. 22 – Dell Software Group raised pricing on its $1.35 billion six-year covenant-light first-lien term loan to Libor plus 600 basis points from Libor plus 550 bps, according to a market source.

Additionally, the 101 soft call protection on the term loan was extended to one year from six months, the source said.

As before, the term loan has a 1% Libor floor and an original issue discount of 98.5.

The company’s $1.45 billion credit facility (B1/B) also includes a $100 million revolver.

Credit Suisse Securities (USA) LLC and RBC Capital Markets are the leads on the debt.

Commitments are due at 5 p.m. ET on Friday, the source added.

Proceeds will be used to help fund the buyout of the company by Francisco Partners and Evergreen Coast Capital from Dell Inc.

Closing is subject to customary regulatory review.

Dell Software is a provider of integrated software, identity and management solutions and network security solutions.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.