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Dell Technologies launches $3.14 billion loan at Libor plus 175 bps
By Sara Rosenberg
New York, Feb. 8 – Dell Technologies Inc. launched without a call on Monday a $3.143 billion covenant-lite first-lien term loan (Baa3/BBB-/BBB-) due September 2025 with price talk of Libor plus 175 basis points with a 0.5% Libor floor and a par issue price, according to a market source.
The term loan has 101 soft call protection for six months, the source said.
Credit Suisse Securities (USA) LLC is the left lead on the deal.
Commitments are due at 5 p.m. ET on Thursday, the source added.
Proceeds will be used to reprice an existing term loan down from Libor plus 200 bps with a 0.75% Libor floor.
Dell Technologies is a Round Rock, Tex.-based technology company.
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