Dell lifts term loan to $5 billion, sets spread at Libor plus 200 bps

By Sara Rosenberg

New York, Oct. 18 – Dell Technologies Inc. upsized its first-lien term loan (Baa3/BBB-/BBB-) due Sept. 7, 2023 to $5 billion from $4,788,000,000 and firmed pricing at Libor plus 200 basis points, the low end of the Libor plus 200 bps to 225 bps talk, according to a market source.

As before, the term loan has a 0.75% Libor floor, a par issue price and 101 soft call protection for six months.

Credit Suisse Securities (USA) LLC, J.P. Morgan Securities LLC, Bank of America Merrill Lynch, Barclays, Citigroup Global Markets Inc. and Goldman Sachs Bank USA are the arrangers on the deal.

Commitments were scheduled to be due at 11 a.m. ET on Wednesday, the source added.

Proceeds will be used to reprice an existing term loan down from Libor plus 250 bps with a 0.75% Libor floor, and reduce the existing loan down from a current outstanding amount of $5.46 billion.

The borrowers are Dell International LLC and EMC Corp.

Dell Technologies is a Round Rock, Texas-based technology company.

© 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.