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Tuesday, Jun 25
Jefferies (JEF) has confirmed speculation it will help finance Carl Icahn's $14-a-share...
Jefferies (JEF) has confirmed speculation it will help finance Carl Icahn's $14-a-share offer for Dell (DELL), launching a $5.2B covenant-lite loan package for the purpose. A $2.2B, six-year term loan B-1 is guided at LIB+400 with a 1% Libor floor, and a $3B, 3.5-year term loan B-2 is guided at LIB+350 with a 75 basis-point Libor floor. Icahn will also use $7.5B of cash on Dell's balance sheet and $2.9B from the sale of receivables to held fund his proposed takeover.