Dell Technologies revises terms of $3.143B term loan repricing

A Credit Suisse-led arranger group revised terms of the proposed repricing of Dell Technologies Inc.'s $3.143 billion covenant-lite term loan B due September 2025, according to sources. Commitments are due today by 5 p.m. ET.

The spread remains L+175, but the Libor floor was reduced to 0.25%, from 0.50%. The repriced loan is offered at par with a six-month reset of the 101 soft call protection. At talk, the yield to maturity is 2.02%.

With this transaction, the issuer will lower the pricing on the loan from L+200, with a 0.75% floor.

Current facility ratings are BBB-/Baa3/BBB-, with recovery ratings of 2 and 1 respectively from S&P Global Ratings and Fitch. Corporate ratings are BB+/Ba1/BB+. Dell International LLC and EMC Corp. are the borrowers.

Dell Technologies is a provider of information technology products and services.