![]() ![]() The deal is structured across $3.75 billion of three-year notes at T+250 (guidance T+262.5 area IPT T+325 area), $4.5 billion of five-year notes at T+312.5 (guidance T+325 area IPT T+375 area), $3.75 billion of seven-year notes at T+387.5 (guidance T+400 area IPT T+437.5 area), $4.5 billion of 10-year notes at T+425 (guidance T+437.5 area IPT T+475 area), $1.5 billion of 20-year bonds at T+550 (guidance T+562.5 area IPT T+600 area), and $2 billion of 30-year bonds at T+575 (guidance T+587.5 area IPT T+625 area). Spreads were set firm to guidance ranges of plus or minus 12.5 bps around midpoint levels, which were established 37.5–62.5 bps through early whispers, and which participants relate led to some resistance to final spread assignments and resulting allocation challenges. Today’s deal becomes the fourth largest investment-grade corporate offering on record, behind M&A-driven deals for Verizon Communications ($49 billion in September 2013), Anheuser-Busch InBev Finance ($46 billion in January this year), and Actavis Funding ($21 billion in March 2015), according to S&P Global Market Intelligence. ![]() The offering is now in six parts, after Dell opted not to proceed with two initially proposed, short-dated FRN tranches. ![]() Dell has launched $20 billion of 144A/Reg S first-lien debt under a high-grade BBB–/Baa3/BBB– senior secured profile, or the high end of expectations for a $16–20 billion offering backing the $67 billion acquisition of EMC Corp. The offering, via indirect parent Denali Holding and its debt-issuing entities Diamond 1 Finance and Diamond 2 Finance., ultimately garnered an order book roughly four times today’s offering amount after orders continued overnight, sources said. ![]()
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