Friday, 22 May 2015
Last updated 4 hours ago
May 24 2013 | 1:37pm ET
Carl Icahn is in talks with banks to secure up to $7 billion in bridge loans to finance their proposed leveraged recapitalization of Dell Inc.
Icahn and Southeastern Asset Management has tapped Jefferies & Co. to lead the potential deal, which could include other banks and asset managers. The two, who are opposed to Dell's current leveraged buyout deal with Silver Lake Partners and Michael Dell, hope to raise at least $5.2 billion, Reuters reports, with Jefferies committing $1.6 billion.
Lenders are expected to be in place by next week, earning a 3.5% upfront fee and another 7.5% of any incremental profit should Michael Dell and Silver Lake offer more for the company. Pricing on the loan is guided at 350 basis points over Libor, although that could change.
Icahn and Southeastern have proposed taking Dell over via a special dividend, payable in either cash or new Dell shares, that would leave the company publicly-traded. Silver Lake and Michael Dell are proposing to take the company private in a $24.4 billion deal.
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…