Dell breaks down details of landmark $24.4 billion buyout
US-DELL-BUYOUT-DETAILS:Dell breaks down details of landmark $24.4 billion buyout
SAN FRANCISCO (Reuters) - Dell Inc <DELL.O> unveiled more details of founder Michael Dell's proposed $24.4 billion buyout on Wednesday, confirming that the billionaire CEO will pony up $500 million of his own cash in return for a larger share of the company he created.
The world's No. 3 personal computer maker broke down details of the debt financing secured for the buyout, including $4 billion in senior secured term loans from Bank of America <BAC.N>, Barclays, Credit Suisse and RBC.
On Tuesday, the company announced that Michael Dell had struck a deal to take the company private in the biggest leveraged buyout since the financial crisis, partnering with the Silver Lake private equity firm and Microsoft Corp <MSFT.O> to try to turn around the struggling computer company without Wall Street scrutiny.
(Reporting by Edwin Chan; Editing by Phil Berlowitz)