Ares provided details on new financing commitments. Funds managed by the company’s credit group closed approximately $2 billion in commitments across 31 transactions during the third quarter, totaling $6.4 billion in commitments across 95 transactions year to date.
BofA Business Capital led a $2 billion ABL facility for Dell. Proceeds will be used to help finance the acquisition of the company by Michael Dell and Silver Lake Partners.
Simpson Thacher Palo Alto corporate partner Rich Capelouto was named one of the Top 100 Lawyers in California by the Los Angeles and San Francisco Daily Journal.
The special committee of the board of Dell announced that it has entered into a revised definitive merger agreement with Michael Dell and Silver Lake Partners that increases the aggregate value to unaffiliated shareholders by at least $350 million.
The Wall Street Journal reported that Dell has filed proxy materials with the SEC regarding its proposed acquisition by Michael Dell and Silver Lake Partners, again arguing that going private is best for the company.
Reuters reported that Dell is closer to a sale agreement to a buyout syndicate led by founder and chief executive Michael Dell and Silver Lake Partners. The article said the deal could top $24 billion, translating into an equity valuation between $22.6 billion and $24.4 billion.