Details emerge on $5.2 billion loan for Icahn's Dell bid By Michelle Sierra and Leela Parker Mon Jun 24, 2013 6:48pm EDT (Reuters) - Jefferies & Co. launched a $5.2 billion covenant-lite loan package on Monday that backs Carl Icahn's bid for computer manufacturer Dell Inc, sources participating on a lender call said. The marketing to investors kicked off, and terms were detailed, during the 4 p.m. ET call. Icahn's proposed tender offer will be financed with $7.5 billion of cash on the balance sheet, the $5.2 billion credit facility and $2.9 billion from the sale of receivables, sources listening to the call said. With this proposed funding, Icahn would move forward with an alternative plan made to Dell shareholders last week to tender 1.1 billion shares at $14 apiece. Following Icahn's tender offer, Dell's leverage will be 1.7 times. The transaction also assumes a Ba3/BB- corporate credit rating. Commitments on the $5.2 billion facility are due on Thursday, said sources. Icahn is expected to have the $5.2 billion financing lined up for a July 18 shareholder vote on founder Michael Dell's and Silver Lake Partners' buyout offer for $13.65 a share, or $24.4 billion. If a superior bid prevails, joint lead lenders will earn 7.5 percent of the difference between the winning bid and Dell's current $13.65 per share offer times the roughly 227 million shares that Icahn and Southeastern jointly own, officials on the call said. Dell shares closed little changed at $13.34. Reporting By Michelle Sierra and Leela Parker; Editing by Caleb Frazier, Lynn Adler