Dell has officially started seeking cash with which to buy EMC.
In an SEC filing, Dell's holding company Denali “announced today the commencement of a private offering of multiple series of First Lien Notes” that will be used “as part of its financing for its previously-announced acquisition of EMC Corporation.”
The filing doesn't say how much cash Dell is seeking, but the fact the company is issuing “First Lien” notes is important because such instruments are among the first debts considered in the event of a windup. First Lien status is therefore Dell's way of telling would-be investors that there are risks here, but it has them covered. ®
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