February 6, 2013 / 10:25 PM / 6 years ago

Dell breaks down details of landmark $24.4 billion buyout

A company logo of Dell is seen on the cover of its laptop at a Dell outlet in Hong Kong October October 21, 2009. REUTERS/Bobby Yip

SAN FRANCISCO (Reuters) - Dell Inc 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, 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 to try to turn around the struggling computer company without Wall Street scrutiny.

Reporting by Edwin Chan; Editing by Phil Berlowitz

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