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VMWARE, INC.

(VMW)
  Report
Real-time Estimate Quote. Real-time Estimate Cboe BZX - 09/27 02:50:27 pm
148.115 USD   +1.76%
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Vmware, Inc. Prices its Offering $6.0 Billion Aggregate Principal Amount of Senior Notes

07/21/2021 | 09:09am EDT

On July 20, 2021, VMware, Inc. priced its offering of $6.0 billion aggregate principal amount of senior notes, consisting of its 0.600% Senior Notes due 2023 (the “2023 notes”) in an aggregate principal amount of $1,000,000,000, 1.000% Senior Notes due 2024 (the “2024 notes”) in an aggregate principal amount of $1,250,000,000, 1.400% Senior Notes due 2026 (the “2026 notes”) in an aggregate principal amount of $1,500,000,000, 1.800% Senior Notes due 2028 (the “2028 notes”) in an aggregate principal amount of $750,000,000, and 2.200% Senior Notes due 2031 (the “2031 notes” and together with the 2023 notes, the 2024 notes, the 2026 notes and the 2028 notes, collectively, the “notes”) in an aggregate principal amount of $1,500,000,000. The net proceeds from the sale of the notes are expected to be used to fund a portion of the $11.5 to $12.0 billion cash dividend to be paid, pro rata, to each of the holders of VMware’s Class A common stock and Class B common stock in connection with the spin-off of VMware from Dell Technologies, Inc. (“Dell”) pursuant to the terms of a Separation and Distribution Agreement entered into with Dell on April 14, 2021 and, to the extent any proceeds remain, for general corporate purposes. The offering is not conditioned upon the consummation of the spin-off, but in the event that the closing of the spin-off has not occurred on or prior to the earlier of (i) (x) April 28, 2022 or (y) if the Separation and Distribution Agreement is amended on or prior to April 28, 2022 to extend the date by which the spin-off must be consummated to a date later than April 28, 2022, the earlier of such extended date and July 28, 2022 and (ii) the date the Separation and Distribution Agreement is terminated, VMware will be required to redeem all outstanding 2023 notes, 2024 notes, 2028 notes and 2031 notes at a special mandatory redemption price equal to 101% of the aggregate principal amount of notes being redeemed, plus accrued and unpaid interest, if any, to, but not including, the date of such special mandatory redemption. The 2026 notes are not subject to the special mandatory redemption, and, if the spin-off is not consummated, VMware expects to use the net proceeds thereof for general corporate purposes, which may include debt repayment. The offering of the notes was registered under VMware’s registration statement on Form S-3 (No. 333-219940) filed with the Securities and Exchange Commission on March 27, 2020. Settlement of the notes is expected to occur on August 2, 2021. VMware agreed to sell the notes pursuant to the Underwriting Agreement, dated as of July 20, 2021 (the “Underwriting Agreement”), by and among Barclays Capital Inc., BofA Securities, Inc., Citigroup Global Markets Inc. and J.P. Morgan Securities LLC, as the representatives for the several underwriters. The foregoing summary does not purport to be complete and is qualified in its entirety by reference to the Underwriting Agreement. The underwriters and their respective affiliates are full service financial institutions engaged in various activities, which may include securities trading, commercial and investment banking, financial advisory, investment management, principal investment, hedging, financing and brokerage activities. Some of the underwriters and their affiliates may engage in various financial advisory, investment banking and other commercial dealings in the ordinary course of business with VMware or its affiliates. They have received, or may in the future receive, customary fees and commissions for these transactions. Certain of the underwriters or their affiliates are expected to be lenders or agents to VMware under the expected revolving credit facility and term loan credit facilities VMware intends to enter into, and such underwriters or their affiliates may receive customary fees for those transactions.


ę S&P Capital IQ 2021
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Analyst Recommendations on VMWARE, INC.
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Financials (USD)
Sales 2022 12 814 M - -
Net income 2022 1 638 M - -
Net Debt 2022 601 M - -
P/E ratio 2022 37,5x
Yield 2022 -
Capitalization 60 954 M 60 954 M -
EV / Sales 2022 4,80x
EV / Sales 2023 4,21x
Nbr of Employees 32 300
Free-Float 19,0%
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VMware, Inc. Technical Analysis Chart | VMW | US9285634021 | MarketScreener
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Mean consensus OUTPERFORM
Number of Analysts 26
Last Close Price 145,56 $
Average target price 174,45 $
Spread / Average Target 19,9%
EPS Revisions
Managers and Directors
Rangarajan Govind Raghuram Chief Executive Officer & Director
Sumit Dhawan President
Zane C. Rowe Chief Financial Officer & Executive Vice President
Michael Saul Dell Chairman
Jason Conyard Chief Information Officer
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