Billionaire Carl Icahn and his affiliates provided US$3.42 billion or 66% of the debt financing needed to back up his bid for Dell Inc. However, Icahn faces an uphill battle even with the completed financing amount he has on hand.

Jefferies & Co provided US$1.6 billion of the loan. This constituted 30% of the overall US$5.2 billion Icahn committed for the computer manufacturing company. The remaining US$179 million came from 14 institutional pension funds and insurance firms. This was according to a filing published on Tuesday to the US Securities and Exchange Commission.

Other participants in the market that evaluated the transaction said that the move initiated by Icahn could indicate that he may never have a broader aim to distribute the deal in the first place.

Calls for statements regarding the reported were not returned by Icahn.

Southeastern Asset Management and Carl Icahn prepared the deal that would have shareholders tender a total of 1.1 billion shares. The price of shares is at US$14 apiece. This would overthrow the offer made by Michael Dell and Silver Lake Partners valued at US$24.4 billion or US$13.65 per share piece.