DELL · Dell Technologies Inc.

Dell Technologies completed a $3.0 billion senior notes offering on June 16, 2026, through its wholly-owned subsidiaries Dell International L.L.C. and EMC Corporation. The issuance consisted of three tranches: $1.0 billion of 4.750% Senior Notes due 2031, $750 million of 5.000% Senior Notes due 2034, and $1.25 billion of 5.250% Senior Notes due 2037. The notes are senior unsecured obligations and rank equally with existing and future senior debt. They are guaranteed on a joint and several basis by Dell Technologies Inc., Denali Intermediate Inc., and Dell Inc. The proceeds from the offering are expected to be used for general corporate purposes, which may include working capital, capital expenditures, and potential acquisitions. The transaction was conducted under a shelf registration statement, reflecting the company's access to debt capital markets. The notes include standard investment grade covenants, such as limitations on liens and sale-leaseback transactions, as well as a change of control put feature at 101% of principal. The offering strengthens Dell's liquidity profile and extends its debt maturity profile, with maturities ranging from five to eleven years. Interest payments are semi-annual, demonstrating a fixed-rate structure that hedges against rate volatility. The involvement of multiple guarantors indicates a structure designed to provide credit enhancement without securing the debt with collateral. Overall, this financing event is significant for investors as it increases Dell's leverage but also provides long-term funding at relatively favorable rates in the current interest rate environment.