Summary
Dell Technologies Inc. (DELL) announced on July 18, 2022, the establishment of a commercial paper program allowing its indirect wholly owned subsidiaries, Dell International L.L.C. and EMC Corporation, to issue unsecured promissory notes. This program has a maximum aggregate face amount of $5.0 billion outstanding at any time and maturities not exceeding 397 days. The notes will be fully and unconditionally guaranteed by Dell Technologies Inc. and two of its direct and indirect wholly owned subsidiaries, Denali Intermediate Inc. and Dell Inc. This demonstrates Dell's commitment to maintaining robust liquidity and financial flexibility. The proceeds from the issuance of these notes are intended for general corporate purposes, underscoring the company's ongoing operational needs and strategic initiatives.
Key Highlights
- 1Dell Technologies Inc. established a $5.0 billion commercial paper program.
- 2The program allows for unsecured promissory notes to be issued by subsidiaries Dell International L.L.C. and EMC Corporation.
- 3Notes will have maturities of up to 397 days.
- 4The commercial paper program is fully and unconditionally guaranteed by Dell Technologies Inc. and subsidiaries Denali Intermediate Inc. and Dell Inc.
- 5Proceeds are designated for general corporate purposes.
- 6The notes will rank equal with other unsecured senior indebtedness of the obligors.
- 7The offering is conducted on a private placement basis in the U.S. commercial paper market.