Summary
Dell Technologies Inc. (DELL) announced the early results and pricing terms for its previously disclosed tender offers, managed by its wholly-owned subsidiary, Dell Inc. The company intended to purchase up to $1.0 billion in aggregate principal amount of various senior notes. The tender offers covered multiple series of notes, including 6.020% Senior Notes due 2026, 4.900% Senior Notes due 2026, 4.000% Senior Notes due 2024, 5.850% Senior Notes due 2025, and 6.100% Senior Notes due 2027. Following the early tender deadline, the company has determined that the aggregate principal amount of the 6.020% Senior Notes due 2026 tendered by registered holders significantly exceeded the $1.0 billion Aggregate Tender Cap. Consequently, Dell expects to accept for purchase approximately $999,994,000 of these June 2026 Notes and will not be accepting any tenders for the other series of notes included in the offers, nor any tenders submitted after the early tender deadline. This action indicates a strategic move to manage its debt obligations, focusing on a specific series of notes that received strong participation.
Key Highlights
- 1Dell Technologies Inc. announced early results and pricing for its tender offers on specific senior notes.
- 2The company aimed to repurchase up to $1.0 billion in aggregate principal amount of its debt.
- 3The tender offers included several series of senior notes due between 2024 and 2027.
- 4Due to overwhelming participation, Dell will only accept tenders for the 6.020% Senior Notes due 2026.
- 5Approximately $999,994,000 of the June 2026 Notes are expected to be repurchased.
- 6No other series of notes will be accepted for purchase, nor any tendered after the early deadline.