Summary
Dell Technologies Inc. has announced a significant debt offering through an Underwriting Agreement, intending to raise $1.5 billion by issuing new senior notes. Specifically, the company will issue $700 million in 4.350% Senior Notes due 2030 and $800 million in 4.850% Senior Notes due 2035. The offering is being conducted with a group of prominent underwriters, including Barclays Capital Inc., Citigroup Global Markets Inc., Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC, SG Americas Securities, LLC, and Wells Fargo Securities, LLC.
Key Highlights
- 1Dell Technologies Inc. is issuing $1.5 billion in aggregate principal amount of new senior notes.
- 2The new notes consist of $700 million of 4.350% Senior Notes due 2030 and $800 million of 4.850% Senior Notes due 2035.
- 3The proceeds from this offering are intended to be used to redeem the company's 5.850% Senior Notes due 2025.
- 4Any remaining proceeds after the redemption will be used for general corporate purposes, which may include repaying other debt.
- 5The offering is expected to close on October 8, 2024, subject to customary closing conditions.
- 6The new notes will be guaranteed on a joint and several unsecured basis by Dell Technologies Inc., Denali Intermediate, Inc., and Dell Inc.
Frequently Asked Questions
Dell Technologies Inc. is raising a total of $1.5 billion through the issuance of new senior notes.
The primary use of the proceeds will be to redeem the company's 5.850% Senior Notes due 2025. Any remaining funds will be allocated to general corporate purposes, potentially including the repayment of other outstanding debt.
The closing of the offering of these new notes is anticipated to occur on October 8, 2024, provided that customary closing conditions are met.
The underwriters include Barclays Capital Inc., Citigroup Global Markets Inc., Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC, SG Americas Securities, LLC, and Wells Fargo Securities, LLC, acting as representatives of the several underwriters.