Summary
Dell Technologies Inc. (DELL) announced on June 11, 2026, through an 8-K filing, the execution of an underwriting agreement to issue and sell a significant aggregate principal amount of senior notes across three tranches: $1 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. This move represents a substantial capital raise for the company and its subsidiaries, Dell International L.L.C. and EMC Corporation, who are the issuers of these notes. The notes will be jointly and severally guaranteed by Dell Technologies Inc., Denali Intermediate Inc., and Dell Inc., providing an additional layer of assurance to investors. The net proceeds from this offering are designated for general corporate purposes, which may include the repayment of existing debt. This indicates a potential strategy to optimize Dell's capital structure, possibly by refinancing higher-cost debt or extending its maturity profile. Investors should note that the offering is subject to customary closing conditions and is expected to close on June 16, 2026. The transaction has been registered with the SEC on Form S-3ASR.
Key Highlights
- 1Dell Technologies Inc. is issuing $3 billion in aggregate principal amount of Senior Notes across three maturities (2031, 2034, 2037).
- 2The notes carry coupon rates of 4.750%, 5.000%, and 5.250% respectively.
- 3The offering is structured with specific public offering prices at a slight discount to par value for each tranche.
- 4Proceeds are intended for general corporate purposes, including potential debt repayment.
- 5The notes are guaranteed by Dell Technologies Inc., Denali Intermediate Inc., and Dell Inc.
- 6The offering is expected to close on June 16, 2026, subject to standard closing conditions.
- 7The issuance is registered with the SEC on Form S-3ASR.