What is the total amount of debt raised by Dell Technologies in this offering?

Dell Technologies raised a total of $3 billion through this public offering of senior unsecured notes.

What are the maturity dates and interest rates for the newly issued notes?

The notes mature on July 15, 2031 (4.750% coupon), February 15, 2034 (5.000% coupon), and February 15, 2037 (5.250% coupon).

Are these notes secured or unsecured, and how do they rank in Dell's capital structure?

The notes are senior unsecured obligations of the issuers. They rank equally in right of payment with all of the Issuers' existing and future senior indebtedness and senior to any future subordinated indebtedness. They are structurally subordinated to any indebtedness of subsidiaries that do not guarantee the notes.

What kind of restrictions are placed on Dell by the indenture agreements?

The indenture contains covenants that limit the creation of liens on certain assets to secure debt, restrict consolidating or selling substantially all assets, and govern entering into sale and leaseback transactions. These are standard covenants for investment-grade debt.

DELL 8-K: Material Agreements & Financial Events

Summary

Dell Technologies Inc. (DELL) announced on June 16, 2026, through its wholly-owned subsidiaries Dell International L.L.C. and EMC Corporation, the completion of a substantial public offering of senior unsecured notes. The offering comprises $1,000,000,000 of 4.750% Senior Notes due 2031, $750,000,000 of 5.000% Senior Notes due 2034, and $1,250,000,000 of 5.250% Senior Notes due 2037, totaling $3 billion in new debt. These notes are guaranteed jointly and severally by Dell Technologies Inc., Denali Intermediate Inc., and Dell Inc. They are senior unsecured obligations, ranking equally with existing and future senior indebtedness. The offering was made under a shelf registration statement. The covenants within the indenture impose limitations on certain corporate actions, including creating liens, asset disposals, and sale-leaseback transactions, which are customary for investment-grade debt. This issuance provides Dell with significant liquidity and extends its debt maturity profile.

Key Highlights

1Completed a $3 billion public offering of senior unsecured notes across three tranches: 2031 ($1B), 2034 ($750M), and 2037 ($1.25B).
2The notes carry coupon rates of 4.750% (2031), 5.000% (2034), and 5.250% (2037).
3The notes are guaranteed by Dell Technologies Inc. and its key subsidiaries, Denali Intermediate Inc. and Dell Inc.
4The notes are senior unsecured obligations, ranking equally with other senior debt and senior to subordinated debt of the issuers.
5The indenture includes standard covenants typical for investment-grade debt, restricting liens, significant asset sales, and sale-leaseback transactions.
6The company retains the option to redeem the notes prior to maturity, with varying "make-whole" provisions and call protection periods.

Dell Technologies Inc. 8-K Report, Material Agreement (Jun 16, 2026)

Summary

Key Highlights

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