Summary
Dell Technologies Inc. (DELL) has announced the details of a significant debt offering through an 8-K filing on September 10, 2026. The company, along with Dell International L.L.C. and EMC Corporation, will issue a total of $5 billion in senior notes across four tranches with varying maturities and interest rates, maturing in 2029, 2031, 2033, and 2037. These notes will be jointly and severally guaranteed by Dell Technologies Inc., Denali Intermediate Inc., and Dell Inc. The offering is managed by a syndicate of major financial institutions, including Barclays Capital Inc., BofA Securities, Inc., and others. The primary purpose of this debt issuance is to refinance existing debt, specifically the outstanding 4.900% First Lien Notes due 2026, with any remaining proceeds allocated for general corporate purposes, potentially including further debt reduction. The company has set public offering prices for each tranche slightly below par, reflecting current market conditions. The closing of this offering is anticipated on September 15, 2026, pending standard closing conditions.
Key Highlights
- 1Dell Technologies Inc. is issuing $5 billion in senior notes across four maturities (2029, 2031, 2033, 2037).
- 2The notes carry coupon rates ranging from 5.100% to 5.900%.
- 3The net proceeds will be used primarily to repay outstanding 4.900% First Lien Notes due 2026.
- 4Remaining proceeds are earmarked for general corporate purposes, which may include further debt repayment.
- 5The offering is underwritten by a syndicate of prominent financial institutions.
- 6The closing of the offering is expected on September 15, 2026.
- 7The notes are guaranteed by Dell Technologies Inc., Denali Intermediate Inc., and Dell Inc.