8-KMaterial AgreementsFinancial EventsExhibits & Filings

Dell Technologies Inc. 8-K Report, Material Agreement (Sep 15, 2026)

Filed September 15, 2026For Securities:DELL

Summary

Dell Technologies Inc. (DELL) announced on September 15, 2026, through its wholly-owned subsidiaries Dell International L.L.C. and EMC Corporation, the completion of a significant public offering of senior notes. The offering aggregated $5 billion in principal amount across four tranches with varying maturity dates and interest rates: $1.25 billion in 5.100% Senior Notes due 2029, $1.25 billion in 5.400% Senior Notes due 2031, $1.5 billion in 5.600% Senior Notes due 2033, and $1 billion in 5.900% Senior Notes due 2037. These notes are senior unsecured obligations, guaranteed by Dell Technologies Inc. and two other subsidiaries, ranking equally with existing senior indebtedness and senior to future subordinated debt. The proceeds from this offering will likely be used to fund ongoing operations, capital expenditures, or potential acquisitions, which is a common strategy for companies seeking to strengthen their balance sheet and maintain financial flexibility. The issuance of these notes, which are rated investment grade, indicates the company's continued access to debt markets and its ability to secure financing at competitive rates, reflecting investor confidence in Dell's financial stability and future prospects. Investors should monitor how these new debt obligations impact the company's leverage ratios and overall financial strategy.

Key Highlights

  • 1Dell Technologies Inc. successfully completed a $5 billion public offering of senior notes on September 15, 2026.
  • 2The offering comprises four tranches: $1.25B (5.100% due 2029), $1.25B (5.400% due 2031), $1.5B (5.600% due 2033), and $1B (5.900% due 2037).
  • 3The notes are senior unsecured obligations of the Issuers and are guaranteed by Dell Technologies Inc. and two other subsidiaries.
  • 4The new debt ranks equally with existing senior indebtedness and senior to future subordinated debt of the Issuers and Guarantors.
  • 5The notes are structurally subordinated to existing and future indebtedness of subsidiaries that do not guarantee them.
  • 6The company has the option to redeem the notes at a 'make-whole' premium prior to certain dates, and at par thereafter, with accrued interest.
  • 7A change of control triggering event would allow noteholders to require a repurchase at 101% of the principal amount plus accrued interest.

Frequently Asked Questions

Dell Technologies issued a total of $5 billion aggregate principal amount of senior notes across four different tranches with varying maturity dates.

The notes have the following terms: $1.25 billion of 5.100% Senior Notes due 2029, $1.25 billion of 5.400% Senior Notes due 2031, $1.5 billion of 5.600% Senior Notes due 2033, and $1 billion of 5.900% Senior Notes due 2037.

The notes are senior unsecured obligations of the Issuers (Dell International L.L.C. and EMC Corporation) and are guaranteed by Dell Technologies Inc. and two of its subsidiaries. They rank equally with other senior indebtedness and senior to subordinated indebtedness of the Issuers and Guarantors. However, they are structurally subordinated to debt at subsidiaries that are not guarantors.

Dell can redeem the notes at any time prior to specific dates before maturity at a 'make-whole' premium plus accrued interest. After these specified dates, the notes can be redeemed at 100% of the principal amount plus accrued interest.