Dell Technologies Inc. 8-K

What Happened
Dell Technologies Inc. and certain subsidiaries (the Issuers) announced an underwriting agreement to sell $3.0 billion aggregate principal amount of senior unsecured notes: $1.0B of 4.750% notes due 2031, $750M of 5.000% notes due 2034, and $1.25B of 5.250% notes due 2037. The notes will be issued by Dell International L.L.C. and EMC Corporation and guaranteed on a joint and several unsecured basis by Dell Technologies, Denali Intermediate Inc. and Dell Inc. The offering is registered on Form S-3ASR and is expected to close on June 16, 2026, subject to customary conditions. Net proceeds will be used for general corporate purposes, which may include repaying debt.

Key Details

• Total offering: $3.0 billion (2031: $1.0B; 2034: $0.75B; 2037: $1.25B).
• Coupon and pricing: 4.750% due 2031 (sold at 99.563%); 5.000% due 2034 (99.404%); 5.250% due 2037 (99.259%).
• Expected closing date: June 16, 2026.
• Underwriting syndicate led by Barclays, BofA Securities, Goldman Sachs, HSBC, J.P. Morgan and PNC.

Why It Matters
This transaction raises liquidity for Dell and its issuers and may be used to refinance existing debt or for other corporate needs. New long‑term debt increases the company’s interest obligations at the stated coupon rates, which investors should consider alongside Dell’s balance sheet and cash flow outlook. The offering is registered with the SEC, providing disclosure and standard investor protections.