Dell Technologies Inc. 8-K

What Happened
Dell Technologies Inc. (through subsidiaries Dell International L.L.C. and EMC Corporation) announced a public offering completed on June 16, 2026 of $3.0 billion aggregate principal amount of senior unsecured notes. The offering consisted of $1.0 billion of 4.750% Senior Notes due July 15, 2031; $750 million of 5.000% Senior Notes due February 15, 2034; and $1.25 billion of 5.250% Senior Notes due February 15, 2037. The notes were issued under a previously filed Base Indenture and related supplemental indentures and began accruing interest on the June 16, 2026 issue date.

Key Details

• Total principal: $3,000,000,000 (2031: $1,000,000,000; 2034: $750,000,000; 2037: $1,250,000,000).
• Coupons & payments: 4.750% (2031) — interest semi‑annual Jan 15/Jul 15 starting Jan 15, 2027; 5.000% (2034) and 5.250% (2037) — interest semi‑annual Feb 15/Aug 15 starting Aug 15, 2026.
• Ranking & guarantees: Senior unsecured obligations of the Issuers; jointly and severally guaranteed by Dell Technologies Inc., Denali Intermediate Inc. and Dell Inc.; guarantees rank equal with other senior debt. The notes are structurally subordinated to obligations of non‑guarantor subsidiaries.
• Redemption/repurchase provisions: Early make‑whole redemptions allowed prior to specified pre‑maturity dates; thereafter redeemable at 100% of principal. Holders may require repurchase at 101% of principal plus accrued interest upon a change‑of‑control triggering event.

Why It Matters
This filing documents Dell’s addition of $3.0 billion of long‑term senior unsecured debt with fixed interest rates and staggered maturities (2031, 2034, 2037). For investors, the issuance affects the company’s capital structure—adding senior debt that ranks ahead of any liabilities of non‑guarantor subsidiaries and is pari passu with other senior obligations of the issuers and guarantors. Key contractual terms (coupon rates, maturities, guarantees, redemption rights and change‑of‑control repurchase) determine interest expense, repayment timeline and creditor rights and are important when assessing credit risk and future cash‑flow obligations.