Dell Technologies Announces $5.0B Senior Notes Offering

What Happened

• Dell Technologies filed an 8-K disclosing that Dell International L.L.C. and EMC Corporation (the Issuers), together with several guarantors including Dell Technologies Inc., agreed to sell $5.0 billion aggregate principal of senior notes via an underwriting agreement dated September 9, 2026. The offering consists of: $1.25B of 5.100% notes due 2029, $1.25B of 5.400% notes due 2031, $1.50B of 5.600% notes due 2033 and $1.00B of 5.900% notes due 2037. The offering is registered on Form S-3ASR (File No. 333-296691) with prospectus supplements dated September 9, 2026, and the closing is expected on September 15, 2026.

Key Details

• Total size: $5.0 billion across four tranches (2029, 2031, 2033, 2037).
• Coupon/maturities: 5.100% (2029), 5.400% (2031), 5.600% (2033), 5.900% (2037).
• Public offering prices: 2029 at 99.953%, 2031 at 99.836%, 2033 at 99.475%, 2037 at 99.694% of par.
• Use of proceeds: repay outstanding 4.900% First Lien Notes due 2026; any remaining net proceeds for general corporate purposes, which may include repaying other debt.

Why It Matters

• This transaction is intended to refinance near‑term debt coming due in 2026, shifting repayment obligations out to 2029–2037 and affecting Dell’s debt maturity profile. For investors, that can reduce near‑term refinancing pressure and alter interest costs depending on the new coupons versus the existing 4.900% 2026 notes. The filing is a material financing event that may influence Dell’s leverage, interest expense and liquidity planning.