Dell Technologies Inc. 8-K

Summary

Senior notes offering to refinance debt. Dell’s issuers agreed to sell $5.0B principal amount across four unsecured note tranches, with closing expected 9/15/2026, subject to customary conditions. Proceeds are intended to repay outstanding 4.900% First Lien Notes due 2026, with any remainder for general corporate purposes, potentially including other debt repayment.

Key Figures

• Principal, coupon and maturity: $1.25B at 5.100%, due 2029; $1.25B at 5.400%, due 2031; $1.5B at 5.600%, due 2033; and $1.0B at 5.900%, due 2037.
• Public offering prices: 99.953%, 99.836%, 99.475% and 99.694% of principal, respectively, for the 2029, 2031, 2033 and 2037 notes.
• The notes will be jointly and severally guaranteed on an unsecured basis by Dell Technologies, Denali Intermediate and Dell Inc.; the offering proceeds are directed first to refinancing the 2026 notes.

Investor Takeaways

• Watch for the expected 9/15/2026 closing and repayment of the 4.900% First Lien Notes due 2026.