Dell Technologies Inc. 8-K
Debt financing
Dell International and EMC completed a senior unsecured note offering, adding fixed-rate debt backed by parent guarantees.
Filed 2026-09-15 16:26 ET
- 1.01 Entry into a Material Agreement
- 2.03 Creation of a Financial Obligation
- 9.01 Financial Statements and Exhibits
Summary
Completed $5.0B public offering of senior unsecured notes on 9/15/2026. Dell International and EMC issued the notes, guaranteed jointly and severally by Dell Technologies, Denali Intermediate and Dell Inc. The issuance adds fixed-rate debt; the notes and guarantees are structurally subordinated to liabilities of subsidiaries that do not guarantee them.
Key Figures
- Principal amount and terms: $1.25B at 5.100%, due 9/15/2029; $1.25B at 5.400%, due 9/15/2031; $1.5B at 5.600%, due 9/15/2033; and $1.0B at 5.900%, due 4/1/2037. Interest is payable semiannually, beginning in 2027.
- Before specified 1–3-month pre-maturity dates, each series may be redeemed at a make-whole premium; thereafter, redemption may be at 100% of principal plus accrued interest.
- Following a change-of-control triggering event, holders may require repurchase for 101% of principal plus accrued interest.
- Indenture covenants restrict certain liens, mergers or asset dispositions, and sale-leaseback transactions.
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