Dell Technologies Inc. announced on September 9, 2026, that it has entered into an underwriting agreement to issue $6.25 billion in aggregate principal amount of senior notes. The offering consists of four separate tranches with varying maturities and interest rates.
The notes include:
- $1.25 billion of 5.100% Senior Notes due 2029, priced at 99.953% of principal.
- $1.25 billion of 5.400% Senior Notes due 2031, priced at 99.836% of principal.
- $1.50 billion of 5.600% Senior Notes due 2033, priced at 99.475% of principal.
- $1.00 billion of 5.900% Senior Notes due 2037, priced at 99.694% of principal.
The transaction is being led by a syndicate of major investment banks, including Barclays Capital Inc., BofA Securities Inc., Citigroup Global Markets Inc., Goldman Sachs & Co. LLC, HSBC Securities (USA) Inc., J.P. Morgan Securities LLC, TD Securities (USA) LLC, and Wells Fargo Securities LLC.
Dell Technologies Inc., Dell International L.L.C., and EMC Corporation are the issuers, while the notes are jointly and severally guaranteed by Dell Technologies Inc., Denali Intermediate Inc., and Dell Inc.
The company intends to use the net proceeds from the offering to repay outstanding 4.900% First Lien Notes due 2026, with any remaining funds designated for general corporate purposes, including the repayment of other debt. The closing of the offering is scheduled for September 15, 2026, subject to customary closing conditions.
