Dell Technologies Prices $5.0 Billion Multi-Tranche Senior Notes Offering

Summary of Offering

On September 9, 2026, Dell Technologies Inc. (the "Company"), alongside co-issuers Dell International L.L.C. and EMC Corporation (the "Issuers"), entered into an underwriting agreement to issue and sell $5.0 billion in aggregate principal amount of senior notes across four tranches.

Tranche Breakdown

1. 5.100% Senior Notes due 2029:

   • Aggregate Principal: $1,250,000,000
   • Public Offering Price: 99.953% of principal amount
   • Underwriter Purchase Price: 99.703%

2. 5.400% Senior Notes due 2031:

   • Aggregate Principal: $1,250,000,000
   • Public Offering Price: 99.836% of principal amount
   • Underwriter Purchase Price: 99.436%

3. 5.600% Senior Notes due 2033:

   • Aggregate Principal: $1,500,000,000
   • Public Offering Price: 99.475% of principal amount
   • Underwriter Purchase Price: 98.975%

4. 5.900% Senior Notes due 2037:

   • Aggregate Principal: $1,000,000,000
   • Public Offering Price: 99.694% of principal amount

Guarantees and Structure

• The Notes are senior unsecured obligations of Dell International L.L.C. and EMC Corporation.
• Guaranteed on a joint and several unsecured basis by Dell Technologies Inc., Denali Intermediate Inc., and Dell Inc.

Use of Proceeds

• Net proceeds will be utilized to redeem/repay the outstanding 4.900% First Lien Notes due 2026.
• Any remaining balance will be used for general corporate purposes, including potential repayment of additional debt.

Key Dates & Underwriting Syndicate

• Agreement Date: September 9, 2026
• Expected Settlement Date: September 15, 2026
• Joint Lead Bookrunners / Underwriters: 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.