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

Summary of Filing

On September 15, 2026, Dell Technologies Inc. filed a Form 8-K under Items 1.01, 2.03, and 9.01 to report the completion of a $5.0 billion public offering of senior notes by its wholly-owned subsidiaries, Dell International L.L.C. and EMC Corporation (the "Issuers").

Tranche Breakdown

1. 5.100% Senior Notes due 2029

   • Aggregate Principal Amount: $1,250,000,000
   • Maturity Date: September 15, 2029
   • Interest Rate: 5.100% per annum (semi-annual payments on March 15 and September 15, starting March 15, 2027)
   • Issue Price: 99.953%
   • Par Call Date: August 15, 2029

2. 5.400% Senior Notes due 2031

   • Aggregate Principal Amount: $1,250,000,000
   • Maturity Date: September 15, 2031
   • Interest Rate: 5.400% per annum (semi-annual payments on March 15 and September 15, starting March 15, 2027)
   • Par Call Date: August 15, 2031

3. 5.600% Senior Notes due 2033

   • Aggregate Principal Amount: $1,500,000,000
   • Maturity Date: September 15, 2033
   • Interest Rate: 5.600% per annum (semi-annual payments on March 15 and September 15, starting March 15, 2027)
   • Par Call Date: July 15, 2033

4. 5.900% Senior Notes due 2037

   • Aggregate Principal Amount: $1,000,000,000
   • Maturity Date: April 1, 2037
   • Interest Rate: 5.900% per annum (semi-annual payments on April 1 and October 1, starting April 1, 2027)
   • Par Call Date: January 1, 2037

Key Terms and Guarantees

• Ranking: Senior unsecured obligations of the Issuers, ranking pari passu with all existing and future senior indebtedness.
• Guarantors: Jointly and severally guaranteed on a senior unsecured basis by Dell Technologies Inc., Denali Intermediate Inc., and Dell Inc.
• Optional Redemption: Redeemable prior to the applicable par call date at a make-whole premium plus accrued interest; redeemable at 100% of principal amount on or after the par call date.
• Change of Control: Holders have the right to require repurchase at 101% of aggregate principal amount upon a Change of Control Triggering Event (Change of Control combined with a Rating Decline).