Dell Technologies (DELL) Announces $1B Notes Offering

On March 4, 2024, Dell Technologies (NYSE: DELL), Dell International L.L.C. (“Dell International”), EMC Corporation (together with Dell International, the “Issuers”) and the other Guarantors (as defined below) entered into an underwriting agreement (the “Underwriting Agreement”) with Barclays Capital Inc., BofA Securities, Inc., Citigroup Global Markets Inc., Deutsche Bank Securities Inc., Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC and Wells Fargo Securities, LLC, as representatives of the several underwriters (together, the “Underwriters”), pursuant to which the Issuers agreed to issue and sell to the Underwriters $1,000,000,000 aggregate principal amount of their 5.400% Senior Notes due 2034 (the “Notes”), in accordance with the terms and conditions set forth in the Underwriting Agreement. The Notes will be sold at a public offering price of 99.802% of the aggregate principal amount thereof.

The Notes will be guaranteed on a joint and several unsecured basis by the Company, Denali Intermediate, Inc. and Dell Inc. (collectively, the “Guarantors”). The closing of the offering of Notes is expected to occur on March 18, 2024, subject to customary closing conditions. The Issuers intend to use the net proceeds from the offering of Notes to redeem a portion of their 6.020% Senior Notes due 2026.

The sale of the Notes has been registered with the Securities and Exchange Commission (the “Commission”) in a registration statement on Form S-3, File No. 333-269159 (the “Registration Statement”). The terms of the Notes are described in the base prospectus included in the Registration Statement, as supplemented by a preliminary prospectus supplement dated March 4, 2024 and a final prospectus supplement dated March 4, 2024.

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