DELL Dell Technologies Inc.
Price Chart
Executive Summary
Dell Technologies issued $3.0 billion in senior unsecured notes across three tranches: $1.0B of 4.750% notes due 2031, $750M of 5.000% notes due 2034, and $1.25B of 5.250% notes due 2037. The notes are guaranteed by Dell Technologies Inc., Denali Intermediate Inc., and Dell Inc. This is a routine capital markets transaction that refinances or funds general corporate purposes, with no immediate impact on equity fundamentals.
Key Financial Metrics
Actionable Insight
Monitor Dell's upcoming earnings for use of proceeds and leverage impact. The offering likely refinances existing debt or funds working capital; no immediate equity catalyst. Bondholders should watch for rating agency actions given modest leverage increase.
Key Facts
- Total offering size: $3.0 billion aggregate principal amount of senior notes
- Three tranches: $1.0B 4.750% Senior Notes due 2031, $750M 5.000% Senior Notes due 2034, $1.25B 5.250% Senior Notes due 2037
- Notes are senior unsecured obligations of Dell International L.L.C. and EMC Corporation, guaranteed by Dell Technologies Inc., Denali Intermediate Inc., and Dell Inc.
- Issued under existing shelf registration statement (Form S-3ASR)
- Interest payable semi-annually; first interest payment dates in August 2026 and January 2027
- Optional redemption at make-whole premium prior to par call dates, then at par
- Change of control trigger event requires offer to repurchase at 101% of principal
Financial Impact
$3.0 billion in new senior unsecured debt issued; interest expense will increase by approximately $150 million annually at blended rate of ~5.0%
Risk Factors
- Higher interest expense may pressure earnings if not offset by refinancing savings
- Potential downgrade if leverage increases beyond investment-grade thresholds
- Structural subordination of note guarantees to subsidiary liabilities
Market Snapshot
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001193125-26-272720 |
| Document: d20600dex41.htm | 0001193125-26-272720 |
| Document: d20600dex42.htm | 0001193125-26-272720 |
| Document: d20600d8k.htm | 0001193125-26-272720 |
| Document: d20600dex51.htm | 0001193125-26-272720 |
| Document: 0001193125-26-272720-index-headers.html | 0001193125-26-272720 |
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Jun 17, 2026
3d ago
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8-K
| $420.75 awaiting T+1 | awaiting T+1 | — | $409.50 (−2.67%) |
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Jun 17, 2026
3d ago
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Insider Cluster
| $420.75 awaiting T+1 | awaiting T+1 | — | $409.50 (−2.67%) |
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Jun 16, 2026
4d ago
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Insider Cluster
| $419.32 $409.50 | ▼ −2.34% | ▼ −3.12% | $409.50 (−2.34%) |
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Jun 16, 2026
4d ago
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Insider Cluster
| $419.32 $409.50 | ▼ −2.34% | ▼ −3.12% | $409.50 (−2.34%) |
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Jun 16, 2026
4d ago
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Insider Cluster
| $419.32 $409.50 | ▼ −2.34% | ▼ −3.12% | $409.50 (−2.34%) |
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Jun 16, 2026
4d ago
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Insider Cluster
| $419.32 $409.50 | ▼ −2.34% | ▼ −3.12% | $409.50 (−2.34%) |
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Jun 16, 2026
4d ago
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8-K
| $419.32 $409.50 | ▼ −2.34% | ▼ −3.12% | $409.50 (−2.34%) |
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Jun 15, 2026
5d ago
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Insider Cluster
| $404.08 $419.32 | ▲ +3.77% | ▲ +5.02% | $409.50 (+1.34%) |
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Jun 15, 2026
5d ago
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Insider Cluster
| $404.08 $419.32 | ▲ +3.77% | ▲ +5.02% | $409.50 (+1.34%) |
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Jun 15, 2026
5d ago
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Insider Cluster
| $404.08 $419.32 | ▲ +3.77% | ▲ +5.02% | $409.50 (+1.34%) |
US Market Status
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