Dell International L.L.C. and EMC Corporation plan to sell four series of senior notes, including $1,250,000,000 of 5.100% notes due 2029, with Dell Technologies Inc. among the guarantors. Net proceeds are intended to repay outstanding 4.900% First Lien Notes due 2026, with any remainder for corporate purposes or other debt.

Key Highlights

  • The 2031 Senior Notes will carry a 5.400% Interest Rate and be sold at 99.836% of principal value.
  • The 2033 and 2037 offerings carry principal amounts of $1,500,000,000 and $1,000,000,000, respectively.
  • Dell Technologies Inc. Denali Intermediate Inc. and Dell Inc. will provide joint and several unsecured guarantees.

Dell International L.L.C. and EMC Corporation agreed to sell $1,250,000,000 of 5.100% Senior Notes due 2029, with Dell Technologies Inc. (NYSE: DELL) among the guarantors. The companies will also issue three other senior note series due in 2031, 2033 and 2037. The closing is expected on September 15, 2026.

The 2031 Senior Notes will have a 5.400% interest rate and a $1,250,000,000 aggregate principal amount. The notes will be offered at 99.836% of their principal amount. The 2033 Senior Notes will carry a 5.600% rate on $1,500,000,000 of principal. Their public offering price is set at 99.475% of principal value. The longest-dated series consists of $1,000,000,000 of 5.900% Senior Notes due 2037. Those notes will be sold at 99.694% of their aggregate principal amount. The 2029 notes will be priced at 99.953% of principal. Dell International L.L.C. and EMC Corporation are the issuers.

Guarantees Cover Note Obligations

Dell Technologies Inc. Denali Intermediate Inc. and Dell Inc. will guarantee the issuers’ obligations on a senior unsecured basis. The guarantees are joint and several and cover the timely payment of interest on the notes. Dell International L.L.C. and EMC Corporation are each wholly owned subsidiaries of Denali Intermediate Inc. The senior notes will be issued under an indenture dated January 24, 2023, as supplemented for each series. The Underwriting agreement was dated September 9, 2026.

Proceeds Target Existing Debt

Any remaining proceeds may be used for general corporate purposes, including repayment of other debt. Dell Technologies Inc. signed the report through Christopher A. Garcia, its Senior Vice President and Assistant Secretary, on September 10, 2026.