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Get filing alertsDell raises $3B through senior notes offering with rates up to 5.25%
Filed June 16, 2026 · Period ending June 16, 2026 · ~1 min read
Key Changes
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Dell subsidiaries issued $3 billion in senior unsecured notes across three tranches: $1B due 2031 at 4.75%, $750M due 2034 at 5.0%, and $1.25B due 2037 at 5.25%. Proceeds for general corporate purposes or debt refinancing.
Item 1.01 — Entry into a Material Definitive Agreement verify on EDGAR → -
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Notes are guaranteed by Dell Technologies and key subsidiaries on joint and several basis, ranking equally with existing senior debt but subordinated to debt at non-guarantor subsidiaries.
Item 1.01 — Entry into a Material Definitive Agreement verify on EDGAR → -
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Dell can redeem notes early at make-whole premium until shortly before maturity, then at par value. Gives company refinancing flexibility if rates decline while protecting investors.
Item 1.01 — Entry into a Material Definitive Agreement verify on EDGAR → -
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Bondholders can require Dell to repurchase notes at 101% of par plus accrued interest if a change of control occurs, providing downside protection in acquisition scenarios.
Item 1.01 — Entry into a Material Definitive Agreement verify on EDGAR → -
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Standard investment-grade covenants restrict liens, asset sales, mergers, and sale-leaseback transactions. Less restrictive than high-yield debt terms, reflecting Dell's credit quality.
Item 1.01 — Entry into a Material Definitive Agreement verify on EDGAR →
Summary
Dell Technologies completed a $3 billion debt offering through two subsidiaries, issuing senior notes with maturities ranging from 5 to 11 years at interest rates between 4.75% and 5.25%. The longer-dated tranches carry higher rates, reflecting typical yield curve dynamics. The notes are guaranteed by Dell Technologies and key subsidiaries, providing credit support to bondholders.
For retail investors, this transaction signals Dell's continued access to capital markets at investment-grade terms. The filing does not specify a use of proceeds. The 5%+ rates on longer maturities reflect current market conditions for corporate debt. Watch Dell's next quarterly earnings for disclosure on how proceeds were deployed—whether for share buybacks, acquisitions, debt paydown, or operational investments. Also monitor whether Dell's credit ratings remain stable, as any downgrade could trigger higher borrowing costs on future debt issuances and affect the market value of these notes.
Section-by-Section Diff
Event · Item 1.01 — Entry into a Material Definitive Agreement
Item 1.01 — Entry into a Material Definitive Agreement filed; see Key Changes for terms.
Added in current filing · verify on EDGAR →
If a change of control triggering event occurs, the holders of the Notes may require the Issuers to purchase for cash all or a portion of their Notes at a purchase price equal to 101% of the principal amount of the Notes, plus accrued and unpaid interest to, but excluding, the repurchase date.
Bondholders have the right to put their notes back to Dell at 101% of par value plus accrued interest if a change of control occurs. This standard provision protects investors from credit deterioration following an acquisition or similar corporate control event.
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Figures/quotes linked to EDGAR · Narrative written by AI · Jun 17, 2026 · How we verify