Dell Technologies units market offering of guaranteed senior notes

By Mary-Katherine Stinson

Lexington, Ky., March 4 – Dell Technologies Inc. subsidiaries Dell International LLC and EMC Corp. are in the investment-grade bond market on Monday with new senior notes, according to a 424B3 filing with the Securities and Exchange Commission.

As with previous offerings, the notes will be guaranteed by the company and its subsidiaries Denali Intermediate Inc. and Dell Inc.

The notes will have make-whole call options followed by par call options as well as a change-of-control put at 101.

Barclays, 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 are working as joint bookrunners.

Bank of New York Mellon Trust Co., NA is the trustee.

Simpson Thacher & Bartlett LLP is advising the issuer. Cravath, Swaine & Moore LLP is working as counsel for the underwriters.

Proceeds will be used to repay a portion of the company’s outstanding 6.02% senior notes due June 15, 2026.

The computer and software company is based in Round Rock, Tex.

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