Dell offers to buy up to $500 million of securities from seven series

By Wendy Van Sickle

Columbus, Ohio, Dec. 4 – Dell Technologies Inc. subsidiary Dell Inc. is offering to buy up to $500 million principal amount of seven debt securities issued by Dell International LLC and EMC Corp., according to a press release.

The following securities are part of the offer, listed by acceptance priority level and with details about how the considerations will be priced:

• $1,094,877,000 outstanding 3.45% senior notes due 2051 (Cusips: 24703DBH3, 24703DBG5, U24724AR4) with pricing based on the 4.125% U.S. Treasury due Aug. 15, 2053 plus 122 basis points;

• $962,390,000 outstanding 3.375% senior notes due 2041 (Cusips: 24703DBF7, 24703DBE0, U24724AQ6) with pricing based on the 4.75% U.S. Treasury due Nov. 15, 2043 plus 118 bps;

• $800 million outstanding 8.35% senior notes due 2046 (Cusips: 24703TAK2, 25272KAR4, U2526DAF6) with pricing based on the 4.75% U.S. Treasury due Nov. 15, 2043 plus 155 bps;

• $999.65 million outstanding 8.1% senior notes due 2036 (Cusips: 24703TAJ5, 25272KAN3, U2526DAE9) with pricing to be based on the 4.5% U.S. Treasury due Nov. 15, 2033 plus 153 bps;

• $3,500,006,000 outstanding 6.02% senior notes due 2026 (Cusips: 24703TAD8, 25272KAK9, U2526DAD1) to be priced using the 4.625% U.S. Treasury due Nov. 15, 2026 plus 95 bps;

• $1 billion outstanding 5.85% senior notes due 2025 (Cusips: 24703TAC0, 24703DBB6, U24724AM5) to be priced using the 2.875% U.S. Treasury due June 15, 2025 plus 55 bps: and

• $1 billion outstanding 4% senior notes due 2024 (Cusips: 24703TAB2, 24703DAY7, U24724AJ2) to be priced using the 0.375% U.S. Treasury due July 15, 2024 plus 55 bps.

There are tender subcaps of $300 million for the top two series in acceptance priority combined; $250 million for the third and fourth series combined; and $200 million for the bottom three series in terms of acceptance priority.

The total considerations will include a $50 early tender premium per $1,000 note that will be paid only to noteholders who tender by the early deadline.

Interest will also be paid to the applicable settlement date.

The early deadline is 5 p.m. ET on Dec. 15, also the withdrawal deadline.

Pricing is to be set at 10 a.m. ET on Dec. 18.

Tenders may be prorated.

The offers will expire at 5 p.m. ET on Jan. 3.

The early settlement date is planned for Dec. 20. The final settlement is slated for Jan. 8.

BofA Securities, Inc. (888 292-0070), Goldman Sachs & Co. LLC (800 828-3182) and Wells Fargo Securities, LLC (866 309-6316) are the dealer managers.

Global Bondholder Services Corp. (855 654-2015, 212 430-3774, contact@gbsc-usa.com, https://gbsc-usa.com/registration/dell) is the tender agent.

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

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