Dell Prices $5B Four-Tranche Senior Notes Offering at 5.1%–5.9% Coupons
DELL has more than doubled off its 52-week low of $110.22.
Summary
Dell priced a $5.0 billion four-tranche senior notes offering on September 9, 2026, with coupons of 5.100%–5.900% and settlement on September 15. This is the company's second major debt raise in three months, following a $3.0 billion issuance in June.
Key Events · Financing and Capital Events · DELL
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$5B Four-Tranche Notes Offering Priced
Dell International L.L.C. and EMC Corporation priced $5.0 billion in senior unsecured notes on September 9, 2026: $1.25B due 2029 at 5.100%, $1.25B due 2031 at 5.400%, $1.5B due 2033 at 5.600%, and $1.0B due 2037 at 5.900%.
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Gross Proceeds of ~$4.99B
Total gross proceeds are approximately $4.986 billion ($1,249.4M + $1,248.0M + $1,492.1M + $996.9M), with issue prices ranging from 99.475% to 99.953% of principal.
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Investment-Grade Ratings
The notes carry ratings of Baa2 (Moody's), BBB+ (S&P), and BBB+ (Fitch), with spreads to benchmark Treasuries of T+60 to T+110 basis points.
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Settlement September 15, 2026
The offering settles on September 15, 2026 (T+4), with interest payments commencing March 15, 2027 for the 2029/2031/2033 notes and April 1, 2027 for the 2037 notes.
Analysis · DELL · Technology
Dell is raising $5.0 billion in senior unsecured debt across four tranches maturing 2029–2037, with coupons ranging from 5.100% to 5.900%. This follows a $3.0 billion notes offering in June 2026 and comes amid explosive AI-driven revenue growth — the company raised full-year FY27 guidance to $192 billion just nine days ago. The investment-grade ratings (Baa2/BBB+/BBB+) and tight spreads (T+60 to T+110 bps) reflect strong credit demand, but the rapid pace of debt issuance signals Dell is funding its AI infrastructure buildout aggressively. Gross proceeds of approximately $4.99 billion will extend maturities and provide general corporate liquidity.
How filings like this one have moved
In the 30 days to Sep 10, 2026, 30.2% of the 2009 measured filings Wiseek scored 7 moved their stock by 5% or more by the next session's close. The median move was -0.11%. These are measured outcomes after filings of this importance, not a forecast for this one.
Measured one observation per ticker per day, after exclusions. Current figures: Filing Impact Tracker · open dataset
At the time of this filing, DELL was trading at $530.60 on NYSE in the Technology sector, with a market capitalization of approximately $340.7B. The 52-week trading range was $110.22 to $562.99. This filing was assessed with neutral market sentiment and an importance score of 7 out of 10.