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Dell Technologies Announces Early Results and Increase of Tender Sub-Cap for Cash Tender Offers for Certain Outstanding Debt Securities

Dell Technologies Announces Early Results and Increase of Tender Sub-Cap for Cash Tender Offers for Certain Outstanding Debt Securities

The determination of the total consideration / offer to purchase will occur at 10:00 a.m., New York City time, on December 18, 2023. The early settlement date is expected to occur on December 20, 2023.

Dell Technologies announced that, in connection with the previously announced cash tender offers (collectively, the “Offers”) by Dell Inc., its wholly-owned subsidiary (“Dell”), for up to $500 million aggregate principal amount (the “Aggregate Tender Cap”) of the debt securities listed in the table below (collectively, the “Securities” and each referred to as a “series” of Securities) from each registered holder of Securities (individually, a “Holder,” and collectively, the “Holders”), $548,471,000 in aggregate principal amount of the 3.450% Senior Notes due 2051 and $262,091,000  in aggregate principal amount of the 8.350% Senior Notes due 2046 was validly tendered and not validly withdrawn at or prior to 5:00 p.m.New York City time, on December 15, 2023 (the “Early Tender Deadline”), in the aggregate amounts as shown in the table below.

Dell Technologies also announced that it has amended the Offers to increase the previously announced combined tender sub-cap with respect to the 3.450% Senior Notes due 2051 and the 3.375% Senior Notes due 2041 from $300.0 million in aggregate principal amount to $350.0 million in aggregate principal amount (the “Amended 2051-2041 Tender Sub-Cap”). Subject to the Amended 2051-2041 Tender Sub-Cap, the Offers and order of priority (the “Acceptance Priority Levels”) set forth in the table below are as described in the Offer to Purchase dated December 4, 2023, as amended or supplemented (the “Offer to Purchase”). The determination of the Total Consideration (as defined in the Offer to Purchase) will occur at 10:00 a.m.New York City time, on December 18, 2023 (such time and date, the “Price Determination Date”). The early settlement date is expected to occur on December 20, 2023.

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Although the Offers are scheduled to expire at 5:00 p.m.New York City time, on January 3, 2024, because the aggregate principal amount of all Securities validly tendered and not validly withdrawn by the Early Tender Deadline exceeds the Aggregate Tender Cap, Dell does not expect to accept for purchase any tenders of Securities after the Early Tender Deadline.

Any Securities tendered after the Early Tender Deadline will be promptly credited to the account of the Holder of such Securities maintained at The Depository Trust Company and otherwise returned in accordance with the Offer to Purchase.

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