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Dell Technologies Announces Pricing Terms for Cash Tender Offers for Certain Outstanding Debt Securities

Dell Technologies Announces Pricing Terms for Cash Tender Offers for Certain Outstanding Debt Securities

Dell Technologies announced the pricing terms of the previously announced cash tender offers (collectively, the “Offers”) by Dell Inc., its wholly-owned subsidiary (“Dell”). Dell expects to accept for purchase $350,000,000 in aggregate principal amount of the 3.450% Senior Notes due 2051 and $150,000,000 aggregate principal amount of the 8.350% Senior Notes due 2046 that were validly tendered and not validly withdrawn at or before the Early Tender Deadline referenced below from the registered holders (collectively, the “Holders”) thereof.

Subject to the previously announced amended combined tender sub-cap with respect to the 3.450% Senior Notes due 2051 and the 3.375% Senior Notes due 2041 of $350.0 million (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”).

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The “Total Consideration” for each series per $1,000 principal amount of the debt securities identified in the table below (collectively referred to as the “Securities” and each referred to as a “series” of Securities) validly tendered and accepted for purchase pursuant to the Offers was determined by reference to the applicable fixed spread over the yield to maturity based on the bid side price of the applicable U.S. Treasury Security, in each case as set forth in the table below, and is payable to Holders of the Securities who validly tendered and did not validly withdraw their Securities at or before 5:00 p.m.New York City time, on December 15, 2023 (the “Early Tender Deadline”) and whose Securities are accepted for purchase by Dell.

The Reference Yields (as determined pursuant to the Offer to Purchase) listed in the table were determined at 10:00 a.m.New York City time, today, December 18, 2023 (such time and date, the “Price Determination Date”), by the dealer managers identified below. The Total Consideration for each series of Securities includes an early tender premium of $50.00 per $1,000 principal amount of Securities validly tendered and not validly withdrawn by such Holders and accepted for purchase by Dell.

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