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Dell Technologies Inc. (Dell) has announced cash tender offers aggregating up to $500mn of principal amount of the following debt securities in an order of priority stated below. The offers are scheduled to expire at 5:00 p.m., NYC time, on 3 January 2024. All these securities have an early tender premium of $50 per $1,000 of principal, if tendered before 15 December 2023. The aggregate tender offers are also subject to Tender sub-caps as mentioned below.
Tender sub cap of $300mn
1. 3.45% 2051, tender offer at +122bp above 4.125% Aug 2053 UST
2. 3.375% 2041, tender offer at +118bp over 4.75% Nov 2043 UST
Tender sub cap of $250mn
3. 8.35% 2046, tender offer at +155bp over 4.75% Nov 2043 UST
4. 8.1% 2036, tender offer at +153bp over 4.5% Nov 2033 UST
Tender sub cap of $200mn
5. 6.02% 2026, tender offer at +95bp over 4.625% Nov 2026 UST
6. 5.85% 2025, tender offer at +55bp over 2.875% Jun 2025 UST
7. 4% 2024, tender offer at +55bp over 0.375% Jul 2024 UST
Dell’s dollar bonds traded positive with its 5.25% 2028 at 101 cents on the dollar, yielding 4.97%.
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