Dell Technologies is launching a $4 billion bond offering to refinance debt maturing in October 2026, carrying a 4.900% interest rate. The deal, structured across four tranches with maturities ranging from three to ten years, benefits from a mid-BBB credit rating and a 1.4 percentage point spread over U.S. Treasury securities. The capital raise comes as Dell raised its full-year sales forecast by $25 billion, driven by surging demand for AI-optimized servers. Dell shares have surged approximately 340% year-to-date, transforming the company from a traditional PC maker into a major AI player. The offering aims to extend debt duration without increasing net leverage, as Dell carried $26 billion in long-term debt as of late July.
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