Dell International LLC (DELL) 2023-1

USD1,000.0005Feb-28Sr. UnsecuredBaa2BBBBBBFixedTsyT+190 aT+1601605.25%1599.95500
USD1,000.00010Feb-33Sr. UnsecuredBaa2BBBBBBFixedTsyT+250 aT+225225 5.75%1099.78800
Tranche Comments
5 yr: Book size: 4600; First Pay: 2023-08-01; Redemption: 2028-01-01; Registration: Registered; Comments: US$1bn 5.25% cpn 5yr(2/1/28) at 99.955, yld 5.26%. Spread: T+160bp. MWC T+25bp. Par Call: 1m. CoC: Yes; 10 yr: Book size: 4250; First Pay: 2023-08-01; Redemption: 2032-11-01; Registration: Registered; Comments: US$1bn 5.75% cpn 10yr(2/1/33) at 99.788, yld 5.778%. Spread: T+225bp. MWC T+35bp. Par Call: 3m. CoC: Yes;
Deal Comments
Active Bookrunners: WFS (B&D), BRC, MOS, JPM, BAM, GSC. Passive Bookrunners: BNP, CTI, CSG, DEU, HSB, MIZ, MUF, PNC, RBC, SCO, SOC, TDS
Dell Technologies Inc, Denali Intermediate Inc, Dell Inc
Use of Proceeds
Repay notes and for general corporate purposes

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