DELL 6.020% 15Jun2026 Corp (USD)

Bond Factsheet

Matured/ Called

Dell International LLC / EMC Corp

Indicative

Full Lot

Bid Price

100.133

Change in Bid Price

0.006

Bid Yield (%)

Change in Bid Yield

Ask Price

100.195

Change in Ask Price

0.017

Ask Yield (%)

Change in Ask Yield

Indicative price as of 16 Mar 2026, 12:00am

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Bond Information

Dell International LLC / EMC Corp operates as a dual issuer and special purpose entity. The Company was formed for the purpose of issuing debt securities to repay existing credit facilities, refinance indebtedness, and for acquisition purposes.

Bond Issuer

Dell International LLC / EMC Corp

Guarantor

Subsidiaries

Announcement Date

17 May 2016

Issue Date

01 Jun 2016

Maturity Date

15 Jun 2026

Years to Maturity / Next Call

- / -

Modified Duration

Issue / Reoffer Price

99.952

Issue / Reoffer Yield

6.026

Coupon Type

Fixed

Annual Coupon Rate

6.020

Coupon Frequency

Semi Annually

Seniority

Senior Unsecured

Reference Rate

ISIN

USU2526DAD13

CUSIP

LW1543534

Bond Currency

USD

Total Issue Size

4,500,000,000

Outstanding Issue Size

2,713,000

Min. Investment Quantity (Nominal)

USD 2,000

Incremental Quantity (Nominal)

USD 1,000

Bond Type

Corporate

Bond Sector

Information Technology

Bond Sub Sector

Technology Hardware, Storage and Peripherals

Issuer Credit Rating (S&P/ Fitch)

***/ N.R

Bond Credit Rating (S&P/ Fitch)

***/ BBB+

Shariah Compliant

Exchange Listed

Others

Bond Feature(s)

Issuer Call

Special Mandatory Redemption

Pursuant to the Escrow Agreement, the Fincos will

deposit into an escrow account (the "Escrow Account") an amount equal to the gross proceeds of the offering of the Notes sold on the Issue Date and
either (x) the Fincos will also deposit (or caused to be deposited) in cash or (y) Dell International or its Affiliate will cause the issuing lenders under its existing ABL credit facility to issue letters of credit for the benefit of the Escrow Agent and the Holders of the Notes (or a combination of (x) and (y)),

in each case of(x) and (y), in an amount that, when taken together with the proceeds of the offering of the Notes deposited into the Escrow Account, will be sufficient to fund a Special Mandatory Redemption (as defined below) of the Notes on [TBD], 2016 (the date one month after the Issue Date), if a Special Mandatory Redemption were to occur on such date (collectively and, together with any other property from time to time held by the Escrow Agent in the Escrow Accounts, the "Escrowed Property").

If

the Escrow Agent has not received the Officer’s Certificate described above under "Escrow of Proceeds; Escrow Conditions" on or prior to the Escrow End Date,
the Fincos notify the Escrow Agent in writing that Denali and Dell will not pursue the consummation of the Dell-EMC Merger or
either
- the Fincos fail to timely deposit (or cause to be timely deposited) in cash and/or
- Dell International or its Affiliate fails to cause such lenders to issue such letters of credit in such amounts required by the second paragraph under "Escrow of Proceeds; Escrow Conditions" above on or one Business Day after the applicable deposit date,

then the Escrow Agent shall release the Escrowed Property (including investment earnings thereon and proceeds thereof) to the Trustee and the Trustee shall pay the amounts to the paying agent for payment to the Holders of the Notes (the "Special Mandatory Redemption") on the third Business Day following the date of the release of the Escrowed Property to the Trustee (the "Special Mandatory Redemption Date") or as otherwise required by the applicable procedures of DTC at a redemption price calculated by the Fincos (the "Special Mandatory Redemption Price") equal to 101% of the initial issue price of such series of Notes, plus accrued and unpaid interest from the Issue Date to, but excluding, the Special Mandatory Redemption Date.

Par Call

In addition, at any time and from time to time on or after the Notes par call date (15 Mar 2026), such Fixed Rate Notes will be redeemable, in whole or in part at any time, at the Issuers’ option, at a redemption price equal to 100% of the principal amount of the Fixed Rate Notes being redeemed plus accrued and unpaid interest on such Fixed Rate Notes to the redemption date.

Coupon Step

If the rating of the Notes of a series from one or both of Moody's or S&P (or, if applicable, any Substitute Rating Agency) is decreased to a rating set forth in either of the immediately following tables, the interest rate on such series of Notes will increase from (x) in the case of the Fixed Rate Notes, the interest rate set forth on the cover page of this offering memorandum and (y) in the case of the Floating Rate Notes, the then applicable interest rate, by an amount equal to the sum of the percentages per annum set forth in the following tables opposite those ratings:

Moody's Rating	Redemption Price
Ba1	0.25%
Ba2	0.50%
Ba3	0.75%
B1 or below	1.00%

S&P Rating	Redemption Price
BB+	0.25%
BB	0.50%
BB-	0.75%
B+ or below	1.00%

Make Whole Call

Prior to 15 Mar, 2026, the Notes will be redeemable, at any time in whole or from time to time in part, at the Issuers’ option, at a redemption price at any time equal to the greater of:

100% of the principal amount of the Fixed Rate Notes to be redeemed; and
the sum of the present values of the remaining scheduled payments of principal and interest thereon (not including any portion of such payments of interest accrued as of the date of redemption), discounted to the relevant par call date for such Fixed Rate Notes on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate (as defined below), plus 50 basis points;

plus, in each case, accrued and unpaid interest thereon to the date of redemption.

Change Control Put

The Notes will provide that if a Change of Control Triggering Event occurs with respect to a series of Notes, unless, prior to the time the Issuers are required to make a Change of Control Offer, the Issuers have previously or concurrently mailed or delivered, or otherwise sent through electronic transmission, a redemption notice with respect to all the outstanding Notes of such series as described under "Optional Redemption" or "Satisfaction and Discharge," the Issuers will make an offer to purchase all of the Notes of such series pursuant to the offer described below (the "Change of Control Offer") at a price in cash (the "Change of Control Payment") equal to 101% of the aggregate principal amount thereof plus accrued and unpaid interest, if any, to, but excluding the date of purchase, subject to the right of Holders of record on the relevant record date to receive interest due on the relevant interest payment date.

"Change of Control Triggering Event" means the occurrence of both a Change of Control and a Rating Decline with respect to such series of Notes.

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