20 Oct 2025

"Cravath Advises Underwriters on $4.5 Billion Senior Notes Offering for Dell and EMC"

"Cravath represented the underwriters in a $4.5 billion senior notes offering for Dell International L.L.C. and EMC Corporation, both subsidiaries of Dell Technologies. The transaction was completed on October 6, 2025, with a team of partners and associates handling various legal matters related to capital markets, tax, and executive compensation."

Cravath, Swaine & Moore LLP represented the underwriters in the $4.5 billion registered senior notes offering for Dell International L.L.C. and EMC Corporation, both of which are wholly-owned subsidiaries of Dell Technologies. The transaction, which closed on October 6, 2025, involved a significant capital markets offering aimed at raising funds for the technology solutions provider in the IT industry. The Cravath team included partners Craig F. Arcella and Kelly M. Smercina, who focused on capital markets matters; partner Andrew T. Davis and associate Carolyn Liziewski, who handled tax matters; and partner Eric W. Hilfers and associate S. Celine Li, who worked on executive compensation and benefits matters. Additionally, foreign associate attorney Luis A. Suarez del Real T. contributed to the capital markets aspects of the transaction.
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