NOTE 5 — BORROWINGS

The following table summarizes Dell's outstanding debt as of the dates indicated:



	February 1, 2013			February 3, 2012
	(in millions)
Long-Term Debt
Senior Notes
$400 million issued on June 10, 2009, at 3.375% due June 2012 (“2012 Notes”)^(a)	$	—		$	400
$600 million issued on April 17, 2008, at 4.70% due April 2013 (“2013A Notes”)^(a)(b)	601			605
$500 million issued on September 7, 2010, at 1.40% due September 2013	500			499
$500 million issued on April 1, 2009, at 5.625% due April 2014 ^(b)	500			500
$300 million issued on March 28, 2011, with a floating rate due April 2014 (“2014B Notes”)	300			300
$400 million issued on March 28, 2011, at 2.10% due April 2014	400			400
$700 million issued on September 7, 2010, at 2.30% due September 2015 ^(b)	702			701
$400 million issued on March 28, 2011, at 3.10% due April 2016 ^(b)	402			401
$500 million issued on April 17, 2008, at 5.65% due April 2018 ^(b)	502			501
$600 million issued on June 10, 2009, at 5.875% due June 2019 ^(b)	604			602
$400 million issued on March 28, 2011, at 4.625% due April 2021	398			398
$400 million issued on April 17, 2008, at 6.50% due April 2038	400			400
$300 million issued on September 7, 2010, at 5.40% due September 2040	300			300
Senior Debentures
$300 million issued on April 3, 1998, at 7.10% due April 2028 ("Senior Debentures")^(a)	379			384
Other
Long-term structured financing debt	872			920
Less: current portion of long-term debt	(1,618		)	(924		)
Total long-term debt	5,242			6,387
Short-Term Debt
Commercial paper	1,807			1,500
Short-term structured financing debt	416			440
Current portion of long-term debt	1,618			924
Other	2			3
Total short-term debt	3,843			2,867
Total debt	$	9,085		$	9,254

____________________

^(a) Includes the impact of interest rate swap terminations.

^(b)Includes hedge accounting adjustments.

As of February 1, 2013, the total carrying value and estimated fair value of outstanding senior notes and debentures, including the current portion, was approximately $6.0 billion and $5.9 billion, respectively. This is compared to a carrying value and estimated fair value of $6.4 billion and $6.9 billion, respectively, as of February 3, 2012. The fair value of outstanding senior notes and debentures was determined based on observable market prices in a less active market and was categorized as Level 2 in the fair value hierarchy. The fair values of the structured financing debt, commercial paper, and other short-term debt approximate their carrying values. Interest on the senior notes and debentures is payable semiannually, except for the floating rate 2014B Notes which accrue interest that is payable quarterly. The carrying value of the Senior Debentures, the 2012 Notes and the 2013A Notes, includes an unamortized amount related to the termination of interest rate swap agreements, which were previously designated as hedges of the debt. See Note 6 of the Notes to the Consolidated Financial Statements for additional information about interest rate swaps. The weighted average interest rate for the short-term structured financing debt and other as of February 1, 2013, and February 3, 2012, was 1.00% and 0.98%, respectively.

Structured Financing Debt — As of February 1, 2013, Dell had $1.3 billion outstanding in structured financing related debt, which was primarily related to the fixed-term lease and loan, and revolving loan securitization programs. Of the $872 million outstanding in long-term structured financing debt, which is primarily related to the fixed-term lease and loan programs, $517 million was classified as current as of February 1, 2013. See Note 4 and Note 6 of the Notes to the Consolidated Financial Statements for further discussion of the structured financing debt and the interest rate swap agreements that hedge a portion of that debt.

Aggregate future maturities of long-term debt at face value were as follows as of February 1, 2013:



	Maturities by Fiscal Year
	2014		2015		2016		2017		2018		Thereafter		Total
							(in millions)
Aggregate future maturities of long-term debt outstanding	$	1,617	$	1,465	$	790	$	400	$	—	$	2,500	$	6,772

Commercial Paper — As of February 1, 2013, and February 3, 2012, there was $1.8 billion and $1.5 billion, respectively, outstanding under the commercial paper program. The weighted average interest rate on outstanding commercial paper as of February 1, 2013, and February 3, 2012, was 0.38% and 0.23%, respectively. Dell has $3.0 billion in senior unsecured revolving credit facilities, primarily to support its $2.5 billion commercial paper program. Of these credit facilities, $1.0 billion will expire on April 2, 2013, and $2.0 billion will expire on April 15, 2015. There were no outstanding advances under the revolving credit facilities as of February 1, 2013.

The indentures governing the Notes, the Senior Debentures, and the structured financing debt contain customary events of default, including failure to make required payments, failure to comply with certain agreements or covenants, and certain events of bankruptcy and insolvency. The indentures also contain covenants limiting Dell's ability to create certain liens; enter into sale-and-lease back transactions; and consolidate or merge with, or convey, transfer or lease all or substantially all of its assets to, another person. The senior unsecured revolving credit facilities require compliance with conditions that must be satisfied prior to any borrowing, as well as ongoing compliance with specified affirmative and negative covenants, including maintenance of a minimum interest coverage ratio. Dell was in compliance with all financial covenants as of February 1, 2013.