NOTE 5 — BORROWINGS

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



	May 3, 2013			February 1, 2013
	(in millions)
Long-Term Debt
Senior Notes
$600 million issued on April 17, 2008, at 4.70% due April 2013 (“2013A Notes”)^(a)(b)	$	—		$	601
$500 million issued on September 7, 2010, at 1.40% due September 2013	500			500
$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			702
$400 million issued on March 28, 2011, at 3.10% due April 2016 ^(b)	403			402
$500 million issued on April 17, 2008, at 5.65% due April 2018 ^(b)	503			502
$600 million issued on June 10, 2009, at 5.875% due June 2019^(b)	604			604
$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)	378			379
Other
Long-term structured financing debt	999			872
Less: current portion of long-term debt	(2,272		)	(1,618		)
Total long-term debt	4,115			5,242
Short-Term Debt
Commercial paper	405			1,807
Short-term structured financing debt	454			416
Current portion of long-term debt	2,272			1,618
Other	2			2
Total short-term debt	3,133			3,843
Total debt	$	7,248		$	9,085

____________________

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

^(b)Includes hedge accounting adjustments.

As of May 3, 2013, the total carrying value and estimated fair value of outstanding senior notes and debentures, including the current portion, was $5.4 billion and $5.3 billion, respectively. This is compared to a carrying value and estimated fair value of $6.0 billion and $5.9 billion, respectively, as of February 1, 2013. The fair value of outstanding senior notes and debentures is determined based on observable market prices in a less active market and is 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 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 Condensed 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 May 3, 2013, and February 1, 2013, was 1.10% and 1.00%, respectively.

Structured Financing Debt — As of May 3, 2013, Dell had $1.5 billion outstanding in structured financing debt, which was primarily related to the fixed-term lease and loan, and revolving loan securitization programs. Of the $999 million outstanding in long-term structured financing debt, which is primarily related to the fixed-term lease and loan programs, $572 million was classified as current as of May 3, 2013. See Note 4 and Note 6 of the Notes to the Condensed Consolidated Financial Statements for further discussion of the structured financing debt and the interest rate swap agreements that hedge a portion of that debt.

Commercial Paper — As of May 3, 2013, and February 1, 2013, there was $405 million and $1.8 billion, respectively, outstanding under the commercial paper program. The weighted average interest rate on outstanding commercial paper as of May 3, 2013, and February 1, 2013, was 0.49% and 0.38%, respectively. Dell has $2.0 billion in senior unsecured revolving credit facilities primarily to support its commercial paper program. These credit facilities will expire on April 15, 2015. There were no outstanding advances under the revolving credit facilities as of May 3, 2013.

The indentures governing the senior notes and debentures and the structured financing debt shown in the above table 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 May 3, 2013.