NOTE 5 — BORROWINGS

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



	February 3, 2012			January 28, 2011
	(in millions)
Long-Term Debt
Notes
$400 million issued on June 10, 2009, at 3.375% due June 2012 (“2012 Notes”)^(a)	$	400		$	400
$600 million issued on April 17, 2008, at 4.70% due April 2013 (“2013A Notes”)^(a)(b)	605			609
$500 million issued on September 7, 2010, at 1.40% due September 2013 (“2013B Notes”)	499			499
$500 million issued on April 1, 2009, at 5.625% due April 2014 (“2014A Notes”)^(b)	500			500
$300 million issued on March 28, 2011, with a floating rate due April 2014 (“2014B Notes”)	300			—
$400 million issued on March 28, 2011, at 2.10% due April 2014 (“2014C Notes”)	400			—
$700 million issued on September 7, 2010, at 2.30% due September 2015 (“2015 Notes”)^(b)	701			700
$400 million issued on March 28, 2011, at 3.10% due April 2016 (“2016 Notes”)^(b)	401			—
$500 million issued on April 17, 2008, at 5.65% due April 2018 (“2018 Notes”)^(b)	501			499
$600 million issued on June 10, 2009, at 5.875% due June 2019 (“2019 Notes”)^(b)	602			600
$400 million issued on March 28, 2011, at 4.625% due April 2021 (“2021 Notes”)	398			—
$400 million issued on April 17, 2008, at 6.50% due April 2038 (“2038 Notes”)	400			400
$300 million issued on September 7, 2010, at 5.40% due September 2040 (“2040 Notes”)	300			300
Senior Debentures
$300 million issued on April 3, 1998, at 7.10% due April 2028 ("Senior Debentures")^(a)	384			389
Other
Long-term structured financing debt	920			828
Less: current portion of long-term debt	(924		)	(578		)
Total long-term debt	6,387			5,146
Short-Term Debt
Commercial paper	1,500			—
Short-term structured financing debt	440			272
Current portion of long-term debt	924			578
Other	3			1
Total short-term debt	2,867			851
Total debt	$	9,254		$	5,997

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

^(b)Includes hedge accounting adjustments.

During Fiscal 2012, Dell issued the 2014B Notes, the 2014C Notes, the 2016 Notes and the 2021 Notes (collectively, the “Issued Notes”) under a shelf registration statement that was originally filed in November 2008 and amended in March 2011. The net proceeds from the Issued Notes, after payment of expenses, were approximately $1.5 billion. The Issued Notes are unsecured obligations and rank equally in right of payment with Dell's existing and future unsecured senior indebtedness. The Issued Notes effectively rank junior in right of payment to all indebtedness and other liabilities, including trade payables, of Dell's subsidiaries. The Issued Notes were issued pursuant to a Supplemental Indenture dated March 31, 2011, between Dell and a trustee, with terms and conditions substantially the same as those governing the Notes outstanding as of January 28, 2011 (such outstanding Notes, together with the Issued Notes, the "Notes").

The estimated fair value of total debt at February 3, 2012, was approximately $9.8 billion. The fair values of the structured financing debt and other short-term debt approximate their carrying values as their interest rates vary with the market. 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 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 3, 2012, and January 28, 2011, was 0.28% and 0.29%, respectively.

Aggregate future maturities of long-term debt at face value were as follows as of February 3, 2012:



	Maturities by Fiscal Year
	2013		2014		2015		2016		2017		Thereafter		Total
							(in millions)
Aggregate future maturities of long-term debt outstanding	$	924	$	1,404	$	1,291	$	701	$	400	$	2,500	$	7,220

Structured Financing Debt — As of February 3, 2012, Dell had $1.4 billion outstanding in structured financing related debt, of which $1.3 billion was through the fixed-term lease and loan, and revolving loan securitization programs. Of the $1.4 billion outstanding in structured financing related debt, $964 million was current as of February 3, 2012. See Note 4 and Note 6 of the Notes to 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 February 3, 2012, there was $1.5 billion outstanding under the commercial paper program. At January 28, 2011, Dell had no outstanding commercial paper. The weighted average interest rate on outstanding commercial paper as of February 3, 2012, was 0.23%. Dell has $3.0 billion in senior unsecured revolving credit facilities, primarily to support its $2.5 billion commercial paper program. Dell replaced the five-year $1.0 billion credit facility expiring on June 1, 2011, with a four-year $2.0 billion credit facility that will expire on April 15, 2015. Dell's remaining credit facility for $1.0 billion will expire on April 2, 2013. There were no outstanding advances under the revolving credit facilities as of February 3, 2012.

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 3, 2012.