Kyndryl’s $2.4 Billion Notes Offering

Davis Polk advised the representatives of the several initial purchasers in connection with the offering.

Kyndryl Holdings executed its offering of $700 million aggregate principal amount of its 2.050% notes due 2026, $500 million aggregate principal amount of its 2.700% notes due 2028, $650 million aggregate principal amount of its 3.150% notes due 2031 and $550 million aggregate principal amount of its 4.100% notes due 2041. The notes will be guaranteed by International Business Machines Corporation until the occurrence of the previously announced separation of Kyndryl from IBM has been completed.  

Kyndryl is a leading technology services company and the largest infrastructure services provider in the world, serving as a partner to more than 4,000 customers in over 100 countries. Kyndryl has a long track record of helping enterprises navigate major technological changes, particularly by enabling their customers to focus on the core aspects of their businesses during these shifts while trusting Kyndryl with their most critical systems.  

The Davis Polk capital markets team included partner John B. Meade (Picture), counsel Jennifer Ying Lan and associates Prince Kudolo, Christopher Piazza and Courtney Y. Sohn. Partner Ethan R. Goldman and associate Dylan J. Steiner provided tax advice. Partner Frank J. Azzopardi and associate Marisa Elena Bannon provided intellectual property advice.

Involved fees earner: Frank Azzopardi – Davis Polk & Wardwell; Marisa Elena Bannon – Davis Polk & Wardwell; Ethan Goldman – Davis Polk & Wardwell; Prince Kudolo – Davis Polk & Wardwell; John Meade – Davis Polk & Wardwell; Christopher Piazza – Davis Polk & Wardwell; Courtney Sohn – Davis Polk & Wardwell; Dylan Steiner – Davis Polk & Wardwell; Jennifer Ying Lan – Davis Polk & Wardwell;

Law Firms: Davis Polk & Wardwell;

Clients: JP Morgan Securities; MUFG Securities Americas Inc. ; Santander Investment Securities Inc.; TD Securities;

Author: Alejandro Girola