Davis Polk advised the representatives of the underwriters in connection with a public offering by International Business Machines Corporation of $1.5 billion aggregate principal amount of its floating-rate notes due 2021, $1.5 billion aggregate principal amount of its 2.800% notes due 2021, $2.75 billion aggregate principal amount of its 2.850% notes due 2022, $3 billion aggregate principal amount of its 3.000% notes due 2024, $3 billion aggregate principal amount of its 3.300% notes due 2026, $3.25 billion aggregate principal amount of its 3.500% notes due 2029, $2 billion aggregate principal amount of its 4.150% notes due 2039 and $3 billion aggregate principal amount of its 4.250% notes due 2049. IBM intends to use the net proceeds from the offering to finance a portion of its pending acquisition of Red Hat, Inc., a leading global provider of open source software solutions.

The Davis Polk team included partner John B. Meade and associates Yoojin L. Kim and Cameron Adamson. Counsel Ethan R. Goldman and associate Rebecca A. Rosen provided tax advice. All members of the Davis Polk team are based in the New York office.

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