The investment-grade debt consists of nine tranches of notes

Davis Polk advised the underwriters in connection with a public offering by International Business Machines Corporation of $850 million aggregate principal amount of its 4.500% notes due 2026, $1 billion aggregate principal amount of its 4.500% notes due 2028, $750 million aggregate principal amount of its 4.750% notes due 2033 and $650 million aggregate principal amount of its 5.100% notes due 2053. Davis Polk also advised the underwriters in connection with a public offering by International Business Machines Corporation of €1 billion principal amount of its 3.375% notes due 2027, €1.25 billion principal amount of its 3.625% notes due 2031, €1 billion principal amount of its 3.750% notes due 2035, €1 billion principal amount of its 4.000% notes due 2043 and £750 million principal amount of its 4.875% notes due 2038.

The Davis Polk capital markets team included partner John B. Meade, counsel Jennifer Ying Lan and associate Courtney Clark. Partner Ethan R. Goldman and associate Dov Sussman provided tax advice. European counsel John Taylor provided European regulatory advice. Members of the Davis Polk team are based in the New York and London offices.

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