The debut issuance of notes from IBM’s Singaporean subsidiary included seven tranches

Davis Polk advised the underwriters in connection with a public offering by IBM International Capital Pte. Ltd. of $600 million aggregate principal amount of its 4.700% notes due 2026, $500 million aggregate principal amount of its 4.600% notes due 2027, $500 million aggregate principal amount of its 4.600% notes due 2029, $500 million aggregate principal amount of its 4.750% notes due 2031, $1 billion aggregate principal amount of its 4.900% notes due 2034, $1 billion aggregate principal amount of its 5.250% notes due 2044 and $1.4 billion aggregate principal amount of its 5.300% notes due 2054. The notes will be fully and unconditionally guaranteed by International Business Machines Corporation.

The Davis Polk capital markets team included partner John B. Meade, counsel Jennifer Ying Lan and associate Tomisin Ogunsanya. Partner Ethan R. Goldman and associate Dov Sussman provided tax advice. All members of the Davis Polk team are based in the New York office.

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