Davis Polk advised underwriters in connection with a public offering by IBM Credit LLC of $600 million principal amount of its floating-rate notes due 2019, $600 million principal amount of its floating-rate notes due 2021, $800 million principal amount of its 1.625% notes due 2019, $500 million principal amount of its 1.800% notes due 2021 and $500 million principal amount of its 2.200% notes due 2022. This was IBM Credit’s inaugural bond offering.

IBM Credit is an indirect, wholly owned subsidiary of IBM that provides financing to end-user clients for their purchase of IBM products and services and original equipment manufacturers’ IT products and services. IBM Credit also provides loans to IBM to finance the acquisition of IT assets used in client services contracts. 

The Davis Polk team included partner John B. Meade and associates Andrew J. Terjesen, Rahim Manji and Bria J.M. Cunningham. Partner Michael Mollerus and counsel Ethan R. Goldman provided tax advice. All members of the Davis Polk team are based in the New York office. 

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