We advised the initial purchasers in connection with the issuer’s debut investment-grade notes offering

Davis Polk advised the representatives of the several initial purchasers in connection with the Rule 144A / Regulation S offering by Kyndryl Holdings, Inc. 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. Its purpose is therefore to design, build and manage secure and responsive private, public and multicloud environments to accelerate its customers’ digital transformations.

The Davis Polk capital markets team included partner John B. Meade, 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. All members of the Davis Polk team are based in the New York office.

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