IBM Announces Expiration of Debt Exchange Offers

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IBM announced the expiration and final results of its offers to exchange (the “Exchange Offers”) any and all of its 7.125 percent Debentures due 2096 (the “7.125 Percent Notes”), 7.000 percent Debentures due 2045 (the “7.000 Percent Notes”) and 8.000 percent Notes due 2038 (the “8.000 Percent Notes” and, together with the 7.125 Percent Notes and 7.000 Percent Notes, the “Old Notes”) for a new series of 5.600 percent Senior Notes due 2039 (the “New Notes”) and cash. The Exchange Offers expired at 12:00 midnight, EST, on Monday, December 7, 2009 (the “Expiration Date”). As of the Expiration Date, additional principal amounts of approximately $28 thousand of the 7.125 Percent Notes, $45 thousand of the 7.000 Percent Notes and $2 million of the 8.000 Percent Notes were tendered for exchange, in addition to the principal amounts of approximately $500 million of the 7.125 Percent Notes, $123 million of the 7.000 Percent Notes and $811 million of the 8.000 Percent Notes that were tendered for exchange as of November 20, 2009 (the “Early Exchange Date”). IBM conducted the Exchange Offers to retire high coupon long-dated debt in a favorable interest rate environment. E-mail this page Save to del.icio.us Digg this

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