IBM today announced the expiration of the early exchange period in connection with 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. As of 5:00 p.m. EST, on Friday, November 20, 2009 (the “Early Exchange Date”), approximately $500 million of the 7.125 Percent Notes, $123 million of the 7.000 Percent Notes and $811 million of the 8.00 Percent Notes have been tendered for exchange. The Exchange Offers will expire at 12:00 midnight EST, on Monday, December 7, 2009 (the “Expiration Date”), unless extended by IBM. IBM is conducting the Exchange Offers to retire high coupon long-dated debt in a favorable interest rate environment.
Holders who validly tendered their Old Notes by the Early Exchange Date and whose Old Notes are accepted in the Exchange Offers, will receive New Notes and cash in the amounts described below.

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This entry was posted on Monday, November 23rd, 2009 and is filed under IBM: Press Room - Servers. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.