Drew & Napier acted as Singapore counsel to International Business Machines Corporation and IBM International Capital Pte. Ltd. in US$5.5 billion bond sale

07 Feb 2024

A multi-disciplinary team from Drew & Napier, led by Directors Renu Menon and Ong Ken Loon, acted as Singapore counsel to International Business Machines Corporation (“IBM”) and IBM International Capital Pte. Ltd.(“IIC”) in connection with a US$5.5 billion bond offering.

Drew’s corporate and finance teams advised on various aspects of the deal, including debt capital markets, financing, tax, and corporate matters, and expertise was also drawn from our insolvency and disputes teams.

On 29 January 2024, IBM commenced an offering of senior unsecured notes consisting of seven tranches (collectively, the “Notes”) with principal amounts ranging from US$500 million to US$1.4 billion, rates between 4.60% and 5.30%, and maturity dates ranging from two to 30 years. The Notes, which are fully and unconditionally guaranteed by IBM, were issued by IIC on 5 February 2024.

Net proceeds of the offering will be used for general corporate purposes.