IBM Credit LLC $2 Billion Notes Offering

Davis Polk advised the underwriters in connection with a public offering by IBM Credit LLC of $750 million principal amount of its floating-rate notes due 2020, $750 million principal amount of its 3.450% notes due 2020 and $500 million principal amount of its 3.600% notes due 2021.

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 capital markets team included partner John B. Meade and associate Matthew M. Funk. 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.