Computer giant IBM is offering to exchange its 7.125% debentures due 2096, 7.000% debentures due 2045 and 8.000% notes due 2038 for a new series of 5.600% senior notes due 2039 and cash.
IBM is offering an early exchange premium to holders who validly tender their old notes before 5:00 p.m. EST, on Friday, 20 November.
The exchange offers expire at 12:00 a.m. EST, on Monday, 7 December.
The new notes will be unsecured senior obligations of IBM and will rank equally with all of IBM?s other unsecured senior indebtedness.
Story provided by Business Financial Newswire
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