Kyndryl issues $2.35B of senior notes in four tranches; IBM guaranty to be released at separation

Kyndryl Holdings, Inc.

Issued $700M 2.050% notes due 2026, $500M 2.700% due 2028, $650M 3.150% due 2031, $550M 4.100% due 2041.
Notes are senior unsecured; initially guaranteed by IBM; guaranty released automatically when Kyndryl separation completes.
Separation of Kyndryl from IBM expected on Nov 3, 2021; after that, IBM guarantee terminates.
Entered registration rights agreement; must use best efforts to file exchange offer registration by Oct 15, 2022.

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