debt
confidence high
sentiment neutral
materiality 0.50
Kyndryl enters $1.1B receivables purchase agreement with Banco Santander
Kyndryl Holdings, Inc.
- Up to $1.1B of trade receivables may be sold on a revolving basis to Santander or affiliates.
- Initial term is 18 months; sales begin in US in October, expand globally by Q4 2021.
- Transfers treated as sales for accounting; Kyndryl provides a performance guarantee.
- Agreement amends and restates prior Sep 30, 2021, receivables purchase agreement.