New Issue: IBM prices $1 billion three-year floaters to yield Libor plus 58 bps

By Sheri Kasprzak

New York, July 23 - IBM Corp. priced $1 billion of three-year floating-rate notes Wednesday, according to a term sheet.

The notes (A1/A+/A+), which mature July 28, 2011, priced at par to yield Libor plus 58 basis points.

Barclays Capital and Merrill Lynch were the joint bookrunners for the sale. Co-managers were Lehman Brothers and Morgan Stanley.

Issuer:	IBM Corp.
Issue:	Floating-rate notes
Bookrunners:	Barclays Capital and Merrill Lynch
Co-managers:	Lehman Brothers and Morgan Stanley
Amount:	$1 billion
Maturity:	July 28, 2011
Coupon:	Libor plus 58 bps
Price:	Par
Yield:	Libor plus 58 bps
Ratings:	Moody's: A1
	Standard & Poor's: A+
	Fitch: A+
Pricing date:	July 23
Settlement date:	July 28

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