Kyndryl to offer senior notes via three bookrunners

By Mary-Katherine Stinson

Lexington, Ky., Feb. 15 – Kyndryl Holdings, Inc. is in the market with an offering of senior notes (Baa2/BBB-/BBB), according to a 424B5 filed with the Securities and Exchange Commission.

The notes feature a make-whole call followed by a par call, as well as a change-of-control put at 101.

MUFG Securities Americas Inc., Scotia Capital (USA) Inc. and SMBC Nikko Securities America, Inc. are the bookrunners.

Bank of New York Mellon Trust Co., NA is the trustee.

Davis Polk & Wardwell LLP is legal counsel to Kyndryl. Cravath, Swaine & Moore LLP will represent the underwriters.

The company is expected to use the proceeds to refinance upcoming debt maturities, which include only $500 million of term loans maturing on Nov. 1, 2024.

Kyndryl is based in New York and focuses on the technology services industry. The company was formed in a spinoff from IBM in 2021.

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