Kyndryl repays $500 million term loan with note proceeds

By Marisa Wong

Los Angeles, Feb. 20 – Kyndryl Holdings, Inc. intends to immediately repay its outstanding $500 million term loan set to mature in November 2024 using proceeds from an offering of senior notes, according to a press release.

Kyndryl completed its $500 million offering of 6.35% senior notes due 2034 on Tuesday.

The interest rate on the new 10-year debt is lower than the current interest rate on the term loan, the company noted.

“This refinancing allows us to rebalance our debt maturities while maintaining leverage consistent with our investment-grade credit ratings,” chief financial officer David Wyshner commented in the press release.

Kyndryl is a New York-based IT infrastructure services provider.

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