(RTTNews) - International Business Machines Corp. (IBM: News ) announced that it has commenced offers to exchange any and all of its 7.125 percent debentures due 2096, 7.000% debentures due 2045 and 8.000% notes due 2038 for a new series of 5.600% senior notes due 2039 and cash. The company said it is conducting the exchange offers to retire high coupon long-dated debt in a favorable interest rate environment. The new notes will mature on November 30, 2039.

The company expects that holders who validly tender their old notes before the early exchange date will receive their new notes and cash payments on November 30, 2009, and that holders who validly tender their old notes after the early exchange date but before the expiration date will receive their new notes and cash payments on December 10, 2009.
The exchange offers will expire on December 7, 2009.

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by RTT Staff Writer

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