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IBM ISSUES $1.65 BILLION IN U.S. PUBLIC NOTES TO REFINANCE EARLIER DEBT CALLS

 IBM ISSUES $1.65 BILLION IN U.S. PUBLIC NOTES
 TO REFINANCE EARLIER DEBT CALLS
 ARMONK, N.Y., Oct. 26 /PRNewswire/ -- IBM today announced that it is issuing $1.65 billion in U.S. public notes. The proceeds will be used to refinance the majority of $1.710 billion in debt obligations that were announced in September for redemption in October and November. Because it is refinancing at lower interest rates, IBM said the action would result in annual interest rate savings of approximately $29 million.
 Under the new offerings, IBM is issuing $900 million of 6-3/8 percent five-year notes and $750 million of 7-1/4 percent 10-year notes. Both obligations are rated triple-A by Standard and Poor's and AA2 by Moody's. The First Boston Corporation has been designated lead manager.
 The previously announced calls include $250 million IBM World Trade Corporation 10-1/4 percent notes due November 1995, $250 million IBM Corporation 10-1/4 percent notes due October 1995, and $1.2 billion IBM Corporation 7 7/8 percent convertible subordinated debentures due November 2004.
 -0- 10/26/92
 /CONTACT: Rob Wilson of IBM, 914-765-6565/
 (IBM) CO: IBM Corporation ST: New York IN: CPR SU: OFR


KD -- NY111 -- 5033 10/26/92 16:47 EST
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Publication:PR Newswire
Date:Oct 26, 1992
Words:207
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