On February 15, 2024, Kyndryl Holdings, Inc. successfully priced US$500 million of new 10-Year Senior Notes with Scotiabank serving as Active Bookrunner and Lead Marketing Agent.
Kyndryl’s bond offering saw robust demand from over 200 investors with a final orderbook of US$4.3 billion, which was 8.6x oversubscribed. Proceeds from the transaction will be used, together with cash on hand, to repay amounts outstanding under its 2024 Term Loan. The bond offering was preceded by a day of fixed-income investor calls, organized by Scotiabank, in which the Company met with over 100 buy-side accounts.
Kyndryl’s offering also marks one of the largest spread movements from IPTs to Launch (-37.5 bps) for Investment Grade corporate deals priced year-to-date. This transaction reflects Scotiabank’s growing presence in the debt capital markets with U.S. Technology clients.
US$500,000,000
6.350% Senior Notes due 2034
Active Bookrunner and Lead Marketing Agent
February 2024
