Kyndryl Holdings, Inc. has entered into an underwriting agreement to sell an aggregate of $1.0 billion in senior notes. The offering consists of two tranches: $600 million in notes due 2029 and $400 million in notes due 2032. The company intends to use the net proceeds to repay existing debt maturing in October 2026 and to pay down its revolving credit facility.
Key Details
- Offering Breakdown: The offering includes $600 million of 7.800% Senior Notes due 2029 and $400 million of 7.875% Senior Notes due 2032.
- Use of Proceeds: Net proceeds will be used to repay the $700 million principal amount of its 2.05% senior notes due October 2026 at maturity. Remaining proceeds will be used to repay balances under the company's revolving credit agreement.
- Terms & Timeline: The underwriting agreement was executed on September 24, 2026. The 2029 notes mature on September 28, 2029, and the 2032 notes mature on January 15, 2032. The notes are senior unsecured obligations of the company.