Obbligazione IBN 5.7% ( US459200GJ41 ) in USD

Emittente IBN
Prezzo di mercato 100 USD  ⇌ 
Paese  Stati Uniti
Codice isin  US459200GJ41 ( in USD )
Tasso d'interesse 5.7% per anno ( pagato 2 volte l'anno)
Scadenza 14/09/2017 - Obbligazione è scaduto



Prospetto opuscolo dell'obbligazione IBM US459200GJ41 in USD 5.7%, scaduta


Importo minimo 100 000 USD
Importo totale 3 000 000 000 USD
Cusip 459200GJ4
Standard & Poor's ( S&P ) rating A+ ( Upper medium grade - Investment-grade )
Moody's rating A1 ( Upper medium grade - Investment-grade )
Descrizione dettagliata IBM è una multinazionale americana che opera nel settore dell'informatica, offrendo servizi e soluzioni in ambito hardware, software, cloud computing e intelligenza artificiale.

L'obbligazione con codice ISIN US459200GJ41 e CUSIP 459200GJ4, emessa negli Stati Uniti dalla International Business Machines Corporation (IBM), una multinazionale leader nel settore della tecnologia e della consulenza con una lunga storia di innovazione nei servizi IT, software e hardware, che prevedeva un tasso di interesse del 5,7% in USD con pagamenti semestrali e una dimensione totale dell'emissione di 3.000.000.000 di dollari con una dimensione minima di acquisto di 100.000 dollari, è arrivata a scadenza ed è stata rimborsata il 14 settembre 2017 al 100% del suo valore nominale, essendo stata precedentemente valutata A+ da Standard & Poor's e A1 da Moody's.







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PROSPECTUS SUPPLEMENT
(To Prospectus dated August 3, 2007)

$3,000,000,000
International Business Machines Corporation
Armonk, New York (914) 499-1900
5.70% Notes due 2017
Interest payable semi-annually on March 14 and September 14
The Notes are redeemable in whole or in part at the option of IBM, as set forth in this prospectus
supplement.
Underwriting
Price to
Proceeds to
Discounts and


Public

Company
Commissions

Per Note

99.654%

0.400%

99.254%
Total
$
2,989,620,000 $
12,000,000 $
2,977,620,000
The Securities and Exchange Commission and state securities regulators have not approved or
disapproved of these securities, or determined if this prospectus supplement or the accompanying
prospectus are truthful or complete. Any representation to the contrary is a criminal offense.
The Underwriters expect to deliver the Notes to purchasers in book-entry form only through the
Depository Trust Company, Clearstream Banking or the Euroclear System, as the case may be, on
September 14, 2007.
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Joint Bookrunners

Barclays Capital
BNP PARIBAS
Citi
Goldman, Sachs & Co.
JPMorgan
UBS Investment Bank

Senior Co-Managers

Deutsche Bank Securities
Lehman Brothers
Morgan Stanley
Co-Managers
Banc of America Securities LLC
Mitsubishi UFJ Securities
HSBC

Junior Co-Managers

CastleOak Securities, L.P.

Loop Capital Markets, LLC
M.R. Beal & Company

Siebert Capital Markets
September 11, 2007
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You should rely only on the information contained in or incorporated by reference in this prospectus
supplement and the accompanying prospectus. We have not authorized anyone to provide you with
different information. We are not making an offer of these securities in any state where the offer is not
permitted. You should not assume that the information contained in this prospectus supplement or the
accompanying prospectus is accurate as of any date other than the date on the front of this prospectus
supplement.
The Notes are offered globally for sale in those jurisdictions in the United States, Canada, Europe,
Asia and elsewhere where it is lawful to make such offers. See "Offering Restrictions."
TABLE OF CONTENTS
Page


Prospectus Supplement
International Business Machines Corporation

S-3
Use of Proceeds

S-4
Capitalization

S-4
Ratio of Income From Continuing Operations to Fixed Charges

S-4
Description of Notes

S-5
United States Taxation

S-10
Underwriting

S-14
Offering Restrictions

S-15
Legal Opinions

S-17
Experts

S-18
Prospectus
Summary

1
Ratios of Earnings from Continuing Operations to Fixed Charges

2
Where You Can Find More Information

3
Description of the Company

4
Use of Proceeds

4
Description of the Debt Securities

4
Description of the Preferred Stock

17
Description of the Capital Stock

22
Description of the Warrants

22
Debt Warrants

22
Stock Warrants

23
Plan of Distribution

24
Legal Opinions

25
Experts

25
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The distribution of this prospectus supplement and prospectus and the offering of the Notes in certain
jurisdictions may be restricted by law. Persons into whose possession this prospectus supplement and the
prospectus come should inform themselves about and observe any such restrictions. This prospectus supplement
and the prospectus do not constitute, and may not be used in connection with an offer or solicitation by anyone in
any jurisdiction in which such offer or solicitation is not authorized or in which the person making such offer or
solicitation is not qualified to do so or to any person to whom it is unlawful to make such offer or solicitation.
See "Offering Restrictions."
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INTERNATIONAL BUSINESS MACHINES CORPORATION
International Business Machines Corporation (IBM or the company) was incorporated in the State of New
York on June 16, 1911, as the Computing-Tabulating-Recording Co. (C-T-R), a consolidation of the Computing
Scale Co. of America, the Tabulating Machine Co. and The International Time Recording Co. of New York.
Since that time, IBM has focused on the intersection of business insight and technological invention, and its
operations and aims have been international in nature. This was signaled over 80 years ago, in 1924, when C-T-R
changed its name to International Business Machines Corporation. And it continues today: IBM is a globally
integrated innovation company, serving the needs of enterprises and institutions worldwide. To help clients
achieve growth, effectiveness, efficiency and the realization of greater value through innovation, IBM draws
upon the world's leading systems, software and services capabilities.
IBM seeks to be a partner in its clients' success by enabling their own capacity to innovate, so that they may
differentiate themselves for competitive advantage in a globalized economy. IBM views enterprise innovation not
only in terms of products and services, but across all dimensions of a business: its business processes, business
model, management systems, culture and role in society.
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USE OF PROCEEDS
The net proceeds from the sale of the Notes after deducting expenses to be paid by IBM are estimated to be
$2.977 million and will be used for general corporate purposes.
CAPITALIZATION
The following table sets forth the consolidated capitalization of IBM at June 30, 2007, and as adjusted to
give effect to the issuance of the Notes offered hereby as well as the August 13, 2007 debt offering by IBM
International Group Capital LLC.
June 30, 2007



As
Outstanding



Adjusted
(Dollars in millions)



Short-term debt
$
20,543 $
20,543




Long-term debt:



International Business Machines Corporation

13,659
16,659
Consolidated subsidiaries

520
3,120




Total long-term debt
$
14,179 $
19,779




Stockholders' equity



Common stock--par value $0.20 per share and additional paid-
33,374
33,374
in capital
Shares authorized: 4,687,500,000



Shares issued: 2,035,154,809



Retained earnings

55,503
55,503
Treasury stock--at cost

(64,125)
(64,125)
Shares: 674,748,228



Accumulated gains and (losses) not affecting retained earnings

(7,997)
(7,997)




Total stockholders' equity

16,756
16,756




Total capitalization
$
51,478 $
57,078




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Notes:--
Numbers may not total due to rounding.
From January 31, 1995 through June 30, 2007, IBM repurchased approximately $93.7 billion of its capital
stock under a series of authorizations from IBM's Board of Directors that total $95.5 billion.
On August 13, 2007, IBM International Group Capital LLC issued $2.6 billion of Floating Rate Notes due
2009, fully and unconditionally guaranteed by IBM.
RATIO OF INCOME FROM CONTINUING OPERATIONS TO FIXED CHARGES
The ratio of income from continuing operations to fixed charges has been computed by dividing income
from continuing operations before income taxes (which excludes (a) amortization of capitalized interest and (b)
IBM's share in the income and losses of less than 50% owned affiliates) and fixed charges (excluding capitalized
interest) by fixed charges. "Fixed charges" consist of interest expense, capitalized interest and that portion of
rental expense deemed to be representative of interest.
Year Ended December 31,



Six Months
Ended June 30,
2006
2005
2004
2003
2002






2007

Ratio of income from continuing operations to
fixed charges

8.0
10.5
11.1
11.0
9.3
5.6
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DESCRIPTION OF NOTES
The following description of the particular terms of the Notes supplements, and to the extent inconsistent,
replaces the description of the general terms and provisions of the debt securities set forth in the prospectus.
General
The Notes will be issued under an Indenture (the "Senior Indenture") dated as of October 1, 1993, between
IBM and The Bank of New York, as Trustee, as supplemented by the First Supplemental Indenture dated as of
December 15, 1995, filed as an exhibit to the Registration Statement of which the accompanying prospectus is a
part. The Notes will be unsecured and will have the same rank as all of IBM's other unsecured and
unsubordinated debt. The Notes will bear interest from September 14, 2007, at the rate of interest stated on the
cover page of this prospectus supplement. Interest on the Notes will be payable semi-annually on March 14 and
September 14 of each year, commencing March 14, 2008, to the persons in whose names such securities are
registered at the close of business on the last day of the month preceding each March 14 or September 14,
payable in equal semi-annual installments. Interest on the Notes will be computed on the basis of a 360-day year
consisting of twelve 30-day months. The Notes will mature on September 14, 2017.
The Notes will be subject to defeasance and covenant defeasance as provided in "Description of the Debt
Securities--Satisfaction and Discharge; Defeasance" in the accompanying prospectus. The Notes will be issued
in denominations of $100,000 and multiples of $1,000 in excess thereof.
IBM may, without the consent of the holders of Notes, issue additional notes having the same ranking and
the same interest rate, maturity and other terms as the Notes, provided however, that no such additional notes
may be issued unless such additional notes are fungible with the Notes for U.S. federal income tax purposes. Any
additional notes having such similar terms, together with the Notes, will constitute a single series of notes under
the Senior Indenture. No additional notes may be issued if an event of default has occurred with respect to the
Notes.
Optional Redemption
The Notes will be redeemable, as a whole or in part, at IBM's option, at any time or from time to time, on at
least 30 days, but not more than 60 days, prior notice to holders of the Notes given in accordance with "--
Notices" below, at a redemption price equal to the greater of:
·
100% of the principal amount of the Notes to be redeemed, plus accrued interest, if any, to the
redemption date; or
·
the sum of the present values of the Remaining Scheduled Payments, as defined below,
discounted, on a semiannual basis, assuming a 360-day year consisting of twelve 30-day months,
at the Treasury Rate, as defined below, plus 20 basis points, plus accrued interest to the date of
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redemption which has not been paid.
"Treasury Rate" means, with respect to any redemption date for the Notes:
·
the yield, under the heading which represents the average for the immediately preceding week,
appearing in the most recently published statistical release designated "H.15(519)" or any
successor publication which is published weekly by the Board of Governors of the Federal
Reserve System and which establishes yields on actively traded United States Treasury securities
adjusted to constant maturity under the caption "Treasury Constant Maturities," for the maturity
corresponding to the Comparable Treasury Issue; provided that if no maturity is within three
months before or after the maturity date for the Notes, yields for the two published maturities
most closely corresponding to the Comparable Treasury Issue will be determined and the
Treasury Rate will be interpolated or extrapolated from those yields on a straight line basis
rounding to the nearest month; or
S-5
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·
if that release, or any successor release, is not published during the week preceding the calculation
date or does not contain such yields, the rate per annum equal to the semiannual equivalent yield
to maturity of the Comparable Treasury Issue, calculated using a price for the Comparable
Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable
Treasury Price for that redemption date.
The Treasury Rate will be calculated on the third business day preceding the redemption date.
"Comparable Treasury Issue" means the United States Treasury security selected by an Independent
Investment Banker as having a maturity comparable to the remaining term of the Notes to be redeemed that
would be utilized, at the time of selection and in accordance with customary financial practice, in pricing new
issues of corporate debt securities of comparable maturity to the remaining term of such Notes.
"Independent Investment Banker" means one of the Reference Treasury Dealers, to be appointed by IBM.
"Comparable Treasury Price" means, with respect to any redemption date for the Notes:
·
the average of four Reference Treasury Dealer Quotations for that redemption date, after
excluding the highest and lowest of such Reference Treasury Dealer Quotations; or
·
if the trustee obtains fewer than four Reference Treasury Dealer Quotations, the average of all
quotations obtained by the trustee.
"Reference Treasury Dealer Quotations" means, with respect to each Reference Treasury Dealer and any
redemption date, the average, as determined by the trustee, of the bid and asked prices for the Comparable
Treasury Issue, expressed in each case as a percentage of its principal amount, quoted in writing to the trustee by
such Reference Treasury Dealer at 3:30 p.m., New York City time on the third business day preceding such
redemption date.
"Reference Treasury Dealer" means each of Barclays Capital Inc., Goldman, Sachs & Co., J.P. Morgan
Securities Inc. and one other treasury dealer selected by IBM, and their respective successors; provided, however,
that if any of the foregoing shall cease to be a primary U.S. Government securities dealer, which we refer to as a
"Primary Treasury Dealer," IBM will substitute therefor another nationally recognized investment banking firm
that is a Primary Treasury Dealer.
"Remaining Scheduled Payments" means, with respect to each Note to be redeemed, the remaining
scheduled payments of the principal thereof and interest thereon that would be due after the related redemption
date but for such redemption; provided, however, that, if such redemption date is not an interest payment date
with respect to such Note, the amount of the next succeeding scheduled interest payment thereon will be deemed
to be reduced by the amount of interest accrued thereon to such redemption date.
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