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IBM's $15.25 Billion of Credit Facilities

Cravath represented the borrower, International Business Machines Corporation, in connection with the arrangement of its $15.25 billion of credit facilities provided by a syndicate of banks led by JPMorgan Chase Bank, N.A., to be used for general corporate purposes. The facilities comprised of a $10.25 billion amended and restated five‑year revolving credit facility, a $2.5 billion amended and restated 3‑year credit facility and a $2.5 billion 364‑day revolving credit facility. The transaction closed on July 19, 2018.

The Cravath team included partner Joseph D. Zavaglia and associate Alex E. Shiekman on banking matters.