Davis Polk advised underwriters represented by Barclays Capital Inc., BNP Paribas Securities Corp., Citigroup Global Markets Inc. and J.P. Morgan Securities LLC in connection with a public offering by International Business Machines Corporation of $1.35 billion principal amount of its 0.875% notes due 2014 and $500 million principal amount of its 2.900% notes due 2021.

The Davis Polk team included partner Alan Dean and associate Sarah Ashfaq. Partner Michael Mollerus and associate Ethan R. Goldman provided tax advice. Kristyn M. Dunleavy was the legal assistant on the transaction. All members of the Davis Polk team are based in the New York office.