KD 3.150% 15Oct2031 Corp (USD)

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Kyndryl Holdings Inc

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Bond Information

Kyndryl Holdings, Inc. operates as a holding company. The Company, through its subsidiaries, provides applications, data, AI, cloud, core enterprise, digital workplace, security, and other related services. Kyndryl Holdings serves customers in the United States.

Bond Issuer

Kyndryl Holdings Inc

Guarantor

Announcement Date

19 Aug 2022

Issue Date

23 Sep 2022

Maturity Date

15 Oct 2031

Years to Maturity / Next Call

4.998 / 4.746

Modified Duration

4.447 @ 16 Oct 2026

Issue / Reoffer Price

100.000

Issue / Reoffer Yield

3.150

Coupon Type

Fixed

Annual Coupon Rate

3.150

Coupon Frequency

Semi Annually

Seniority

Senior Unsecured

Reference Rate

ISIN

US50155QAL41

CUSIP

50155QAL4

Bond Currency

USD

Total Issue Size

648,367,000

Min. Investment Quantity (Nominal)

USD 2,000

Incremental Quantity (Nominal)

USD 1,000

Bond Type

Corporate

Bond Sector

Information Technology

Bond Sub Sector

Internet Software and Services

Issuer Credit Rating (S&P/ Fitch)

***/ BBB

Bond Credit Rating (S&P/ Fitch)

***/ BBB

Shariah Compliant

Exchange Listed

Bond Feature(s)

Issuer Call

Upon any redemption on or after the Par Call Date for the applicable series of notes, we will pay a redemption price equal to 100% of the aggregate principal amount of the notes to be redeemed, plus accrued and unpaid interest to, but not including, the redemption date (subject to the right of holders of record on the relevant date to receive interest due on the relevant interest payment date).

“Par Call Date” means, with respect to the 2026 notes, September 15, 2026 (the date that is one month prior to the maturity date of the 2026 notes), with respect to the 2028 notes, August 15, 2028 (the date that is two months prior to the maturity date of the 2028 notes), with respect to the 2031 notes, July 15,2031 (the date that is three months prior to the maturity date of the 2031 notes) and, with respect to the 2041notes, April 15, 2041 (the date that is six months prior to the maturity date of the 2041 notes).

Make Whole Call

Upon any optional redemption prior to the Par Call Date for the applicable series of notes, we will pay a redemption price equal to the greater of the following amounts:

•100% of the aggregate principal amount of the notes to be redeemed; and

•the sum of the present values of the Remaining Scheduled Payments;

plus, in each case, accrued and unpaid interest to, but not including, the date of redemption (subject to the right of holders of record on the relevant record date to receive interest due on the relevant interest payment date).

In determining the present values of the Remaining Scheduled Payments, we will discount such payments to the redemption date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) using a discount rate equal to the Treasury Rate plus 15 basis points for the 2026 notes, plus 20basis points for the 2028 notes, plus 25 basis points for the 2031 notes and 30 basis points for the 2041notes.

“Par Call Date” means, with respect to the 2026 notes, September 15, 2026 (the date that is one month prior to the maturity date of the 2026 notes), with respect to the 2028 notes, August 15, 2028 (the date that is two months prior to the maturity date of the 2028 notes),with respect to the 2031 notes, July 15,2031 (the date that is three months prior to the maturity date of the 2031 notes) and, with respect to the 2041notes, April 15, 2041 (the date that is six months prior to the maturity date of the 2041 notes).

Change Control Put

If a change of control repurchase event occurs with respect to a series of notes, unless we have exercised our right to redeem such notes as described above under “— Optional Redemption,” we will be required to make an offer to each holder of the applicable notes to repurchase all or any part (in excess of$2,000 and in integral multiples of $1,000) of that holder’s notes of such series, at a repurchase price in cash equal to 101% of the aggregate principal amount of the notes repurchased, plus any accrued and unpaid interest on the notes repurchased to, but not including, the date of repurchase (subject to the right of the holders of record on the relevant record date to receive interest due on the relevant interest payment date).

“Change of control” means the occurrence of any of the following: (1) the direct or indirect sale,transfer, conveyance or other disposition (other than by way of merger or consolidation), in one or a series of related transactions, of all or substantially all of our assets and the assets of our subsidiaries taken as a whole to any “person” (as that term is used in Section 13(d)(3) of the Exchange Act) other than to us or one of our subsidiaries; (2) the adoption of a plan relating to our liquidation or dissolution; or (3) the consummation of any transaction (including, without limitation, any merger or consolidation) the result of which is that any “person” (as defined above), including any group defined as a person for the purpose of Section 13(d)(3) of the Exchange Act, becomes the beneficial owner, directly or indirectly, of more than50% of the then-outstanding number of shares of our voting stock, provided, however, that a person shall not be deemed beneficial owner of, or to own beneficially, (A) any securities tendered pursuant to a tender or exchange offer made by or on behalf of such person or any of such person’s affiliates until such tendered securities are accepted for purchase or exchange thereunder, or (B) any securities if such beneficial ownership (i) arises solely as a result of a revocable proxy delivered in response to a proxy or consent solicitation made pursuant to the applicable rules and regulations under the Exchange Act, and (ii) is not also then reportable on Schedule 13D (or any successor schedule) under the Exchange Act. Notwithstanding the foregoing, a transaction will not be considered to be a change of control if (a) we become a direct or indirect wholly-owned subsidiary of another person and (b) immediately following that transaction, a majority of voting stock of such person is held by the direct or indirect holders of our voting stock immediately prior to such transaction and in substantially the same proportion as immediately prior to such transaction.

“Change of control repurchase event” means the occurrence of both a change of control and a ratings event.

Additional Note

“Ratings event” means, with respect to a series of notes, during the period commencing on the date of our first public announcement of any change of control (or pending change of control) (the “rating date”)and ending 60 days following consummation of such change of control, the rating of the applicable series of notes shall be reduced by both rating agencies and such notes are rated below investment grade by both rating agencies and are not, within such period, subsequently upgraded by both rating agencies to an investment grade rating; provided, however, that a ratings event otherwise arising by virtue of a particular reduction in rating will not be deemed to have occurred in respect of a particular change of control (and thus will not be deemed a ratings event for purposes of the definition of change of control repurchase event) if the rating agencies making the reduction in rating to which this definition would otherwise apply do not announce or confirm to us in writing at our request that the reduction was the result, in whole or in part, of any event or circumstance comprised of or arising as a result of, or in respect of, the applicable change of control (whether or not the applicable change of control has occurred at the time of the ratings event).

ISS'D IN EXCH OF 144A/REGS SEC; SEE CUSIP 50155QAE0/ISIN USU49077AC12.

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