Filed Pursuant to Rule 433

Registration Number 333-190160


International Business Machines Corporation
July 29, 2013
Pricing Term Sheet


3.375% Notes due 2023

Floating Rate Notes due 2015




International Business Machines Corporation

Expected Issuer Ratings*


Aa3/AA-/A+ (Moody’s/S&P/Fitch)



SEC Registered

Trade Date


July 29, 2013

Settlement Date


(T+3); August 1, 2013

Joint Bookrunning Managers


Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, J.P. Morgan Securities LLC and Morgan Stanley & Co. LLC



Lebenthal & Co., LLC, Loop Capital Markets LLC, Mitsubishi UFJ Securities (USA), Inc. and Santander Investment Securities Inc.



2023 Notes


Floating Rate Notes








August 1, 2023


July 29, 2015

Interest Payment Dates


February 1 and August 1


Quarterly on January 29, April 29, July 29 and October 29

First Interest Payment Date


February 1, 2014


October 29, 2013





Spread to LIBOR:


+ 3 bps





Designated LIBOR page:


Reuters Screen LIBOR01 Page





Index Maturity:


3 Months





Interest Reset Period:







Interest Reset Dates:


January 29, April 29, July 29 and October 29





Initial Interest Rate:


Three month LIBOR plus 3 bps, determined on July 30, 2013

Benchmark Treasury


1.750% due May 15, 2023


Not Applicable

Benchmark Treasury Yield




Not Applicable

Spread to Benchmark Treasury


T + 83 bps


Not Applicable

Yield to Maturity




Not Applicable

Make-Whole Call


T + 12.5 bps


Not Applicable

Par Call


Not Applicable


Not Applicable

Price to Public





Underwriting Discount





Day Count




Actual/360, Modified Following Business Day

Minimum Denomination


$100,000 and multiples of $1,000


$100,000 and multiples of $1,000



459200 HP9


459200 HN4







*Note: A securities rating is not a recommendation to buy, sell or hold securities and may be subject to revision or withdrawal at any time.


The issuer has filed a registration statement (including a prospectus) with the SEC for the offering to which this communication relates.  Before you invest, you should read the prospectus in that registration statement and other documents the issuer has filed with the SEC for more complete information about the issuer and this offering.  You may get these documents for free by visiting EDGAR on the SEC web site at  Alternatively, the issuer, any underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request it by calling Citigroup Global Markets Inc. toll-free at (800) 831-9146, Credit Suisse Securities (USA) LLC toll-free at (800) 221-1037, J.P. Morgan Securities LLC at (212) 834-4533 and Morgan Stanley & Co. LLC toll-free at (866) 718-1649.


This pricing term sheet supplements the preliminary form of prospectus supplement issued by International Business Machines Corporation on July 29, 2013 relating to its Prospectus dated July 26, 2013.