Filed Pursuant to Rule 433

Registration Number 333-190160


International Business Machines Corporation
February 3, 2015
Pricing Term Sheet


Floating Rate Notes due 2018

1.125% Notes due 2018




International Business Machines Corporation




Expected Issuer Ratings*


Aa3/AA-/A+ (Moody’s/S&P/Fitch)






SEC Registered




Trade Date


February 3, 2015




Settlement Date


February 6, 2015 (T+3)




Joint Book-Running Managers


Citigroup Global Markets Inc., Merrill Lynch, Pierce, Fenner & Smith Incorporated, Mitsubishi UFJ Securities (USA), Inc. and Wells Fargo Securities, LLC






PNC Capital Markets LLC, SMBC Nikko Securities America, Inc., Blaylock Beal Van, LLC and Lebenthal & Co., LLC











2018 Floating Rate Notes


2018 Notes


















February 6, 2018


February 6, 2018






Interest Payment Dates


Quarterly on February 6, May 6, August 6 and November 6


February 6 and August 6






First Interest Payment Date


May 6, 2015


August 6, 2015








Spread to LIBOR: + 19 bps


Designated LIBOR page: Reuters Screen LIBOR01 Page


Index Maturity: 3 Months


Interest Reset Period: Quarterly


Interest Reset Dates: February 6, May 6, August 6 and November 6


Initial Interest Rate: Three month LIBOR plus 19 bps, determined on February 4, 2015








Benchmark Treasury


Not Applicable


0.875% due January 15, 2018






Benchmark Treasury Yield


Not Applicable








Spread to Benchmark Treasury


Not Applicable


T + 40 bps






Yield to Maturity


Not Applicable








Make-Whole Call


Not Applicable


T + 7.5 bps






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 JA0


459200 HZ7












*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 1-800-831-9146, Merrill Lynch, Pierce, Fenner & Smith Incorporated toll-free at 1-800-294-1322, Mitsubishi UFJ Securities (USA), Inc. toll-free at 1-877-649-6848  and Wells Fargo Securities, LLC toll-free at 1-800-645-3751.


This pricing term sheet supplements the preliminary form of prospectus supplement issued by International Business Machines Corporation on February 3, 2015 relating to its prospectus dated July 26, 2013.