Kyndryl shares fell 4.9% in the afternoon session after Fitch Ratings assigned a BBB rating to the IT infrastructure services provider's senior notes offering. According to Fitch, the new senior notes rank pari passu with Kyndryl's existing senior unsecured debt. In a related prospectus filing, Kyndryl said it plans to use net proceeds to repay $700 million of its 2.05% senior notes maturing in October 2026, with remaining proceeds plus cash on hand intended to pay down revolving credit balances and related fees. After the initial drop, the shares recovered some of the losses and traded at $11.57, down 4.5% from the previous close. Kyndryl is down 54.6% since the beginning of the year and is trading 63.3% below its 52-week high of $31.53 from September 2025.
Kyndryl Holdings IncFitch assigned a BBB rating to Kyndryl's new senior notes, and the company is issuing debt to repay $700M of 2.05% notes and pay down revolver balances, a financing event that coincided with a 4.9% share drop.
