Big Blue's big stock buyback - Boston Business Journal:

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The company purchased 118.8 million sharesz at a cost of $12.5 Most of the cost of the purchase, $11.5 billion, came from a term IBM paid theremaining $1 billion in Big Blue expects to refinance the loan with longer-ter debt in the next few IBM said it acquired the sharez from three banks, which it did not name in a filin g with the U.S. Securities and Exchange Commission. The banks, which had borrowesd the shares, will buy IBM stock on the open markety in the next nine months to cover their Accordingto , IBM's biggest shareholder as of March 31 was Capital Research & a subsidiary of the , with 73.7 milliom shares. , the investment arm of State Streetf Corp., owned 66.
1 million share as of March 31, and owned 55.2 million shares. In lighr of the buyback, IBM said it was revisinv its earnings projections. The company said it now expecte growth in earnings per shars of between 13 percent and14 percent; its previoud estimate was 11 percent. Sharesd of IBM (NYSE: IBM) closed Tuesday up 0.73 perceny to $105.91. They were up an additional 8 cents, or a tentyh of a percentage in after-hours trading. IBM, with headquartersx in Armonk, N.Y., employs abouyt 11,000 people in the Triangle.