Chemical Bank was picked to lead a $12 billion credit line for International Business Machines Corp., displacing Credit Suisse, IBM's existing agent bank.

In April, Credit Suisse led a $4.6 billion deal for the company. That line, much of which expires next spring, will be rolled into the new five-year revolving credit.

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.