SECURITIES AND EXCHANGE COMMISSION

                           Washington, D.C.  20549
                                   ________

                                   FORM 8-K

                                CURRENT REPORT



                    Pursuant to Section 13 OR 15(d) of the
                       Securities Exchange Act of 1934


Date of Report (Date of Earliest Event Reported)            May 10, 2001
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                             UNISYS CORPORATION
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           (Exact Name of Registrant as Specified in its Charter)



   Delaware                  1-8729                    38-0387840
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(State or Other      (Commission File Number)        (IRS Employer
Jurisdiction of                                    Identification No.)
Incorporation)



                   Township Line and Union Meeting Roads,
                      Blue Bell, Pennsylvania  19424
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           (Address of Principal Executive Offices)  (Zip Code)



                             (215) 986-4011
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          (Registrant's telephone number, including area code)













Item 5.    Other Events.

           Pursuant to the terms and conditions of the Terms Agreement
between Unisys Corporation (the "Company") and Bear, Stearns & Co. Inc.,
Merrill Lynch, Pierce, Fenner & Smith Incorporated, Banc of America Securities
LLC, BNY Capital Markets, Inc., Deutsch Banc Alex. Brown Inc and First Union
Securities, Inc. dated May 10, 2001, the Company issued on May 15, 2001, its
8 1/8% Senior Notes due 2006 in an aggregate principal amount of $350,000,000.


Item 7.    Exhibits.

           See Exhibit Index.







                                SIGNATURE
                                ---------


     Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf
by the undersigned hereunto duly authorized.


                                UNISYS CORPORATION


Date: May 15, 2001              By:  /s/ Janet Brutschea Haugen
                                     ____________________________
                                     Janet Brutschea Haugen
                                     Senior Vice President and
                                     Chief Financial Officer






                              EXHIBIT INDEX
                              -------------


Exhibit
No.

1     Terms Agreement, dated May 10, 2001, between Unisys Corporation
      and Bear, Stearns & Co. Inc., Merrill Lynch, Pierce, Fenner & Smith
      Incorporated, Banc of America Securities LLC, BNY Capital Markets, Inc.,
      Deutsche Banc Alex. Brown Inc. and First Union Securities, Inc.

4.1   Form of Indenture, dated as of May 1, 2001 between Unisys Corporation
      and HSBC Bank USA

4.2   Form of 8 1/8 % Senior Note due 2006