GE Capital Launches Debt Issuance and Tender Offer

GE launched multiple transactions to extend its GE Capital debt maturities and enhance its liquidity profile, following a series of recent steps the company has taken to solidify its financial position.

GE Capital is launching a strategic debt issuance of private debt offerings across four U.S. dollar-denominated tranches. A euro-denominated offering may follow. GE Capital intends to use the net proceeds from the offerings to fund the tender of up to an equivalent in aggregate principal amount of GE Capital bonds maturing through 2023. Any excess proceeds will be used to repurchase, redeem or repay outstanding debt obligations, including upcoming maturities of outstanding notes. The combination of these transactions is expected to be leverage-neutral over time.

The debt will be issued by GE Capital Funding, a newly formed finance subsidiary of GE Capital, and guaranteed by General Electric Company (GE). The bonds will rank pari passu with the outstanding existing and future senior unsecured debt of GE.

The securities referenced herein will be offered and sold to qualified institutional buyers in accordance with Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”), and to non-U.S. persons outside the United States in accordance with Regulation S under the Securities Act and applicable exemptions from registration, prospectus or like requirements under the laws and regulations of the relevant jurisdictions outside the United States.

The securities referenced herein and related guarantees have not been registered under the Securities Act, or any state securities laws, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act and the rules promulgated thereunder.

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