Mubadala GE Capital, a venture between Abu Dhabi state fund Mubadala and GE Capital, announced it has no current plans to change the shareholding or strategy of the business, despite GE’s recent financial services pullback announcement.
The company said there are no current plans to change the shareholding or strategy of the business, despite the recent announcement by General Electric that it would divest most of the financial units under GE Capital over the next 24 months.
In a related news release from November 2014, Mubadala GE Capital announced it sold its debut bonds under a newly established Global Medium Term Note Program.
The $500 million tranche has a tenor of five years and a coupon of 3%. Total interest from investors was strong and the issue was well oversubscribed, with orders in excess of $1.3 billion. Holger Laubenthal, CEO of Mubadala GE Capital, said: “This step is consistent with our long-term business strategy and funding plans, and will enable further profitable business growth.”
The transaction achieved broad global distribution with 41% of proceeds sold in North America, 32% in Europe, 25% in the Middle East and 2% in Asia.
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Terry Mulreany
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