Published on 9/21/2015 in the Prospect News Investment Grade Daily and Prospect News Liability Management Daily.
GE Capital subsidiary begins exchange offers for 123 series of notes
By Marisa Wong
Morgantown, W.Va., Sept. 21 General Electric Capital Corp. announced that newly formed finance subsidiary GE International Funding Co. has begun private offers to exchange new notes for outstanding debt securities.
There are 123 series or tranches of old notes that may be tendered in one or more of the exchange offers, which include market value exchange offers and par-for-par exchange offers, detailed in the tables below.
The market value exchange offers consist of offers to exchange old notes for new notes with either a six-month, five-year, 10-year or 20-year maturity. In the market value exchange offers, the total exchange consideration consists of new market notes issued in certain principal amounts and at certain market rates.
The par-for-par exchange offers consist of offers to exchange old notes for new notes in the same principal amount and with the same currency, maturity, interest rates and other payment terms as the old notes tendered. In the par-for-par offers, the total exchange consideration includes an additional cash payment.
Each series of old notes may be tendered in the par-for-par offers. In addition, most series may also be tendered in one or two of the market value offers.
For each tender of old notes, holders must elect a single exchange offer, i.e., the same notes may not be tendered in more than one exchange offer at the same time.
Offer details
The exchange offers are subject to the following limitations:
The aggregate principal amount of new notes that may be issued is $30 billion;
The aggregate principal amount of 2016 new notes that may be issued in the 2016 market value exchange offers is $15 billion;
The aggregate principal amount of new market that may be issued in the 2020/2025/2035 market value offers is $30 billion less the aggregate principal amount of any 2016 new notes issued in the 2016 market value exchange offers; and
The aggregate principal amount of new par notes that may be issued in the par-for-par exchange offers is $30 billion less the aggregate principal amount of any new notes issued in the market value exchange offers.
Old notes tendered in the exchange offers will be accepted in the following order of priority:
First, in the 2016 market value exchange offers, on a pro rata basis subject to the 2016 new notes cap;
Second, in the 2020/2025/2035 market value exchange offers, on a pro rata basis subject to the 2020/2025/2035 new notes cap; and
Third, in the par-for-par exchange offers, subject to the par-for-par cap (in order of the acceptance priority level of each series, listed in the table below).
The exchange offers will expire at 11:59 p.m. ET on Oct. 19.
To be eligible to receive the applicable total exchange consideration, holders must tender their notes by the early participation date at 5 p.m. ET on Oct. 2.
Tenders may be withdrawn at or prior to 5 p.m. ET on Oct. 2.
Holders who tender notes after the early deadline but at or prior to the expiration date, will only receive the applicable exchange consideration, which is the total exchange consideration minus $50 (or 50 units of the applicable currency).
Pricing for the market value exchange offers will be calculated at 11 a.m. ET on Oct. 5.
The issuer will also pay accrued interest on old notes to, but excluding, the settlement date.
There is no cash tender offer or consent solicitation being conducted in connection with the exchange offers. There is no overall minimum condition for the aggregate principal amount of new notes to be issued in the offers.
The settlement date of the Regulation S offers is expected to be Oct. 26.
Holders of old notes denominated in dollars who wish to confirm their eligibility to participate in the exchange offers and to receive a copy of the offer may contact D.F. King & Co., Inc. at 212 269-5550 for bankers and brokers, 866 388-7535, +44 (0) 207 920 9700 or ge@dfking.com. Holders of old notes denominated in a currency other than dollars who wish to confirm their eligibility to participate and to receive a copy of the offer may contact Lucid Issuer Services Ltd. at +44 (0) 207 704 0880 (toll) or ge@lucid-is.com.
Background
On April 10 General Electric Co. announced a plan to reduce the size of its financial services businesses through the sale of most of the assets of GE Capital and to focus on continued investment and growth in its industrial businesses. This exit plan involves a merger of GE Capital with and into GE.
The merger is part of a reorganization of GE Capitals businesses. The reorganization and exchange offers are intended, among other things, to establish an international holding company (GE Capital International Holdings) with an efficient and simplified capital structure. In addition, the exchange offers seek to align the liabilities of GE Capital International to its assets from a maturity profile and liquidity standpoint.
GE International Funding, the issuer of the new notes, is a newly formed finance subsidiary of GE Capital, but upon the completion of the reorganization it will become a subsidiary of GE Capital International Holdings.
The new notes will be guaranteed by GE, and the old notes will subsequently be assumed by GE in connection with the merger. The new notes initially will also be guaranteed by GE Capital, and upon completion of the reorganization, GE Capital International will assume the guarantee.
The exchange offers are not conditioned on the completion of the reorganization.
GE is a Fairfield, Conn.-based industrial manufacturer.
Exchange summary
Old notes Outstanding amount New notes
(dollars in billions)
2016 market value exchange offers
(New notes capped at $15 billion, tenders accepted pro rata)
8 dollar notes due 2019 to 2021 $16.7 New six-month fixed-rate notes
3 dollar notes due 2022 to 2024 $5.5 New six-month fixed-rate notes
19 dollar fixed-rate notes due 2016 to 2020 $22.7 New six-month fixed-rate notes
10 dollar floating-rate notes due 2016 to 2020 $6.5 New six-month fixed-rate notes
4 other dollar-denominated notes $1.8 New six-month fixed-rate notes
5 sterling-denominated notes $3.6 New sterling six-month fixed-rate notes
Total $56.7
2020/2025/2035 market value exchange offers
(New notes capped at $30 billion less amount of 2016 new notes, tenders accepted pro rata)
8 dollar notes due 2019 to 2021 $16.7 New five-year fixed-rate notes
3 dollar notes due 2022 to 2024 $5.5 New 10-year fixed-rate notes
4 dollar notes due 2032 to 2039 $17.4 New 20-year fixed-rate notes
Total $39.5
Par for par exchange offers
(New par notes capped at $30 billion less amount of new market notes)
(Tenders accepted in order of acceptance priority)
5 hybrids notes and corresponding trust preferreds $6.8 Same currency, coupon, maturity plus cash
4 dollar notes due 2032 to 2039 $17.4 Same currency, coupon, maturity plus cash
3 dollar notes due 2022 to 2024 $5.5 Same currency, coupon, maturity plus cash
8 dollar notes due 2019 to 2021 $16.7 Same currency, coupon, maturity plus cash
19 dollar fixed-rate notes due 2016 to 2020 $22.7 Same currency, coupon, maturity plus cash
10 dollar floating-rate notes due 2016 to 2020 $6.5 Same currency, coupon, maturity plus cash
74 other dollar and non-dollar notes $24.9 billion Same currency, coupon, maturity plus cash
Total $100.4 billion
Exchange details
2016 market value exchange offers
USD (2019-2021) market value exchange for 2016 USD new notes
| Old notes | Amount (millions) | Spread over Treasury | Hypothetical consideration
|
| 6% Aug 2019 | $2,000 | 5 | $1,158.73
|
| 2.2% Jan 2020 | $2,000 | 5 | $1,021.77
|
| 5.5% Jan 2020 | $2,000 | 20 | $1,148.95
|
| 5.55% May 2020 | $1,100 | 40 | $1,152.71
|
| 4.375% Sept 2020 | $2,150 | 45 | $1,107.56
|
| 4.625% Jan 2021 | $2,250 | 50 | $1,123.63
|
| 5.3% Feb 2021 | $2,000 | 70 | $1,148.58
|
| 4.65% Oct 2021 | $3,150 | 80 | $1,124.48
|
|
|
| All to be exchanged for 2016 USD new notes due April 15, 2016 with a coupon that will be set at the Eurodollar Synthetic Forward Rate from two business days after the Price Determination Date to the April 15, 2016 maturity date plus 60 bps.
|
| Reference Treasury is 1.375% due August 2020.
|
| Total includes a $50 per $1,000 early participation payment.
|
| 5.3% notes due February 2021 are subordinated notes but will be exchanged for senior notes.
|
|
|
| USD (2022-2024) market value exchange for 2016 USD new notes
|
|
|
| Old notes | Amount (millions) | Spread over Treasury | Hypothetical consideration
|
| 3.15% Sept 2022 | $2,000 | 30 | $1,035.56
|
| 3.1% Jan 2023 | $2,500 | 35 | $1,030.57
|
| 3.45% May 2024 | $1,000 | 55 | $1,045.50
|
|
|
| All to be exchanged for 2016 USD new notes due April 15, 2016 with a coupon that will be set at the Eurodollar Synthetic Forward Rate from two business days after the Price Determination Date to the April 15, 2016 maturity date plus 60 bps.
|
| Reference Treasury is 2% due August 2025.
|
| Total includes a $50 per $1,000 early participation payment.
|
|
|
| USD Fixed-Rate (2016-2020) market value exchange for 2016 USD new notes
|
|
|
| Old notes | Amount (millions) | Treasury | Spread | Hypothetical consideration
|
|
|
| 1.5% Jul 2016 | $1,250 | 0.625% Aug 2017 | -70 | $1,009.96
|
| 1.45% Aug 2016 | $250 | 0.625% Aug 2017 | -70 | $1,010.31
|
| 4.575% Aug 2037 | $100 | 0.625% Aug 2017 | -75 | $1,037.46
|
| 3.35% Oct 2016 | $1,250 | 0.625% Aug 2017 | -75 | $1,032.17
|
| 5.375% Oct 2016 | $1,100 | 0.625% Aug 2017 | -55 | $1,050.31
|
| 2.9% Jan 2017 | $1,425 | 0.625% Aug 2017 | -55 | $1,031.82
|
| 5.4% Feb 2017 | $1,500 | 0.625% Aug 2017 | -30 | $1,063.56
|
| 2.45% Mar 2017 | $500 | 0.625% Aug 2017 | -25 | $1,026.21
|
| 1.25% May 2017 | $1,000 | 0.625% Aug 2017 | -50 | $1,013.88
|
| 2.3% Apr 2017 | $2,000 | 0.625% Aug 2017 | -35 | $1,027.69
|
| 5.625% Sep 2017 | $3,000 | 0.625% Aug 2017 | 0 | $1,090.15
|
| 1.6% Nov 2017 | $1,000 | 0.625% Aug 2017 | 10 | $1,014.32
|
| 1.625% Apr 2018 | $1,500 | 1% Sep 2018 | 0 | $1,012.16
|
| 5.625% May 2018 | $4,000 | 1% Sep 2018 | 15 | $1,107.49
|
| 4.7% May 2053 | $750 | $1,020.00
|
| 2.3% Jan 2019 | $1,000 | 1.375% Aug 2020 | -5 | $1,023.40
|
| 3.8% Jun 2019 | $700 | 1.375% Aug 2020 | 20 | $1,070.19
|
| 5.26% Nov 2019 | $75 | 1.375% Aug 2020 | 60 | $1,118.20
|
| 3.25% Aug 2020 | $250 | 1.375% Aug 2020 | 65 | $1,044.87
|
|
|
| All to be exchanged for 2016 USD new notes due April 15, 2016 with a coupon that will be set at the Eurodollar Synthetic Forward Rate from two business days after the Price Determination Date to the April 15, 2016 maturity date plus 60 bps.
|
| For 3.8% notes due June 2019, the issuer is Issuer is GECC and formerly included LJ VP Holdings LLC (JV Penske), an affiliate of GECC, as co-issuer.
|
| For 4.7% notes due May 2053, the price is fixed at $1,020 per $1,000 principal amount.
|
| Total includes a $50 per $1,000 early participation payment.
|
|
|
| USD Floating Rate (2016-2020) market value exchange for 2016 USD new notes
|
|
|
| Old notes | Amount (millions) | Price
|
|
|
| FRNs Jul 2016 | $695 | $1,010.00
|
| FRNs Jul 2016 | $1,600 | $1,012.50
|
| FRNs Jan 2017 | $2,000 | $1,010.00
|
| FRNs May 2017 | $500 | $1,010.00
|
| F-FRNs May 2017 | $100 | $1,022.50
|
| F-FRNs Aug 2017 | $100 | $1,030.00
|
| F-FRNs Dec 2017 | $100 | $1,012.50
|
| FRNs Apr 2018 | $400 | $1,020.00
|
| FRNs Jan 2019 | $500 | $1,007.50
|
| FRNs Jan 2020 | $500 | $1,017.50
|
|
|
| All to be exchanged for 2016 USD new notes due April 15, 2016 with a coupon that will be set at the Eurodollar Synthetic Forward Rate from two business days after the Price Determination Date to the April 15, 2016 maturity date plus 60 bps.
|
| F-FRNs are fixed to floating-rate notes.
|
| Total includes a $50 per $1,000 early participation payment.
|
|
|
| Other Select USD market value exchange for 2016 USD new notes
|
|
|
| Old notes | Amount (millions) | Treasury | Spread | Hypothetical consideration
|
|
|
| 1.25% Nov 2016 | $300 | 0.625% Aug 2017 | -45 | $1,009.60
|
| 4.625% Jan 2043 | $700 | 1% Sep 2018 | 360 | $997.98
|
| 5.55% Jan 2026 | $500 | 2% Aug 2025 | 140 | $1,157.58
|
| 7.5% Aug 2035 | $300 | 3% May 2045 | 120 | $1,428.08
|
|
|
| All to be exchanged for 2016 USD new notes due April 15, 2016 with a coupon that will be set at the Eurodollar Synthetic Forward Rate from two business days after the Price Determination Date to the April 15, 2016 maturity date plus 60 bps.
|
| 7.5% notes due August 2035 are subordinated notes but will be exchanged for senior notes.
|
| Total includes a $50 per $1,000 early participation payment.
|
|
|
| GBP market value exchange for 2016 GBP new notes
|
|
|
| Old notes | Amount (millions) | Gilt | Spread | Hypothetical consideration
|
|
|
| 6.25% Dec 2017 | £500 | 1% Sep 2017 | 55 | £1,104.88
|
| 5.25% Dec 2028 | £425 | 6% Dec 2028 | 85 | £1,251.28
|
| 5.625% Sept 2031 | £178 | 4.75% Dec 2030 | 85 | £1,308.14
|
| 4.875% Sept 2037 | £750 | 4.25% Mar 2036 | 135 | £1,144.93
|
| 5.375% Dec 2040 | £450 | 4.25% Dec 2040 | 90 | £1,310.44
|
|
|
| All to be exchanged for 2016 GBP new notes due April 15, 2016 with a coupon that will be set at the 2% Gilt due Jan. 22, 2016 plus 90 bps.
|
| 4.875% notes due September 2037 are subordinated notes but will be exchanged for senior notes.
|
| Total includes a £50 per £1,000 early participation payment.
|
|
|
|
|
| 2020/2025/2035 Market Value Exchange Offers
|
|
|
| USD (2019-2021) market value exchange for 2020 new notes
|
|
|
| Old notes | Amount (millions) | Spread over Treasury | Hypothetical consideration
|
|
|
| 6% Aug 2019 | $2,000 | 10 | $1,156.73
|
| 2.2% Jan 2020 | $2,000 | 10 | $1,019.77
|
| 5.5% Jan 2020 | $2,000 | 25 | $1,146.77
|
| 5.55% May 2020 | $1,100 | 45 | $1,150.38
|
| 4.375% Sept 2020 | $2,150 | 50 | $1,105.11
|
| 4.625% Jan 2021 | $2,250 | 55 | $1,121.01
|
| 5.3% Feb 2021 | $2,000 | 75 | $1,145.89
|
| 4.65% Oct 2021 | $3,150 | 85 | $1,121.53
|
|
|
| All to be exchanged for 2020 USD new notes due Nov. 15, 2020 with a coupon that will be set at the yield of the 1.375% Treasury due Aug. 31, 2020 plus 105 bps.
|
| Reference Treasury is 1.375% due August 2020.
|
| Total includes a $50 per $1,000 early participation payment.
|
| 5.3% notes due February 2021 are subordinated notes but will be exchanged for senior notes.
|
|
|
| USD (2022-2024) market value exchange for 2025 new notes
|
|
|
| Old notes | Amount (millions) | Spread over Treasury | Hypothetical consideration
|
|
|
| 3.15% Sept 2022 | $2,000 | 35 | $1,032.38
|
| 3.1% Jan 2023 | $2,500 | 40 | $1,027.25
|
| 3.45% May 2024 | $1,000 | 60 | $1,041.74
|
|
|
| All to be exchanged for 2025 USD new notes due Nov. 15, 2025 with a coupon that will be set at the yield of the 2% Treasury due Aug. 15, 2025 plus 135 bps.
|
| Reference Treasury is 2% due August 2025.
|
| Total includes a $50 per $1,000 early participation payment.
|
|
|
| USD (2032-2039) market value exchange for 2035 new notes
|
|
|
| Old notes | Amount (millions) | Spread over Treasury | Hypothetical consideration
|
|
|
| 6.75% Mar 2032 | $5,000 | 75 | $1,353.63
|
| 6.15% Aug 2037 | $2,000 | 105 | $1,289.10
|
| 5.875% Jan 2038 | $6,350 | 105 | $1,252.91
|
| 6.875% Jan 2039 | $4,000 | 115 | $1,389.42
|
|
|
| All to be exchanged for 2035 USD new notes due Nov. 15, 2035 with a coupon that will be set at the yield of the 3% Treasury due May 15, 2045 plus 155 bps.
|
| Reference Treasury is 3% due May 2045.
|
| Total includes a $50 per $1,000 early participation payment.
|
|
|
|
|
| Par for par exchange offers
|
|
|
| Old notes | Amount (millions) | Priority | New notes | Cash
|
|
|
| Hybrids
|
| F-FRN 5.5% Sept 2066 | £400 | 1 | F-FRN 5.500% Sept 2066 | 6.25
|
| GE Capital Trust V
|
| F-FRN 4.625% Sept 2066 | 950 | 2 | F-FRN 4.625% Sept 2066 | 6.25
|
| GE Capital Trust IV
|
| F-FRN 5.5% Sept 2067 | 1,500 | 3 | F-FRN 5.500% Sept 2067 | 7.5
|
| GE Capital Trust II
|
| F-FRN 6.5% Sept 2067 | £600 | 4 | F-FRN 6.500% Sept 2067 | 7.5
|
| GE Capital Trust III
|
| F-FRN 6.375% Nov 2067 | $2,500 | 5 | F-FRN 6.375% Nov 2067 | 7.5
|
| GE Capital Trust I
|
|
|
| USD (2032-2039)
|
| 6.75% Mar 2032 | $5,000 | 6 | 6.75% Mar 2032 | 32.5
|
| 6.15% Aug 2037 | $2,000 | 7 | 6.15% Aug 2037 | 37.5
|
| 5.875% Jan 2038 | $6,350 | 8 | 5.875% Jan 2038 | 37.5
|
| 6.875% Jan 2039 | $4,000 | 9 | 6.875% Jan 2039 | 40
|
|
|
| USD (2022-2024)
|
| 3.15% Sept 2022 | $2,000 | 10 | 3.150% Sept 2022 | 17.5
|
| 3.1% Jan 2023 | $2,500 | 11 | 3.100% Jan 2023 | 17.5
|
| 3.45% May 2024 | $1,000 | 12 | 3.450% May 2024 | 20
|
|
|
| USD (2019-2021)
|
| 6% Aug 2019 | $2,000 | 13 | 6% Aug 2019 | 15
|
| 2.2% Jan 2020 | $2,000 | 14 | 2.2% Jan 2020 | 15
|
| 5.5% Jan 2020 | $2,000 | 15 | 5.5% Jan 2020 | 15
|
| 5.55% May 2020 | $1,100 | 16 | 5.55% May 2020 | 1 | 5
|
| 4.375% Sept 2020 | $2,150 | 17 | 4.375% Sept 2020 | 15
|
| 4.625% Jan 2021 | $2,250 | 18 | 4.625% Jan 2021 | 15
|
| 5.3% Feb 2021 | $2,000 | 19 | 5.3% Feb 2021 | 12.5
|
| 4.65% Oct 2021 | $3,150 | 20 | 4.65% Oct 2021 | 15
|
|
|
| USD FIXED-RATE (2016-2020)
|
| 1.5% Jul 2016 | $1,250 | 21 | 1.5% Jul 2016 | 6.25
|
| 1.45% Aug 2016 | $250 | 22 | 1.45% Aug 2016 | 6.25
|
| 4.575% Aug 2037 | $100 | 23 | 4.575% Aug 2037 | 6.25
|
| 3.35% Oct 2016 | $1,250 | 24 | 3.35% Oct 2016 | 6.25
|
| 5.375% Oct 2016 | $1,100 | 25 | 5.375% Oct 2016 | 6.25
|
| 2.9% Jan 2017 | $1,425 | 26 | 2.9% Jan 2017 | 7.5
|
| 5.4% Feb 2017 | $1,500 | 27 | 5.4% Feb 2017 | 7.5
|
| 2.45% Mar 2017 | $500 | 28 | 2.45% Mar 2017 | 7.5
|
| 1.25% May 2017 | $1,000 | 29 | 1.25% May 2017 | 7.5
|
| 2.3% Apr 2017 | $2,000 | 30 | 2.3% Apr 2017 | 7.5
|
| 5.625% Sep 2017 | $3,000 | 31 | 5.625% Sep 2017 | 8.75
|
| 1.6% Nov 2017 | $1,000 | 32 | 1.6% Nov 2017 | 8.75
|
| 1.625% Apr 2018 | $1,500 | 33 | 1.625% Apr 2018 | 8.75
|
| 5.625% May 2018 | $4,000 | 34 | 5.625% May 2018 | 8.75
|
| 4.7% May 2053 | $750 | 35 | 4.7% May 2053 | 5
|
| 2.3% Jan 2019 | $1,000 | 36 | 2.3% Jan 2019 | 10
|
| 3.8% Jun 2019 | $700 | 37 | 3.8% Jun 2019 | 10
|
| 5.26% Nov 2019 | $75 | 38 | 5.26% Nov 2019 | 12.5
|
| 3.25% Aug, 2020 | $250 | 39 | 3.25% Aug 2020 | 12.5
|
|
|
| USD FLOATING-RATE (2016-2020)
|
| FRNs Jul 2016 | $695 | 40 | FRNs Jul 2016 | 6.25
|
| FRNs Jul 2016 | $1,600 | 41 | FRNs Jul 2016 | 6.25
|
| FRNs Jan 2017 | $2,000 | 42 | FRNs Jan 2017 | 6.25
|
| FRNs May 2017 | $500 | 43 | FRNs May 2017 | 6.25
|
| F-FRNs May 2017 | $100 | 44 | F-FRNs May 2017 | 6.25
|
| F-FRNs Aug 2017 | $100 | 45 | F-FRNs Aug 2017 | 7.5
|
| F-FRNs Dec 2017 | $100 | 46 | F-FRNs Dec 2017 | 7.5
|
| FRNs Apr 2018 | $400 | 47 | FRNs Apr 2018 | 7.5
|
| FRNs Jan 2019 | $500 | 48 | FRNs Jan 2019 | 10
|
| FRNs Jan 2020 | $500 | 49 | FRNs Jan 2020 | 12.5
|
|
|
| OTHER USD AND NON-USD
|
| 1% Jan 2016 | $1,400 | 50 | 1% Jan 2016 | 6.25
|
| 5% Jan 2016 | $1,250 | 51 | 5% Jan 2016 | 6.25
|
| FRNs Jan 2016 | $1,000 | 52 | FRNs Jan 2016 | 6.25
|
| FRNs Jan 2016 | $600 | 53 | FRNs Jan 2016 | 6.25
|
| FRNs Jan 2016 | $1,500 | 54 | FRNs Jan 2016 | 6.25
|
| F-FRNs Feb 2016 | $100 | 55 | F-FRNs Feb 2016 | 6.25
|
| 8.3% Feb 2016 | MXN1,000 | 56 | 8.3% Feb 2016 | 6.25
|
| 4.875% Apr 2016 | SEK2,500 | 57 | 4.875% Apr 2016 | 6.25
|
| 2.95% May 2016 | $1,500 | 58 | 2.95% May 2016 | 6.25
|
| FRNs May 2016 | $300 | 59 | FRNs May 2016 | 6.25
|
| FRNs May 2016 | $500 | 60 | FRNs May 2016 | 6.25
|
| FRNs Jun 2016 | $430 | 61 | FRNs Jun 2016 | 6.25
|
| 2.185% Jun 2016 | ₯20,000 | 62 | 2.185% Jun 2016 | 6.25
|
| FRNs Jun 2016 | $100 | 63 | FRNs Jun 2016 | 6.25
|
| FRNs Jun 2016 | $100 | 64 | FRNs Jun 2016 | 6.25
|
| FRNs Jun 2016 | NOK650 | 65 | FRNs Jun 2016 | 6.25
|
| 4.5% Jun 2016 | NOK1,350 | 66 | 4.5% Jun 2016 | 6.25
|
| 4.25% Aug 2016 | NZ$125 | 67 | 4.25% Aug 2016 | 6.25
|
| 4.25% Sept 2016 | A$200 | 68 | 4.25% Sept 2016 | 6.25
|
| 6.75% Sept 2016 | NZ$300 | 69 | 6.750 Sept 2016 | 6.25
|
| 4.375% Oct 2016 | SEK1,000 | 70 | 4.375% Oct 2016 | 6.25
|
| 1.250% Nov 2016 | $300 | 71 | 1.25% Nov 2016 | 6.25
|
| FRNs Nov 2016 | $50 | 72 | FRNs Nov 2016 | 6.25
|
| 3.500% Dec 2016 | NOK2,000 | 73 | 3.5% Dec 2016 | 6.25
|
| FRNs Dec 2016 | $101 | 74 | FRNs Dec 2016 | 6.25
|
| FRNs Dec 2016 | $50 | 75 | FRNs Dec 2016 | 6.25
|
| FRNs Dec 2016 | $250 | 76 | FRNs Dec 2016 | 6.25
|
| 5.500% Feb 2017 | NZ$300 | 77 | 5.5% Feb 2017 | 6.25
|
| 3.875% Feb 2017 | NOK1,000 | 78 | 3.875% Feb 2017 | 6.25
|
| FRNs Feb 2017 | $500 | 79 | FRNs Feb 2017 | 6.25
|
| 2.000% Feb 2017 | ₯50,000 | 80 | 2% Feb 2017 | 6.25
|
| FRNs Mar 2017 | $250 | 81 | FRNs Mar 2017 | 6.25
|
| FRNs Mar 2017 | $100 | 82 | FRNs Mar 2017 | 6.25
|
| 3.25% Apr 2017 | ₯30,000 | 83 | 3.25% Apr 2017 | 6.25
|
| 5.36% May 2017 | PLN240 | 84 | 5.36% May 2017 | 6.25
|
| 4.125% May 2017 | MXN$1,500 | 85 | 4.125% May 2017 | 6.25
|
| FRNs Sept 2017 | 325 | 86 | FRNs Sept 2017 | 7.5
|
| 6.25% Dec 2017 | £500 | 87 | 6.25% Dec 2017 | 7.5
|
| 2.625% Jan 2018 | SEK2,700 | 88 | 2.625% Jan 2018 | 7.5
|
| FRNs Jan 2018 | SEK2,300 | 89 | FRNs Jan 2018 | 7.5
|
| 4.25% Jan 2018 | NZ$600 | 90 | 4.250% Jan 2018 | 7.5
|
| 4.625% Jan 2043 | $700 | 91 | 4.625% Jan 2043 | 7.5
|
| FRNs Feb 2018 | $102 | 92 | FRNs Feb 2018 | 7.5
|
| 3 % Feb 2018 | NOK1,300 | 93 | 3.000% Feb 2018 | 7.5
|
| 8.5% Apr 2018 | MXN3,250 | 94 | 8.500% Apr 2018 | 12.5
|
| 4.21% Apr 2018 | HK$550 | 95 | 4.210% Apr 2018 | 7.5
|
| 8.87% Jun 2018 | MXN2,500 | 96 | 8.870% Jun 2018 | 12.5
|
| 4.93% Jun 2018 | HK$400 | 97 | 4.930% Jun 2018 | 7.5
|
| FRNs Aug 2018 | $300 | 98 | FRNs Aug 2018 | 7.5
|
| FRNs Dec 2018 | $100 | 99 | FRNs Dec 2018 | 7.5
|
| FRNs Jul 2019 | SEK1,100 | 100 | FRNs Jul 2019 | 1 | 0
|
| 3.25% Jul 2019 | SEK500 | 101 | 3.250% Jul 2019 | 10
|
| 6.25% Sept 2020 | £200 | 102 | 6.250% Sept 2020 | 15
|
| 5.5% Jun 2021 | £360 | 103 | 5.500% Jun 2021 | 15
|
| 6.31% Oct 2021 | NOK500 | 104 | 6.310% Oct 2021 | 15
|
| 8.35% Sept 2022 | MXN3,120 | 105 | 8.350% Sept 2022 | 22.5
|
| 4.5351% Aug 2023 | HK$400 | 106 | 4.5351% Aug 2023 | 17.5
|
| FRNs May 2024 | $175.50 | 107 | FRNs May 2024 | 20
|
| 5.55% Jan 2026 | $500 | 108 | 5.550% Jan 2026 | 20
|
| FRNs May 2026 | $950 | 109 | FRNs May 2026 | 20
|
| 3.75% Apr 2028 | $50 | 110 | 3.750% Apr 2028 | 20
|
| 5.25% Dec 2028 | £425 | 111 | 5.250% Dec 2028 | 25
|
| 3.856% Jun 2030 | 150 | 112 | 3.856% Jun 2030 | 20
|
| 5.625% Sept 2031 | £178 | 113 | 5.625% Sept 2031 | 20
|
| 7.5% Aug 2035 | $300 | 114 | 7.500% Aug 2035 | 15
|
| 4.125% Sept 2035 | 750 | 115 | 4.125% Sept 2035 | 35
|
| FRNs Aug 2036 | $300 | 116 | FRNs Aug 2036 | 30
|
| FRNs Nov 2045 | $50 | 117 | FRNs Nov 2045 | 30
|
| FRNs Dec 2046 | $79 | 118 | FRNs Dec 2046 | 30
|
| 4.875% Sept 2037 | £750 | 119 | 4.875% Sept 2037 | 15
|
| FRNs Nov 2047 | $162 | 120 | FRNs Nov 2047 | 30
|
| 5.375% Dec 2040 | £450 | 121 | 5.375% Dec 2040 | 37.5
|
| FRNs Dec 2053 | $67.50 | 122 | FRNs Dec 2053 | 30
|
| FRNs Dec 2054 | $78.50 | 123 | FRNs Dec 2054 | 30
|
|
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| All to be exchanged for notes with identical maturity and, for fixed-rate notes, interest rate or, for floaters, method of calculating the interest rate.
|
| Cash amount is per 1,000 principal amount in the relevant currency.
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| Total includes a 50 per 1,000 early participation payment in the relevant currency.
|
| The hybrids, the 5.3% notes due February 2021, the 7.5% notes due August 2035, the 4.125% notes due September 2035 and the 4.875% notes due September 2037 are all subordinated notes but will be exchanged for senior notes. The 7.5% notes due August 2035, the 4.125% notes due September 2035 already have a senior guarantee from GE.
|
| For the 3.8% notes due June 2019, the issuer is GECC and formerly included LJ VP Holdings LLC (JV Penske), an affiliate of GECC, as co-issuer.
|
| F-FRNs are fixed to floating-rate notes.
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