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General Electric launches tender offers for 14 series of dollar, euro and sterling notes
By Marisa Wong
Los Angeles, May 6 – General Electric Co. (GE) announced offers to purchase for cash any and all of 14 series of dollar-, euro- and sterling-denominated notes originally issued by General Electric Capital Corp. (GECC) and assumed by GE, and subsidiaries GE Capital European Funding Unlimited Co. (formerly GE Capital European Funding) or GE Capital UK Funding Unlimited Co. (formerly GE Capital UK Funding).
The offer expires at 5 p.m. ET on May 14. Settlement is expected to be on May 19.
Tenders under guaranteed delivery procedures must be submitted by 5 p.m. ET on May 18.
Tenders may be withdrawn at any time prior to the expiration of the offer.
Tendered notes will be accepted according to acceptance priority level.
Each offer is subject to a financing condition. GE subsidiary GE Capital Funding, LLC is planning new notes maturing after Sept. 13, 2023, proceeds of which would be used to fund the tender offer.
If the proceeds from the new notes are insufficient to purchase all of the tendered notes of a particular series, after taking into account notes of each series accepted for purchase with a higher acceptance priority level, then no notes of that series will be accepted for purchase. As a result, no series of notes accepted for purchase will be prorated.
BofA Securities, Inc., Merrill Lynch International, Citigroup Global Markets Inc., Citigroup Global Markets Ltd., Credit Suisse Securities (USA) LLC, Credit Suisse Securities (Europe) Ltd., Goldman Sachs & Co. LLC and Goldman Sachs International are lead dealer managers, and Deutsche Bank Securities Inc., HSBC Bank plc, HSBC Securities (USA) Inc., Mizuho Securities USA LLC and SMBC Nikko Securities America, Inc. are co-dealer managers for the offer.
D.F. King (800 499-8541, 212 269-5550 or +44 20 7920 9700; ge@dfkingltd.com; http://www.dfking.com/ge) is the information and tender agent.
GE is a Boston-based conglomerate.
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