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General Electric to redeem fixed-to-floating perpetual preferreds
By Mary-Katherine Stinson
Lexington, Ky., Feb. 13 – General Electric Co. will redeem 3 million outstanding shares of its fixed-to-floating rate non-cumulative perpetual preferred stock, series D, (Cusip: 369604BQ5), according to an 8-K filing with the Securities and Exchange Commission.
The $1,000-par preferreds will be redeemed at par on March 15.
The company will use cash for the redemption.
The regular dividend payment for the preferreds is also due March 15. It will be paid separately on that date to holders of record as of Feb. 28 at a rate equal to Libor plus a spread of 333 basis points.
Dividends will cease to accrue on redeemed shares.
General Electric is a digital industrial company based in Boston.
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