GE Commences Registered Exchange Offer for GE Capital Funding, LLC’s 3.450% Notes due 2025, 4.050% Notes due 2027, 4.400% Notes due 2030 and 4.550% Notes due 2032
General Electric (NYSE:GE) and GE Capital Funding have launched an Exchange Offer for $6.0 billion in Outstanding Notes with maturities from 2025 to 2032. This offer includes 3.450% Notes due 2025, 4.050% Notes due 2027, 4.400% Notes due 2030, and 4.550% Notes due 2032, all fully guaranteed by GE. The Exchange Offer aims to meet obligations under registration rights agreements, with no proceeds going to either GE or GECF. The offer expires on May 5, 2021, with settlement following shortly after. The details are available in a prospectus filed with the SEC.
- Successful registration of Exchange Notes eliminates transfer restrictions and enhances liquidity.
- The Exchange Offer fulfills obligations under existing registration rights agreements.
- No proceeds will be generated from the Exchange Offer, limiting immediate financial benefit.
- Uncertainty remains regarding the timely consummation of the Exchange Offer due to market conditions.
General Electric Company (NYSE:GE) and GE Capital Funding, LLC (“GECF”) today commenced an offer to exchange (the “Exchange Offer”) any and all of GECF’s
The terms of the Exchange Notes are identical in all material respects to those of the applicable series of the Outstanding Notes, except that the Exchange Notes have been registered under the Securities Act of 1933, as amended, and the transfer restrictions, restrictive legends, registration rights and additional interest provisions relating to the Original Notes do not apply to the Exchange Notes. The purpose of the Exchange Offer is to fulfill the obligations of GE and GECF under the registration rights agreements entered into in connection with the issuance of the Outstanding Notes. Neither GE nor GECF will receive any proceeds from the Exchange Offer.
The Exchange Offer will expire at 5:00 p.m. Eastern Standard Time (EST) on May 5, 2021, unless extended (such date and time, as may be extended, the “Expiration Date”). The settlement date for the Exchange Offer will occur promptly following the Expiration Date. The terms of the Exchange Offer and other information relating to GE, GECF and the Exchange Notes are set forth in a prospectus dated April 7, 2021, a copy of which has been filed with the Securities and Exchange Commission. GE and GECF have not authorized any person to provide information other than as set forth in the prospectus.
Copies of the prospectus and the related letter of transmittal governing the Exchange Offer can be obtained from the exchange agent, The Bank of New York Mellon, at its address below:
The Bank of New York Mellon, as Exchange Agent
c/o BNY Mellon
Corporate Trust Operations- Reorganization Unit
111 Sanders Creek Parkway
East Syracuse, NY 13057
Attn: Tiffany Castor
Tel: 315-414-3034
Fax: 732-667-9408
E-mail: CT_REORG_UNIT_INQUIRIES@bnymellon.com
General
This announcement is for informational purposes only. This announcement is not an offer to sell or a solicitation of an offer to purchase any Notes or any other securities of GE or any of its subsidiaries. The Exchange Offer is being made solely pursuant to the prospectus dated April 7, 2021, including any supplements thereto, and only to such persons and in such jurisdictions as is permitted under applicable law.
Special Note Regarding Forward-Looking Statements
This announcement contains “forward-looking statements”—that is, statements related to future, not past, events. In this context, forward-looking statements often address our expected future business and financial performance and financial condition, and often contain words such as “expect,” “anticipate,” “intend,” “plan,” “believe,” “seek,” “see,” “will,” “would,” “estimate,” “forecast,” “target,” “preliminary,” or “range.” Forward-looking statements by their nature address matters that are, to different degrees, uncertain, such as statements about the consummation of the Exchange Offer. Uncertainties that could cause our actual results to be materially different than those expressed in our forward-looking statements include, but are not limited to, the failure or inability to consummate the Exchange Offer in a timely manner or at all, the failure or inability to make or take any filing or other action required to consummate the Exchange Offer in a timely manner or at all, and changes in market conditions. These or other uncertainties may cause our actual future results to be materially different from those expressed in our forward-looking statements.
About GE
GE (NYSE:GE) rises to the challenge of building a world that works. For more than 125 years, GE has invented the future of industry, and today the company’s dedicated team, leading technology, and global reach and capabilities help the world work more efficiently, reliably, and safely. GE’s people are diverse and dedicated, operating with the highest level of integrity and focus to fulfill GE’s mission and deliver for its customers. www.ge.com
GE’s Investor Relations website at www.ge.com/investor and our corporate blog at www.ge.com/reports and @GE_Reports on Twitter, as well as GE’s Facebook page and Twitter accounts, contain a significant amount of information about GE, including financial and other information for investors. GE encourages investors to visit these websites from time to time, as information is updated and new information is posted.
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FAQ
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