GE’s $4.5 Billion Offering and Concurrent Tender Offer
May 7, 2020
Cleary Gottlieb is representing the initial purchasers, led by BofA Securities, Citigroup, Credit Suisse, and Goldman Sachs & Co. LLC, in an offering by GE Capital Funding LLC (GE Capital), a subsidiary of General Electric Company (GE), of $1.35 billion 3.45% notes due 2025, $1 billion 4.05% notes due 2027, $1.4 billion 4.4% notes due 2030, and $750 million 4.55% notes due 2032.
The notes are guaranteed by GE and were offered for sale in the United States pursuant to Rule 144A and outside of the United States pursuant to Regulation S. The offering priced on May 6, 2020, and is expected to close on May 18, 2020.
Cleary is also representing the dealer managers, led by BofA Securities, Citigroup, Credit Suisse, and Goldman Sachs & Co. LLC, in concurrent tender offers by GE to purchase any and all of the outstanding notes of 14 series issued by subsidiaries of or predecessors to GE Capital. The tender offers launched on May 6, 2020, and the net proceeds of the offering will be used to fund the tender offers.
GE is a high-tech industrial company that operates worldwide through its four industrial segments, power, renewable energy, aviation, and healthcare, and its financial services segment. It serves customers in over 170 countries and carries out manufacturing and service operations at 94 manufacturing plants located in 30 states in the United States and Puerto Rico and at 190 manufacturing plants located in 37 other countries.