GE Announces Expiration and Results of its Debt Tender Offers.
M2 PRESSWIRE-December 21, 2020-: GE Announces Expiration and Results of its Debt Tender Offers
(C)1994-2020 M2 COMMUNICATIONS
RDATE:18122020
* GE Announces Expiration and Results of its Offers to Purchase Any and All of Certain of its Outstanding U.S. Dollar Denominated, Euro Denominated and GBP Denominated Notes (Listed on Table I and Table II Below), originally issued by certain of its subsidiaries
* GE will accept for purchase approximately $2.17 billion (U.S. Dollar equivalent) in GE Capital debt securities, as listed in the tables below, and the offer has now expired
* Represents continued actions to improve GE's financial position and accelerate its transformation
* Including scheduled maturities in the fourth quarter, GE will reduce debt by approximately $16.6 billion in 2020-including approximately $9.6 billion in GE Industrial debt and approximately $7 billion in GE Capital debt-and by approximately $30 billion since the beginning of 2019
* GE continues to maintain elevated liquidity amid an uncertain environment and remains committed to reducing leverage over time
BOSTON -- General Electric Company (NYSE:GE) today announced the expiration and results of its previously announced Offers to purchase for cash any and all of the U.S. Dollar Denominated, Euro Denominated and GBP Denominated Notes listed on (i) Table I below (the "Pool 1 Notes") and (ii) Table II below (the "Pool 2 Notes" and, together with the Pool 1 Notes, the "Notes"), each originally issued by, as applicable, General Electric Capital Corporation (and assumed by GE), GE Capital European Funding Unlimited Company (formerly GE Capital European Funding), or GE Capital UK Funding Unlimited Company (formerly GE Capital UK Funding) (collectively, the "Subsidiary Issuers").
The Offers for the Pool 2 Notes were conditioned on the aggregate Total Consideration for all Pool 2 Notes (after funding the aggregate Total Consideration for any and all validly tendered and not validly withdrawn Pool 2 Notes of each series having a higher Acceptance Priority Level) tendered in the applicable Offer, not exceeding $1,400,000,000 (or the as-converted equivalent, if applicable, as converted on the basis set forth in the Offer to Purchase), subject to the provisions set forth in the Offer to Purchase (the "Pool 2 Total Purchase Price Condition").
The offers to purchase with respect to each series of Notes are being referred to herein as the "Offers" and each, an "Offer." The Notes denominated in U.S. dollars are referred to herein as "Dollar Notes," Notes denominated in Euros are referred to herein as "Euro Notes" and Notes denominated in Sterling are referred to herein as "Sterling Notes."
Each Offer was made upon the terms and subject to the conditions set forth in the offer to purchase, dated December 11, 2020 (as may be amended or supplemented from time to time, the "Offer to Purchase"), and its accompanying notice of guaranteed delivery (the "Notice of Guaranteed Delivery" and, together with the Offer to Purchase, the "Tender Offer Documents"). Capitalized terms used but not defined in this announcement have the meanings given to them in the Offer to Purchase.
* Admitted to trading on the London Stock Exchange.
+ Originally issued by General Electric Capital Corporation and assumed by General Electric Company.
++ Issued by GE Capital European Funding Unlimited Company (formerly known as GE Capital European Funding).
+++ Issued by GE Capital UK Funding Unlimited Company (formerly known as GE Capital UK Funding).
(1) Not including (i) $510,000 in aggregate principal amount of the 4.625% Notes due 2021, (ii) $55,000 in aggregate principal amount of the 5.300% Notes due 2021, (iii) $617,000 in aggregate principal amount of the 4.650% Notes due 2021, (iv) $2,334,000 in aggregate principal amount of the 3.150% Notes due 2022, (v) $182,000 in aggregate principal amount of the Floating Rate Notes due 2023 (CUSIP: 36966THT2 / ISIN: US36966THT25), (vi) $17,000 in aggregate principal amount of the Floating Rate Notes due 2023 (CUSIP: 36966TJA1 / ISIN: US36966TJA16), and (vii) $946,000 in aggregate principal amount of the 3.100% Notes due 2023, each tendered pursuant to the Guaranteed Delivery Procedures (as defined in the Offer to Purchase), for which delivery of such Notes must be made by 5:00 p.m. (Eastern time), on December 21, 2020.
(2) Per $1,000, EUR 1,000 or [pounds sterling]1,000 principal amount of Notes, as applicable.
The Offers expired at 5:00 p.m. (Eastern time) on December 17, 2020. All Pool 1 Notes validly tendered and not validly withdrawn in the applicable Offer have been accepted for purchase. As previously announced, the Offers for the Pool 2 Notes were conditioned on the Pool 2 Total Purchase Price Condition. Because the aggregate Total Consideration (but excluding the applicable Accrued Coupon Payment) for the series of Pool 2 Notes with Acceptance...
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