Published on 9/6/2012 in the Prospect News Investment Grade Daily.
New Issue: GE Capital gives terms of $2.8 billion sale of notes in new, reopened tranches
By Andrea Heisinger
New York, Sept. 6 - General Electric Capital Corp. gave the terms of its $2.8 billion of new and reopened global senior medium-term notes (A1/AA+/) in FWP filings with the Securities and Exchange Commission.
A 1.625% note due 2015 was reopened to add $800 million. The new notes were priced at 101.436 to yield 1.106% with a spread of 80 basis points over Treasuries.
Total issuance was $2 billion, including $1.2 billion priced at 125 bps over Treasuries on June 27.
There was a $2 billion tranche of 3.15% 10-year notes sold at 99.855 to yield 3.167% with a spread of Treasuries plus 160 bps.
Both notes are non-callable.
Bookrunners for the 10-year notes were Bank of America Merrill Lynch, Barclays, Citigroup Global Markets Inc. and Credit Suisse Securities (USA) LLC.
Bookrunners for the three-year reopened notes were Blaylock Robert Van LLC, CastleOak Securities LP, Citigroup, Lebenthal & Co. LLC, Mischler Financial Group Inc., Samuel A. Ramirez & Co. Inc. and Williams Capital Group LP.
The funding arm of General Electric Co. is based in Norwalk, Conn.
| Issuer: | General Electric Capital Corp.
|
| Issue: | Global senior medium-term notes
|
| Amount: | $2.8 billion
|
| Bookrunners: | Blaylock Robert Van LLC, CastleOak Securities LP, Citigroup Global Markets Inc., Lebenthal & Co. LLC, Mischler Financial Group, Inc., Samuel A. Ramirez & Co. Inc., Williams Capital Group LP (three-year notes); Bank of America Merrill Lynch, Barclays, Citigroup, Credit Suisse Securities (USA) LLC (10-year notes)
|
| Co-managers: | Bank of America, Barclays, Credit Suisse (three-year notes); Blaylock Robert Van, CastleOak Securities, Drexel Hamilton, LLC, Lebenthal, Loop Capital Markets LLC, Mischler Financial, Ramirez & Co., Williams Capital (10-year)
|
| Trade date: | Sept. 4
|
| Settlement date: | Sept. 7
|
| Ratings: | Moody's: A1
|
| Standard & Poor's: AA+
|
|
|
| Three-year notes
|
| Amount: | $800 million, reopened
|
| Maturity: | July 2, 2015
|
| Coupon: | 1.625%
|
| Price: | 101.436
|
| Yield: | 1.106%
|
| Spread: | Treasuries plus 80 bps
|
| Call: | Non-callable
|
| Total issuance: | $2 billion, including $1.2 billion priced on June 27
|
|
|
| 10-year notes
|
| Amount: | $2 billion
|
| Maturity: | Sept. 7, 2022
|
| Coupon: | 3.15%
|
| Price: | 99.855
|
| Yield: | 3.167%
|
| Spread: | Treasuries plus 160 bps
|
| Call: | Non-callable
|
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