By Andrea Heisinger
New York, Dec. 4 - General Electric Capital Corp. late Thursday priced an upsized $6.5 billion of notes (Aaa/AAA/AAA) in four tranches backed by the Federal Deposit Insurance Corp. Temporary Liquidity Guarantee Program, market sources said.
The issue was originally announced Tuesday in a prospectus as a single tranche of three-year fixed-rate notes.
A source close to the deal said they could not release any terms pending a completed FWP filing with the Securities and Exchange Commission.
The largest tranche was $3.5 billion of three-year fixed-rate notes. Other terms of the tranche were not immediately disclosed.
The $1 billion of floating-rate notes due in 2010 priced at par to yield three-month Libor plus 40 bps.
The $1 billion of two-year floaters priced at par to yield three-month Libor plus 63 bps.
The $1 billion of three-year floaters priced at par to yield three-month Libor plus 93 bps.
All of the notes are non-callable.
Joint lead managers were Banc of America Securities LLC, Barclays Capital and Citigroup Global Markets Inc.
The notes will be guaranteed by the FDIC until their maturity.
The funding arm of General Electric is based in Fairfield, Conn.
| Issuer: | General Electric Capital Corp.
|
| Guarantor: | Federal Deposit Insurance Corp.
|
| Issue: | FDIC-backed notes
|
| Total amount: | $6.5 billion, upsized to four tranches
|
| Joint lead managers: | Banc of America Securities LLC, Barclays Capital, Citigroup Global Markets Inc.
|
| Trade date: | Dec. 4
|
| Ratings: | Moody's: Aaa
|
| Standard & Poor's: AAA
|
| Fitch: AAA
|
|
|
| Three-year notes
|
| Amount: | $3.5 billion
|
| Issue: | Fixed-rate notes
|
| Maturity: | December 2011
|
| Call: | Non-callable
|
|
|
| Floaters due 2010
|
| Amount: | $1 billion
|
| Maturity: | 2010
|
| Coupon: | Three-month Libor plus 40 bps
|
| Price: | Par
|
| Yield: | Three-month Libor plus 40 bps
|
| Call: | Non-callable
|
|
|
| Two-year floaters
|
| Amount: | $1 billion
|
| Maturity: | 2010
|
| Coupon: | Three-month Libor plus 63 bps
|
| Price: | Par
|
| Yield: | Three-month Libor plus 63 bps
|
| Call: | Non-callable
|
|
|
| Three-year floaters
|
| Amount: | $1 billion
|
| Maturity: | 2011
|
| Coupon: | Three-month Libor plus 93 bps
|
| Price: | Par
|
| Yield: | Three-month Libor plus 93 bps
|
| Call: | Non-callable
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
