By Andrea Heisinger
Omaha, April 16 - General Electric Capital Corp. priced $8.5 billion of notes (Aaa/AAA) in three tranches Wednesday, an informed source said.
A $2.5 billion tranche of 4.8% five-year notes priced at 99.791 to yield 4.847%, or Treasuries plus 205 basis points.
A $4 billion tranche of 5.625% 10-year notes priced at 99.733 to yield 5.66%, or Treasuries plus 200 bps.
Each of these tranches priced in line with talk, which was in the 205 bps area for the five-year notes and the 200 bps area for the 10-year notes, the source said.
The company also reopened its issue of 5.875% 30-year notes to add $2 billion, making up the third tranche. These notes are priced at 92.424 to yield 6.45%, or Treasuries plus 199.4 bps.
Total issuance for these notes is now $6 billion, including $4 billion priced Jan. 8 at Treasuries plus 165 bps.
All of the tranches are non-callable.
Bookrunners were Banc of America Securities LLC, Goldman Sachs & Co., Lehman Brothers Inc. and Morgan Stanley & Co. Inc.
The tranches had a new issue premium of between 15 bps and 30 bps, a market source said, with the five-year notes the highest.
The consumer and commercial financing arm of General Electric is based in Fairfield, Conn.
| Issuer: | General Electric Capital Corp.
|
| Issue: | Notes
|
| Amount: | $8.5 billion
|
| Bookrunners: | Banc of America Securities LLC, Goldman Sachs & Co., Lehman Brothers Inc. and Morgan Stanley & Co. Inc.
|
| Trade date: | April 16
|
| Settlement date: | April 21
|
| Ratings: | Moody's: Aaa
|
| Standard & Poor's: AAA
|
|
|
| Five-year tranche
|
| Amount: | $2.5 billion
|
| Maturity: | May 1, 2013
|
| Coupon: | 4.8%
|
| Price: | 99.791
|
| Yield: | 4.847%
|
| Spread: | Treasuries plus 205 bps
|
| Call: | Non-callable
|
| Price talk: | 205 bps area
|
|
|
| 10-year tranche
|
| Amount: | $4 billion
|
| Maturity: | May 1, 2018
|
| Coupon: | 5.625%
|
| Price: | 99.733
|
| Yield: | 5.66%
|
| Spread: | Treasuries plus 200 bps
|
| Call: | Non-callable
|
| Price talk: | 200 bps area
|
|
|
| 30-year tranche
|
| Amount: | $2 billion reopened
|
| Maturity: | Jan. 14, 2038
|
| Coupon: | 5.875%
|
| Price: | 92.424
|
| Yield: | 6.45%
|
| Spread: | Treasuries plus 199.4 bps
|
| Call: | Non-callable
|
| Total issuance: | $6 billion, including $4 billion priced Jan. 8, 2008
|
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