By Andrea Heisinger
New York, Jan. 4 - General Electric Capital Corp. sold $4 billion of notes (Aa2/AA+/) in three parts on Wednesday, a source close to the trade said.
A $2 billion tranche of 2.15% three-year notes sold at 99.896 to yield 2.186%, or Treasuries plus 180 basis points.
A $1 billion tranche of 2.9% five-year notes priced at 99.857 to yield 2.931% with a spread of 205 bps over Treasuries.
GE Capital also reopened its issue of 4.65% paper due October 2021 to add $1 billion. The new debt priced at 102.13 to yield 4.379% with a spread of Treasuries plus 240 bps.
Total issuance is $2.75 billion, including $1 billion sold on Oct. 12, 2011 at 247 bps over Treasuries.
Bookrunners were Bank of America Merrill Lynch, Barclays Capital Inc., Citigroup Global Markets Inc., Goldman Sachs & Co., J.P. Morgan Securities LLC and Morgan Stanley & Co. LLC.
Proceeds will be used for general corporate purposes.
The funding arm of General Electric Co. is based in Fairfield, Conn.
| Issuer: | General Electric Capital Corp.
|
| Issue: | Notes
|
| Amount: | $4 billion
|
| Bookrunners: | Bank of America Merrill Lynch, Barclays Capital Inc., Citigroup Global Markets Inc., Goldman Sachs & Co., J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC
|
| Distribution: | Off shelf
|
| Trade date: | Jan. 4
|
| Settlement date: | Jan. 9
|
| Ratings: | Moody's: Aa2
|
| Standard & Poor's: AA+
|
|
|
| Three-year notes
|
| Amount: | $2 billion
|
| Maturity: | Jan. 9, 2015
|
| Coupon: | 2.15%
|
| Price: | 99.896
|
| Yield: | 2.186%
|
| Spread: | Treasuries plus 180 bps
|
| Price talk: | 180 bps area
|
|
|
| Five-year notes
|
| Amount: | $1 billion
|
| Maturity: | Jan. 9, 2017
|
| Coupon: | 2.9%
|
| Price: | 99.857
|
| Yield: | 2.931%
|
| Spread: | Treasuries plus 205 bps
|
| Price talk: | 205 bps area
|
|
|
| 10-year notes
|
| Amount: | $1 billion, reopened
|
| Maturity: | October 2021
|
| Coupon: | 4.65%
|
| Price: | 102.13
|
| Yield: | 4.379%
|
| Spread: | Treasuries plus 240 bps
|
| Price talk: | 240 bps area
|
| Total issuance: | $2.75 billion, including $1.75 billion sold Oct. 12, 2011
|
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