By Andrea Heisinger
New York, Jan. 3 - General Electric Capital Corp. sold $4 billion of notes (A1/AA+/) in three tranches in Thursday's session, a source told Prospect News.
A $600 million tranche of three-year floating-rate notes was sold at par to yield Libor plus 60 basis points. Pricing was at the low end of initial talk in the Libor plus 62.5 bps area.
There was $1.4 billion of 1% three-year notes priced at 99.679 to yield 1.109% with a spread of Treasuries plus 72 bps. The tranche sold at the tight end of guidance in the 75 bps area.
Finally, a $2 billion tranche of 3.1% 10-year notes was sold at 99.812 to yield 3.122% with a spread of 122 bps over Treasuries. Pricing was also at the tight end of talk in the 125 bps area.
Bank of America Merrill Lynch, Barclays, Citigroup Global Markets Inc., Goldman Sachs & Co. and Morgan Stanley & Co. LLC were bookrunners.
The funding arm of General Electric Co. is based in Norwalk, Conn.
| Issuer: | General Electric Capital Corp.
|
| Issue: | Notes
|
| Amount: | $4 billion
|
| Bookrunners: | Bank of America Merrill Lynch, Barclays, Citigroup Global Markets Inc., Goldman Sachs & Co., Morgan Stanley & Co. LLC
|
| Trade date: | Jan. 3
|
| Settlement date: | Jan. 8
|
| Ratings: | Moody's: A1
|
| Standard & Poor's: AA+
|
|
|
| Three-year floaters
|
| Amount: | $600 million
|
| Maturity: | Jan. 8, 2016
|
| Coupon: | Libor plus 60 bps
|
| Price: | Par
|
| Yield: | Libor plus 60 bps
|
| Price talk: | Libor plus 62.5 bps area
|
|
|
| Three-year notes
|
| Amount: | $1.4 billion
|
| Maturity: | Jan. 8, 2016
|
| Coupon: | 1%
|
| Price: | 99.679
|
| Yield: | 1.109%
|
| Spread: | Treasuries plus 72 bps
|
| Price talk: | 75 bps area
|
|
|
| Ten-year notes
|
| Amount: | $2 billion
|
| Maturity: | Jan. 9, 2023
|
| Coupon: | 3.1%
|
| Price: | 99.812
|
| Yield: | 3.122%
|
| Spread: | Treasuries plus 122 bps
|
| Price talk: | 125 bps area
|
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