By Andrea Heisinger
New York, July 9 - General Electric Capital Corp. priced $3.5 billion of notes Tuesday (A1/AA+/) in three parts, an informed source said.
The sale included $900 million of two-year floating-rate notes priced at par to yield Libor plus 38 basis points. Initial guidance was in the Libor plus low 40 bps area.
A $1.35 billion tranche of three-year floaters also priced at par to yield Libor plus 65 bps. The notes were initially talked in the Libor plus low 70 bps area.
Finally, there was $1.25 billion of 1.5% three-year notes sold at 99.968 to yield 1.511% with a spread of Treasuries plus 83 bps. Price talk was initially in the Treasuries plus 90 bps area.
Bookrunners were BofA Merrill Lynch, Barclays and Citigroup Global Markets Inc.
The funding arm of General Electric Co. is based in Norwalk, Conn.
| Issuer: | General Electric Capital Corp.
|
| Issue: | Notes
|
| Amount: | $3.5 billion
|
| Bookrunners: | BofA Merrill Lynch, Barclays, Citigroup Global Markets Inc.
|
| Trade date: | July 9
|
| Settlement date: | July 12
|
| Ratings: | Moody's: A1
|
| Standard & Poor's: AA+
|
|
|
| Two-year floaters
|
| Amount: | $900 million
|
| Maturity: | 2015
|
| Coupon: | Libor plus 38 bps
|
| Price: | Par
|
| Yield: | Libor plus 38 bps
|
| Call: | Non-callable
|
| Price talk: | Libor plus low 40 bps area
|
|
|
| Three-year floaters
|
| Amount: | $1.35 billion
|
| Maturity: | 2016
|
| Coupon: | Libor plus 65 bps
|
| Price: | Par
|
| Yield: | Libor plus 65 bps
|
| Call: | Non-callable
|
| Price talk: | Libor plus low 70 bps area
|
|
|
| Three-year fixed-rate notes
|
| Amount: | $1.25 billion
|
| Maturity: | July 12, 2016
|
| Coupon: | 1.5%
|
| Price: | 99.968
|
| Yield: | 1.511%
|
| Spread: | Treasuries plus 83 bps
|
| Price talk: | 90 bps area
|
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