By Aleesia Forni
Virginia Beach, May 13 - General Electric Capital Corp. priced $2.5 billion of senior notes (A1/AA+/) in three parts on Monday, according to a market source.
The sale included $500 million of floating-rate notes due 2017 priced at par to yield Libor plus 28 basis points.
There was also $1 billion of 1.25% three-year notes priced at 99.985 to yield 1.255%, or Treasuries plus 38 bps.
The notes priced at the tight end of talk.
A third tranche was $1 billion of 3.45% notes due 2024, which sold in line with talk with a spread of Treasuries plus 85 bps. Pricing was at 99.581 to yield 3.51%.
The joint bookrunners were Barclays, Citigroup Global Markets Inc., Goldman Sachs & Co., J.P. Morgan Securities LLC and Morgan Stanley & Co. LLC.
The funding arm of General Electric Co. is based in Norwalk, Conn.
| Issuer: | General Electric Capital Corp.
|
| Issue: | Senior notes
|
| Amount: | $2.5 billion
|
| Joint bookrunners: | Barclays, Citigroup Global Markets Inc., Goldman Sachs & Co., J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC
|
| Trade date: | May 12
|
| Settlement date: | May 15
|
| Ratings: | Moody's: A1
|
| Standard & Poor's: AA+
|
| Distribution: | SEC registered
|
|
|
| Three-year floaters
|
| Amount: | $500 million
|
| Maturity: | May 15, 2017
|
| Coupon: | Libor plus 28 bps
|
| Price: | Par
|
| Yield: | Libor plus 28 bps
|
| Price talk: | Libor equivalent to three-year notes
|
|
|
| Three-year notes
|
| Amount: | $1 billion
|
| Maturity: | May 15, 2017
|
| Coupon: | 1.25%
|
| Price: | 99.985
|
| Yield: | 1.255%
|
| Spread: | Treasuries plus 38 bps
|
| Price talk: | Treasuries plus 40 bps
|
|
|
| 10-year notes
|
| Amount: | $1 billion
|
| Maturity: | May 15, 2024
|
| Coupon: | 3.45%
|
| Price: | 99.581
|
| Yield: | 3.51%
|
| Spread: | Treasuries plus 85 bps
|
| Price talk: | Treasuries plus 85 bps area
|
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