By Aleesia Forni
Virginia Beach, Jan. 6 – General Electric Capital Corp. sold $4.5 billion of senior notes (A1/AA+/) in two- and five-year tranches on Tuesday, a market source said.
There was $2 billion of floating-rate notes due 2017 priced at par to yield Libor plus 28 basis points.
The notes sold at the tight end of talk.
A second tranche was $500 million of floaters due 2020 priced at par to yield Libor plus 62 bps.
Finally, $2 billion of 2.2% notes due 2020 sold at 99.939 to yield 2.213%, or Treasuries plus 75 bps.
The notes sold at the tight end of talk.
Proceeds will be used for general corporate purposes.
Citigroup Global Markets Inc., Goldman Sachs & Co., J.P. Morgan Securities LLC and Morgan Stanley & Co. LLC were the bookrunners.
The funding arm of General Electric Co. is based in Fairfield, Conn.
| Issuer: | General Electric Capital Corp.
|
| Issue: | Senior notes
|
| Amount: | $4.5 billion
|
| Bookrunners: | Citigroup Global Markets Inc., Goldman Sachs & Co., J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC
|
| Trade date: | Jan. 6
|
| Settlement date: | Jan. 9
|
| Ratings: | Moody’s: A1
|
| Standard & Poor’s: AA+
|
| Distribution: | SEC registered
|
|
|
| Two-year floaters
|
| Amount: | $2 billion
|
| Maturity: | Jan. 9, 2017
|
| Coupon: | Libor plus 28 bps
|
| Price: | Par
|
| Yield: | Libor plus 28 bps
|
| Price talk: | 28 bps to 30 bps, tightened from 30 bps to low-30 bps area
|
|
|
| Five-year floaters
|
| Amount: | $500 million
|
| Maturity: | Jan. 9, 2020
|
| Coupon: | Libor plus 62 bps
|
| Price: | Par
|
| Yield: | Libor plus 62 bps
|
| Price talk: | Libor equivalent to five-year notes
|
|
|
| Five-year notes
|
| Amount: | $2 billion
|
| Maturity: | Jan. 9, 2020
|
| Coupon: | 2.2%
|
| Price: | 99.939
|
| Yield: | 2.213%
|
| Spread: | Treasuries plus 75 bps
|
| Price talk: | 75 bps to 77 bps, tightened from 80 bps to 85 bps
|
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