General Electric gets $15 billion back-up revolving credit facility

By Sarah Lizee

Olympia, Wash., April 20 – General Electric Co. entered into a senior unsecured back-up revolving syndicated credit facility due April 17, 2023 at an initial commitment amount of $15 billion on Friday, according to an 8-K filing with the Securities and Exchange Commission.

JPMorgan Chase Bank, NA, BofA Securities, Inc., Citibank, NA, BNP Paribas Securities Corp., Goldman Sachs Bank USA and Morgan Stanley Senior Funding, Inc. are joint bookrunners and joint lead arrangers. BofA and Citi are the syndication agents and BNP Paribas Securities Corp., Goldman Sachs Bank USA and Morgan Stanley Senior Funding Inc. are documentation agents.

The new facility refinances GE’s prior $20 billion back-up revolving syndicated credit facility that was scheduled to mature in May 2021. The previous facility was terminated.

The closing also terminated GE’s revolving syndicated credit facility that was scheduled to mature in December 2020, which had an aggregate revolving commitment amount of about $4 billion following the sale of the BioPharma business within the company’s Healthcare segment.

Proceeds from the new loan, which was undrawn at close, may be used for general corporate purposes.

The facility includes a net debt-to-EBITDA financial covenant.

Pricing was not disclosed in the filing.

GE is a Fairfield, Conn.-based industrial manufacturer.

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