General Electric downsizes back-up revolving facility to $10 billion

By Wendy Van Sickle

Columbus, Ohio, May 27 – General Electric Co. entered into an amended and restated senior unsecured back-up revolving syndicated credit facility maturing May 27, 2026 at an initial commitment amount of $10 billion on Thursday, according to an 8-K filing with the Securities and Exchange Commission.

The facility replaces the $15 billion back-up revolver that was due to mature in April 2023.

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.

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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