General Electric to price notes in fixed-, floating-rate tranches

By Andrea Heisinger

New York, Oct. 1 - General Electric Co. is expected to price an offering of notes (Aa3/AA+/) in four tranches on Monday, according to market sources and a filing with the Securities and Exchange Commission.

The offering includes three-year fixed-rate notes that are talked at Treasuries plus 55 basis points to 65 bps, which was revised from initial talk in the 67.5 bps area, plus or minus 2.5 bps.

There is also a tranche of three-year floating-rate notes.

A tranche of 10-year notes is talked in the Treasuries plus 110 bps to 120 bps range, revised from initial talk in the 125 bps area.

And a tranche of 30-year bonds is talked in the Treasuries plus 135 bps to 145 bps range, which was revised from initial talk in the 157.5 bps area.

Active bookrunners are Barclays, Citigroup Global Markets Inc. and Deutsche Bank Securities Inc. Passive bookrunners are Goldman Sachs & Co., Morgan Stanley & Co. LLC and J.P. Morgan Securities LLC.

Proceeds will be used to repay debt, including all or a portion of $5 billion of 5% notes due in 2013, and for general corporate purposes.

GE was last in the market with a $4 billion issue of 5.25% 10-year notes priced on Nov. 29, 2007 at Treasuries plus 140 bps.

The technology and financial services company is based in Fairfield, Conn.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.