GENERAL ELECTRIC CO (GE): debt financing — GE launches up to $7B debt tender offer, signs separation agreement for GE HealthCare spin-off

GENERAL ELECTRIC CO

GE announces tender offer to purchase up to $7B aggregate purchase price of 38 series of debt securities; early participation deadline Nov 22.
GE HealthCare spin-off on track for first week of Jan 2023; separation and distribution agreement signed Nov 7.
GEHC entered $5.5B in credit facilities: $2.5B 5-year revolver, $1B 364-day revolver, $2B 3-year term loan, effective Nov 4.
Tender offer proceeds from GEHC debt issuance expected to reduce GE leverage; accepted securities retired and cancelled.
GE has option to guarantee term loan until spin-off; credit facilities include customary covenants.

item 1.01 item 2.03 item 7.01 item 8.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

GENERAL ELECTRIC CO incurred term loan of $2.0 billion with Citibank, N.A., as administrative agent at an alternate base rate or an adjusted term SOFR rate for a one-, three- or six-m maturing three years after its Effective Date.

Instrument: term loan
Principal: $2.0 billion
Counterparty: Citibank, N.A., as administrative agent
Rate: an alternate base rate or an adjusted term SOFR rate for a one-, three- or six-m
Maturity: three years after its Effective Date
Event: incurrence

Exact text from the filing

a three-year senior unsecured term loan credit facility (the “Term Loan Facility” and, together with the Revolving Credit Facilities, the “Credit Facilities”), in an aggregate principal amount of $2.0 billion

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Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

GENERAL ELECTRIC CO incurred revolving credit of $1.0 billion with Citibank, N.A., as administrative agent at an alternate base rate or an adjusted term SOFR rate for a one-, three- or six-m maturing 364 days after its Effective Date.

Instrument: revolving credit
Principal: $1.0 billion
Counterparty: Citibank, N.A., as administrative agent
Rate: an alternate base rate or an adjusted term SOFR rate for a one-, three- or six-m
Maturity: 364 days after its Effective Date
Event: incurrence

Exact text from the filing

a 364-day senior unsecured revolving facility (the “364-Day Revolving Credit Facility” and, together with the 5-Year Revolving Credit Facility, the “Revolving Credit Facilities”) in an aggregate committed amount of $1.0 billion

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Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

GENERAL ELECTRIC CO incurred revolving credit of $2.5 billion with Citibank, N.A., as administrative agent at an alternate base rate or an adjusted term SOFR rate for a one-, three- or six-m maturing five years after its Effective Date.

Instrument: revolving credit
Principal: $2.5 billion
Counterparty: Citibank, N.A., as administrative agent
Rate: an alternate base rate or an adjusted term SOFR rate for a one-, three- or six-m
Maturity: five years after its Effective Date
Event: incurrence

Exact text from the filing

a five-year senior unsecured revolving credit facility (the “5-Year Revolving Credit Facility”) in an aggregate committed amount of $2.5 billion

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

GENERAL ELECTRIC CO entered into Separation and Distribution Agreement with GE Healthcare Holding LLC (effective 2022-11-07).

Action: entry
Agreement: supply
Counterparty: GE Healthcare Holding LLC
Effective: 2022-11-07

Exact text from the filing

On November 7, 2022, General Electric Company (“GE”) and GE Healthcare Holding LLC (“GEHC”), a wholly owned subsidiary of GE, entered into a Separation and Distribution Agreement (the “Separation and Distribution Agreement”).

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GENERAL ELECTRIC CO filing history →

Source: SEC EDGAR

accession 0000930413-22-001930

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