GE (NYSE:GE) today announced multiple transactions to extend its
GE Capital debt maturities and enhance its liquidity profile,
following a series of recent steps the Company has taken to
solidify its financial position.
GE Capital is launching a strategic debt issuance of private
debt offerings across four U.S. dollar-denominated tranches. A
euro-denominated offering may follow. GE Capital intends to use the
net proceeds from the offerings to fund the tender of up to an
equivalent in aggregate principal amount of GE Capital bonds
maturing through 2023. Any excess proceeds will be used to
repurchase, redeem or repay outstanding debt obligations, including
upcoming maturities of outstanding notes. The combination of these
transactions is expected to be leverage-neutral over time.
The debt will be issued by GE Capital Funding, LLC, a newly
formed finance subsidiary of GE Capital, and guaranteed by General
Electric Company (“GE”). The bonds will rank pari passu with the
outstanding existing and future senior unsecured debt of GE.
The securities referenced herein will be offered and sold to
qualified institutional buyers in accordance with Rule 144A under
the Securities Act of 1933, as amended (the "Securities Act"), and
to non-U.S. persons outside the United States in accordance with
Regulation S under the Securities Act and applicable exemptions
from registration, prospectus or like requirements under the laws
and regulations of the relevant jurisdictions outside the United
States. The securities referenced herein and related guarantees
have not been registered under the Securities Act, or any state
securities laws, and may not be offered or sold in the United
States absent registration or an applicable exemption from the
registration requirements of the Securities Act and the rules
promulgated thereunder.
This press release does not constitute an offer to sell or a
solicitation of an offer to buy any securities referenced herein,
nor shall there be any sale of such securities in any state or
jurisdiction in which such offer, solicitation or sale would be
unlawful prior to registration or qualification under the
securities laws of any such state or jurisdiction.
Caution Concerning Forward-Looking Statements
This release contains “forward-looking statements”—that is,
statements related to future, not past, events. These
forward-looking statements often address our expected future
business and financial performance and financial condition, and
often contain words such as “expect,” “anticipate,” “intend,”
“plan,” “believe,” “seek,” “see,” “will,” “would,” “estimate,”
“forecast,” “target,” “preliminary,” or “range.” Forward-looking
statements by their nature address matters that are, to different
degrees, uncertain, such as statements about the expected timing,
size or other terms of the debt issuance and tender offer; our
ability to complete the debt issuance and tender offer; the
potential impacts of the COVID-19 pandemic on our business
operations, financial results and financial position and on the
world economy; our expected financial performance, including cash
flows, revenues, organic growth, margins, earnings and earnings per
share; macroeconomic and market conditions and volatility; planned
and potential business or asset dispositions; our de-leveraging
plans, including leverage ratios and targets, the timing and nature
of actions to reduce indebtedness and our credit ratings and
outlooks; GE’s and GE Capital’s funding and liquidity; our
businesses’ cost structures and plans to reduce costs;
restructuring, goodwill impairment or other financial charges; or
tax rates.
For us, particular uncertainties that could cause our actual
results to be materially different than those expressed in our
forward-looking statements include: the severity, magnitude and
duration of the COVID-19 pandemic, including impacts of the
pandemic and of businesses’ and governments’ responses to the
pandemic on our operations and personnel, and on commercial
activity and demand across our and our customers’ businesses, and
on global supply chains; our inability to predict the extent to
which the COVID-19 pandemic and related impacts will continue to
adversely impact our business operations, financial performance,
results of operations, financial position, the prices of our
securities and the achievement of our strategic objectives; changes
in macroeconomic and market conditions and market volatility
(including developments and volatility arising from the COVID-19
pandemic), including interest rates, the value of securities and
other financial assets (including our equity ownership position in
Baker Hughes), oil and other commodity prices and exchange rates,
and the impact of such changes and volatility on our financial
position; our de-leveraging and capital allocation plans, including
with respect to actions to reduce our indebtedness, the timing and
amount of GE dividends, organic investments, and other priorities;
further downgrades of our current short- and long-term credit
ratings or ratings outlooks, or changes in rating application or
methodology, and the related impact on our liquidity, funding
profile, costs and competitive position; GE’s liquidity and the
amount and timing of our GE Industrial cash flows and earnings,
which may be impacted by customer, supplier, competitive,
contractual and other dynamics and conditions; GE Capital’s capital
and liquidity needs, including in connection with GE Capital’s
run-off insurance operations and discontinued operations, the
amount and timing of required capital contributions to the
insurance operations and any strategic actions that we may pursue;
the impact of conditions in the financial and credit markets on GE
Capital’s ability to sell financial assets; the availability and
cost of funding; and GE Capital’s exposure to particular
counterparties and markets; our success in executing and completing
asset dispositions or other transactions, including our plan to
exit our equity ownership position in Baker Hughes, the timing of
closing for such transactions and the expected proceeds and
benefits to GE; global economic trends, competition and
geopolitical risks, including changes in the rates of investment or
economic growth in key markets we serve, or an escalation of trade
tensions such as those between the U.S. and China; market
developments or customer actions that may affect levels of demand
and the financial performance of the major industries and customers
we serve, such as secular, cyclical and competitive pressures in
our Power business, pricing and other pressures in the renewable
energy market, levels of demand for air travel and other customer
dynamics such as early aircraft retirements, conditions in key
geographic markets and other shifts in the competitive landscape
for our products and services; operational execution by our
businesses, including our ability to improve the operations and
execution of our Power and Renewable Energy businesses, and the
performance of our Aviation business; changes in law, regulation or
policy that may affect our businesses, such as trade policy and
tariffs, regulation related to climate change and the effects of
U.S. tax reform and other tax law changes; our decisions about
investments in new products, services and platforms, and our
ability to launch new products in a cost-effective manner; our
ability to increase margins through implementation of operational
changes, restructuring and other cost reduction measures; the
impact of regulation and regulatory, investigative and legal
proceedings and legal compliance risks, including the impact of
Alstom, SEC and other investigative and legal proceedings; the
impact of actual or potential failures of our products or
third-party products with which our products are integrated, such
as the fleet grounding of the Boeing 737 MAX and the timing of its
return to service and return to delivery, and related reputational
effects; the impact of potential information technology,
cybersecurity or data security breaches; and the other factors that
are described in “Risk Factors” in our Annual Report on Form 10-K
for the year ended December 31, 2019, filed with the SEC on
February 24, 2020, and under Part II, Item 1A, of our Quarterly
Report on Form 10-Q for the quarter ended March 31, 2020 filed with
the SEC on April 29, 2020, as such descriptions may be updated or
amended in any future reports we file with the SEC. These or other
uncertainties may cause our actual future results to be materially
different than those expressed in our forward-looking statements.
Forward-looking statements speak only as of the date they were
made, and we do not undertake to update them.
About GE
GE (NYSE:GE) rises to the challenge of building a world that
works. For more than 125 years, GE has invented the future of
industry, and today the company’s dedicated team, leading
technology, and global reach and capabilities help the world work
more efficiently, reliably, and safely. GE’s people are diverse and
dedicated, operating with the highest level of integrity and focus
to fulfill GE’s mission and deliver for its customers.
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version on businesswire.com: https://www.businesswire.com/news/home/20200506005496/en/
GE Investor Steve Winoker, 617.443.3400
swinoker@ge.com
GE Media Mary Kate Mullaney, 202.304.6514
marykate.nevin@ge.com
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