You Would Think $61 Billion Is Enough
Where are those cash cows when you need them?
GE Capital To Seek Additional Bank Line Coverage
03/18/2002
Dow Jones News Services
(Copyright © 2002 Dow Jones & Company, Inc.)
By Christine Richard
Of DOW JONES NEWSWIRES
NEW YORK (Dow Jones)--General Electric Capital Corp., the financing arm of General Electric Co. (GE), is seeking to increase its $33 billion bank line coverage, according to Marissa Moretti, a spokeswoman for GE Capital.
"We are working with the global banking community to increase our bank line coverage," Moretti said.
Moretti declined to give the amount of additional coverage the company was seeking. She said when details have been finalized the company will make an announcement.
GE Capital's short-term debt, which includes commercial paper and long-term maturing debt maturing within one year, equaled $127 billion as of March 11, making it the largest corporate issuer of commercial paper in the world, Moody's Investors Service said in its liquidity assessment of GE Capital released late Monday.
Separately, GE Capital filed a $50 billion mixed shelf registration with the Securities and Exchange Commission Monday.
"We have made a proactive decision to take advantage of the low interest rate environment," Moretti said. |
