GE Capital Files $50 Billion Mixed Securities Shelf
Monday March 18, 5:01 pm Eastern Time
WASHINGTON -- General Electric Capital Co ., the financing arm of General Electric Co . (GE), has filed to sell up to $50 billion of debt, warrants, preferred stock, guarantees, letters of credit and promissory notes from time to time under a shelf-registration statement filed Monday with the Securities and Exchange Commission.
Details of the securities will be provided in a prospectus.
The company intends to use the net proceeds for financing operations.
No underwriters were listed in the filing.
Wednesday, GE Capital issued an $11 billion three-part global bond offering, grabbing the record for the largest dollar-denominated domestic bond issue to date.
The GE Capital deal was increased from an initial $6 billion. News of the increase put pressure on the long bond and gave the dollar a brief lift against other major currencies.
GE Capital to Seek Additional Bank Line Coverage
Separately, GE Capital 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," Ms. Moretti said.
The spokeswoman 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.
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