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Politics : Formerly About Applied Materials -- Ignore unavailable to you. Want to Upgrade?

To: StanX Long who wrote (62063)	3/14/2002 1:38:16 AM
From: StanX Long	Read Replies (1) \| Respond to of 70976

GE Capital sells $11 billion in bonds Second largest bond sale ever by a U.S. company msnbc.com NEW YORK, March 13 — General Electric Co.’s finance arm on Wednesday sold $11 billion of global bonds, the second largest bond sale ever by a U.S. company, locking in low financing costs before interest rates rise as the U.S. economy recovers. THE STAMFORD, CONNECTICUT-based unit of blue-chip GE, the conglomerate whose operations include financial services, aerospace, NBC television and the making of appliances and light bulbs, nearly doubled its sale from $6 billion after receiving what one investor said was $22 billion of bids. The sale was the largest ever of dollar-denominated corporate bonds, and the second largest by a U.S. company, after long-distance phone company WorldCom Inc.’s multi-currency $11.9 billion sale last May. It was also the fourth biggest corporate bond sale worldwide. “Eleven billion dollars,” said Stephen Mahoney, who invests $4 billion in bonds for Glenmede Trust Co. in Philadelphia. “If I were a corporate treasurer, it’s a very smart move. Corporate treasurers are deciding this may be the last opportunity to fund their business at low interest rate levels.” He did not plan to buy the new bonds, but already owns GE Capital debt. GE Capital sold $4 billion of three-year floating-rate notes yielding 0.125 percentage points more than three-month Libor (London Interbank Offered Rate); $2 billion of five-year notes yielding 5.395 percent, and $5 billion of 30-year bonds yielding 6.844 percent.