By Stephanie N. Rotondo
Phoenix, May 9 - General Electric Capital Corp. priced $750 million of 4.7% $25-par senior notes due May 16, 2053 (expected ratings: A1/AA+/), according to a market source.
Morgan Stanley & Co. LLC, BofA Merrill Lynch, UBS Securities LLC and Wells Fargo Securities LLC are the joint bookrunners.
Interest will be payable on the 16th day of February, May, August and November, beginning Aug. 16. The notes become callable at par plus accrued interest on or after May 16, 2018.
Proceeds will be used for general corporate purposes.
GE Capital is a Norwalk, Conn.-based wholly owned subsidiary of General Electric and a provider of a select range of financial services and products.
| Issuer: | General Electric Capital Corp.
|
| Securities: | Senior notes
|
| Amount: | $750 million
|
| Maturity: | May 16, 2053
|
| Bookrunners: | Morgan Stanley & Co. LLC, BofA Merrill Lynch, UBS Securities LLC, Wells Fargo Securities LLC
|
| Coupon: | 4.7%
|
| Price: | Par of $25
|
| Yield: | 4.7%
|
| Talk: | 4.75% to 4.875%
|
| Call options: | On or after May 16, 2018 at par plus accrued interest
|
| Pricing date: | May 9
|
| Settlement date: | May 16
|
| Expected ratings: | Moody's: A1
|
| Standard & Poor's: AA+
|
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