By Stephanie N. Rotondo
Phoenix, May 29 - General Electric Capital Corp. sold $1 billion of 5.25% $100,000-par series C fixed-to-floating rate noncumulative perpetual preferred stock, a market source on Wednesday.
Barclays, BofA Merrill Lynch, Citigroup Global Markets Inc., Goldman Sachs & Co., J.P. Morgan Securities LLC and Morgan Stanley & Co. LLC are the joint bookrunning managers.
When declared, dividends will initially be paid at a fixed rate on a semiannual basis. Beginning June 15, 2023, the dividend will float at a rate of Libor plus a spread.
Once floating, the dividends will be payable quarterly.
The preferreds can be redeemed in whole or in part on or after June 15, 2023 at par plus accrued dividends. Additionally, the Norwalk, Conn.-based company can call the issue in whole within 90 days of a regulatory capital treatment event.
The preferreds will not be listed on any exchange.
Proceeds will be used for general corporate purposes.
| Issuer: | General Electric Capital Corp.
|
| Securities: | Series C fixed-to-floating rate noncumulative preferred stock
|
| Amount: | $1 billion
|
| Maturity: | Perpetual
|
| Bookrunners: | Barclays, BofA Merrill Lynch, Citigroup Global Markets Inc., Goldman Sachs & Co., J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC
|
| Dividend: | Fixed at 5.25% until June 15, 2023, then resets to Libor plus a spread
|
| Price: | Par of $100,000
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| Yield: | 5.25%
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| Call options: | On or after June 15, 2023 at par plus accrued dividends or within 90 days of a regulatory capital treatment event
|
| Pricing date: | May 29
|
| Settlement date: | June 3
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