Wells Fargo’s GE Equipment begins tender offer for three note series

By Angela McDaniels

Tacoma, Wash., Oct. 24 – GE Equipment Finance Funding, LLC began a tender offer for the 0.95% class A-3 notes due 2017, 1.44% class A-4 notes due 2021 and 1.67% class B notes due 2021 of GE Equipment Small Ticket, LLC, Series 2014-1, according to a company news release.

GE Equipment Finance Funding and GE Equipment Small Ticket are indirect wholly owned subsidiaries of Wells Fargo Bank, NA, itself a subsidiary of Wells Fargo & Co.

The tender offer is conditioned on all the notes being tendered.

After giving effect to the distribution of principal on the October payment date, the principal amount of 0.95% notes outstanding is $26,045,072.58. The original principal amount of the 0.95% notes at issuance was $195 million.

There are $42 million of the 1.44% notes and $16.35 million of the 1.67% notes outstanding.

The total consideration for the 0.95% notes is $133.6045411 per $1,000 original principal amount of notes at the time of issuance, prior to amortization. This is equal to 100.03% of the principal amount outstanding. No early tender premium is being offered for the 0.95% notes.

The total consideration for the 1.44% notes is $1,003.09 per $1,000 principal amount. This includes an early tender premium of $3.09 for each note tendered by the early tender time, 5 p.m. ET on Nov. 4.

The total consideration for the 1.67% notes is $1,006.13 per $1,000 principal amount. This includes an early tender premium of $6.13 for each note tendered by the early tender time.

The company will also pay accrued interest up to but excluding the settlement date, which is expected to be Nov. 23.

The tender offer will expire at 11:59 p.m. ET on Nov. 21.

If the tender offer is extended past a payment date for the notes, holders will be paid the purchase price less any principal paid on the notes on or prior to the expiration date.

The dealer manager is Wells Fargo Securities, LLC (866 309-6316 or 704 410-4760). The depositary and information agent is Global Bondholder Services Co. (866 470-4200 or 212 430-3774).

Wells Fargo Bank is a bank based in Sioux Falls, S.D. Wells Fargo is a retail, commercial and corporate banking services provider based in San Francisco.

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