GE Capital pre-funds $12 billion of long-term debt needs for 2010

By Jennifer Lanning Drey

Portland, Ore., July 17 - General Electric Co. has pre-funded about $12 billion, or more than 30%, of GE Capital's long-term debt needs for 2010, Jeffrey Immelt, chief executive officer of General Electric, said Friday during the company's second-quarter earnings conference call.

GE Capital has completed funding its 2009 long-term debt needs and expects to finish funding the 2010 needs by the end of this year, he said.

GE plans to issue additional non-guaranteed debt this year, Immelt said.

Total long-term debt funding needs for 2010 are projected to be $35 billion to $40 billion.

GE Capital earned $590 million in the second quarter and remains on track to be profitable for the full year.

Since January 2008, GE Capital has provided $155 billion of new financings to companies, infrastructure projects and municipalities, Keith Sherin, GE's chief financial officer, said during the call.

Company-wide, General Electric's revenues from continuing operations were $39.1 billion in the second quarter, down 17% year over year, but in line with the company's expectations, Immelt said.

Cash generated from operating activities was $7.1 billion, which was ahead of the company's plan.

"We feel good about how we're executing in this cycle," Immelt said.

GE is a Fairfield, Conn.-based diversified infrastructure, finance and media company.

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