By Andrea Heisinger
Omaha, Nov. 6 - General Electric Capital Corp. priced $2.5 billion of 60-year hybrid securities Tuesday at Treasuries plus 200 basis points, an informed source said.
The notes (Aaa/AA+) priced at par and have a coupon of 6.375% until Nov. 15, 2017, when it switches to a floating rate of three-month Libor plus 228.9 bps.
There is a make-whole call at Treasuries plus 30 bps.
Bookrunners were Goldman Sachs, JPMorgan, Lehman Brothers and Morgan Stanley.
Proceeds will be used for general corporate purposes.
The financing arm of General Electric is based in New York City.
| Issuer: | General Electric Capital Corp.
|
| Issue: | Hybrids
|
| Amount: | $2.5 billion
|
| Maturity: | Nov. 15, 2067
|
| Bookrunners: | Goldman Sachs, JPMorgan, Lehman Brothers, Morgan Stanley
|
| Coupon: | 6.375% until Nov. 15, 2017, then a floating rate of three-month Libor plus 228.9 bps
|
| Price: | Par
|
| Spread: | Treasuries plus 200 bps
|
| Make-whole call: | Treasuries plus 30 bps
|
| Trade date: | Nov. 6
|
| Settlement date: | Nov. 15
|
| Ratings: | Moody's: Aaa
|
| Standard & Poor's: AA+
|
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