BOSTON--(BUSINESS WIRE)--GE (NYSE:GE) announced today that, in response to a reverse inquiry from a long-term strategic investor, it reopened portions of its prior debt offerings for GE Company and GE Capital for $3.0 billion in total proceeds.

GE expects to use these proceeds to reduce shorter-duration debt, including repaying a portion of GE’s intercompany debt obligations to GE Capital and reducing GE Capital’s outstanding debt obligations. The combination of transactions is expected to be leverage neutral over time.

Today’s action builds on a series of recent leverage-neutral actions that have enhanced the Company’s near-term liquidity profile by extending $4.2 billion of Industrial maturities and $4.4 billion of Capital maturities to date. GE will continue to monitor its operations in the current environment and remains committed to achieving its leverage goals over time.

GE Company priced $1.5 billion aggregate principal amount of 4.350% Notes due 2050 in a public offering at a price to the public of 100.176% (the “GE notes”). The GE notes will form a single series with the 4.350% notes due 2050 that were issued on April 22, 2020.

GE Capital priced $1.5 billion aggregate principal amount of 4.400% Notes due 2030 in a private offering at an issue price of 105.074% (the “GE Capital notes”). The GE Capital notes will form a single series with the 4.400% notes due 2030 that were issued by GE Capital Funding, LLC, a finance subsidiary of GE Capital, on May 18, 2020. The GE Capital notes will be issued by GE Capital Funding, LLC and guaranteed by GE.

Upon closing of the offerings, both the GE notes and the GE Capital notes will rank pari passu with the outstanding existing and future senior unsecured debt of GE. Both offerings are expected to close on June 15, 2020, subject to satisfaction of customary closing conditions.

The GE notes will be offered and sold pursuant to the existing effective shelf registration statement filed with the Securities and Exchange Commission (“SEC”). The offering of GE notes will be made only by means of a prospectus supplement and the accompanying base prospectus, electronic copies of which are available on the SEC’s website, www.sec.gov.

The GE Capital notes will be offered and sold to qualified institutional buyers in accordance with Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”), and to non-U.S. persons outside the United States in accordance with Regulation S under the Securities Act and applicable exemptions from registration, prospectus or like requirements under the laws and regulations of the relevant jurisdictions outside the United States. The GE Capital securities referenced herein and related guarantees have not been registered under the Securities Act, or any state securities laws, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act and the rules promulgated thereunder.

About GE

GE (NYSE:GE) drives the world forward by tackling its biggest challenges. By combining world-class engineering with software and analytics, GE helps the world work more efficiently, reliably, and safely. For more than 125 years, GE has invented the future of industry, and today it leads new paradigms in additive manufacturing, materials science, and data analytics. GE people are global, diverse and dedicated, operating with the highest integrity and passion to fulfill GE’s mission and deliver for our customers.