TIDMGEC
RNS Number : 1580M
General Electric Company
06 May 2020
PRESS RELEASE
GE Announces Debt Tender Offers In Conjunction With GE Capital
Debt Issuance
GE Announces Offers to Purchase Any and All of Certain of its
Outstanding U.S. Dollar Denominated, Euro Denominated and GBP
Denominated Notes (Listed on Table I Below), originally issued by
certain of its subsidiaries.
BOSTON - May 6, 2020 - GE (NYSE:GE) announces its offers to
purchase for cash any and all of the U.S. Dollar Denominated, Euro
Denominated and GBP Denominated Notes listed on Table I below (the
"Notes"), originally issued either by, as applicable, General
Electric Capital Corporation (and assumed by GE), GE Capital
European Funding Unlimited Company (formerly GE Capital European
Funding) or GE Capital UK Funding Unlimited Company (formerly GE
Capital UK Funding) (collectively, the " Subsidiary Issuers "). The
offers to purchase with respect to each series of Notes are being
referred to herein as the "Offers" and each, an "Offer."
Each Offer is made upon the terms and subject to the conditions
set forth in the offer to purchase, dated May 6, 2020 (as may be
amended or supplemented from time to time, the "Offer to
Purchase"), and its accompanying notice of guaranteed delivery (the
"Notice of Guaranteed Delivery" and, together with the Offer to
Purchase, the "Tender Offer Documents"). Capitalized terms used but
not defined in this announcement have the meanings given to them in
the Offer to Purchase .
All documentation relating to the Offers, including the Offer to
Purchase and the Notice of Guaranteed Delivery, together with any
updates, are available from the Information Agent and the Tender
Agent, as set forth below, and will also be available via the Offer
Website: http://www.dfking.com/ge.
Timetable for the Offers
Date Calendar Dates
Commencement of the Offers... May 6, 2020.
Withdrawal Date.................................. 5:00 p.m. (Eastern time) on May 14, 2020, unless extended with
respect to any Offer.
Expiration Date.................................... 5:00 p.m. (Eastern time) on May 14, 2020, unless extended with
respect to any Offer.
Guaranteed Delivery Date............. 5:00 p.m. (Eastern time) on the second business day after the
Expiration Date, expected to
be on May 18, 2020, unless extended with respect to any Offer.
Settlement Date................................. Expected to be the third business day after the Expiration Date
and the first business day
after the Guaranteed Delivery Date. The expected Settlement
Date is May 19, 2020, with respect
to each Offer unless extended with respect to such Offer.
Table I: Notes Subject to the Offers
------------------------------------------------------------------------------------------------------------------
Acceptance Principal
Title of Priority Applicable Amount Outstanding Total Consideration
Security Security Identifier(s) Level (1) Maturity Date ( millions) (2)
-------------- ------------------------ ----------- --------------- -------------------- --------------------
4.625% Notes CUSIP : 36962G4Y7 January 7,
due 2021 ISIN : US36962G4Y78 1 2021 $1,214 $1,025.00
5.300% Notes CUSIP : 369622SM8 February 11,
due 2021 ISIN : US369622SM84 2 2021 $1,167 $1,033.75
-------------- ------------------------ ----------- --------------- -------------------- --------------------
Floating
Rate Notes CUSIP : -
due 2021* ISIN : XS0254356057 3 May 17, 2021 EUR1,000 EUR1,000.00
-------------- ------------------------ ----------- --------------- -------------------- --------------------
4.650% Notes CUSIP : 36962G5J9 October 17,
due 2021 ISIN : US36962G5J92 4 2021 $1,506 $1,052.50
-------------- ------------------------ ----------- --------------- -------------------- --------------------
4.350% Notes CUSIP : - November 3,
due 2021* ISIN : XS0273570241 5 2021 EUR550 EUR1,062.50
-------------- ------------------------ ----------- --------------- -------------------- --------------------
0.800% Notes CUSIP : - January 21,
due 2022* ISIN : XS1169353254 6 2022 EUR1,000 EUR1,012.50
-------------- ------------------------ ----------- --------------- -------------------- --------------------
3.150% Notes CUSIP : 36962G6F6 September
due 2022 ISIN : US36962G6F61 7 7, 2022 $1,086 $1,045.00
-------------- ------------------------ ----------- --------------- -------------------- --------------------
5.980% Notes CUSIP : - September
due 2022* ISIN : XS0388392259 8 16, 2022 EUR100 EUR1,122.50
-------------- ------------------------ ----------- --------------- -------------------- --------------------
3.100% Notes CUSIP : 36962G6S8 January 9,
due 2023 ISIN : US36962G6S82 9 2023 $1,318 $1,045.00
-------------- ------------------------ ----------- --------------- -------------------- --------------------
2.625% Notes CUSIP : - March 15,
due 2023* ISIN : XS0874840845 10 2023 EUR1,000 EUR1,062.50
-------------- ------------------------ ----------- --------------- -------------------- --------------------
Floating
Rate Notes CUSIP : 36966THT2 March 15,
due 2023 ISIN : US36966THT25 11 2023 $615 $980.00
-------------- ------------------------ ----------- --------------- -------------------- --------------------
Floating
Rate Notes CUSIP : 36966TJA1 April 15,
due 2023 ISIN : US36966TJA16 12 2023 $300 $980.00
-------------- ------------------------ ----------- --------------- -------------------- --------------------
5.125% Notes CUSIP : - 13 May 24, 2023 GBP175 GBP1,100.00
due 2023* ISIN : XS0254673964
-------------- ------------------------ ----------- --------------- -------------------- --------------------
4.125% Notes CUSIP : - 14 September GBP550 GBP1,075.00
due 2023* ISIN : XS0971723233 13, 2023
-------------- ------------------------ ----------- --------------- -------------------- --------------------
* Admitted to trading on the London Stock Exchange.
Originally issued by General Electric Capital Corporation and
assumed by General Electric Company.
Issued by GE Capital European Funding Unlimited Company
(formerly known as GE Capital European Funding).
Issued by GE Capital UK Funding Unlimited Company (formerly
known as GE Capital UK Funding).
(1) In the event the gross proceeds from the New Offering (as
defined herein) are insufficient to fund any and all of the Notes
of a particular series validly tendered and not validly withdrawn
(after taking into account Notes of each series accepted for
purchase with a higher Acceptance Priority Level) (such series of
Notes, the "Non-Covered Notes"), then no Notes of such series will
be accepted for purchase. However, a series of Notes, if any,
having a lower Acceptance Priority Level will be accepted for
purchase, so long as the amount of gross proceeds from the New
Offering is equal to or greater than the Total Consideration
necessary to purchase all validly tendered and not validly
withdrawn Notes of such series (excluding the applicable Accrued
Coupon Payment), plus the Total Consideration necessary to purchase
all validly tendered and not validly withdrawn Notes of all series
having a higher Acceptance Priority Level than such series of
Notes, other than any Non-Covered Notes (in each case, excluding
the applicable Accrued Coupon Payment), as further provided herein
and in the Offer to Purchase, until there is no series of Notes
with a lower Acceptance Priority Level to be considered for
purchase for which the Financing Condition (as defined herein) is
met. It is possible that any series of Notes with any Acceptance
Priority Level will fail to meet the Financing Condition and
therefore will not be accepted for purchase even if one or more
series with a lower Acceptance Priority Level is accepted for
purchase. If any series of Notes is accepted for purchase under the
Offers, all Notes of that series that are validly tendered and not
validly withdrawn will be accepted for purchase. As a result, no
series of Notes accepted for purchase will be prorated. For more
details, see "Description of the Offers-Conditions to the Offers"
in the Offer to Purchase.
(2) Per $1,000, EUR1,000 or GBP1,000 principal amount of Notes, as applicable.
Purpose of the Offers
The primary purpose of the Offers is to acquire all outstanding
Notes listed on Table I above. Each Offer is subject to the
satisfaction of certain conditions as more fully described under
the heading "-Conditions to the Offers" in the Offer to Purchase,
including, among other things, the Financing Condition. Notes that
are accepted in the Offers will be purchased, retired and cancelled
by GE or its subsidiaries, as applicable, and will no longer remain
outstanding obligations of GE or any of its subsidiaries.
Details of the Offers
The Offers will expire at 5:00 p.m. (Eastern time) on May 14,
2020 with respect to any Offer (as the same may be extended with
respect to such Offer, the "Expiration Date"). Tendered Notes may
be withdrawn at any time prior to 5:00 p.m. (Eastern time), on May
14, 2020 with respect to each Offer (as the same may be extended
with respect to any Offer, the "Withdrawal Date"), but not
thereafter, except as required by applicable law as described in
the Offer to Purchase. None of the Offers is conditioned upon
completion of any of the other Offers, and each Offer otherwise
operates independently from the other Offers. None of the Offers is
conditioned on any minimum amount of Notes being tendered.
For a Holder who holds Notes through DTC to validly tender Notes
pursuant to the Offers, an Agent's Message and any other required
documents must be received by the Tender Agent at its address set
forth on the Offer to Purchase at or prior to the Expiration Date
or, if pursuant to the Guaranteed Delivery Procedures, at or prior
to 5:00 p.m. (Eastern time), on May 18, 2020 (the "Guaranteed
Delivery Date"). For a Holder who holds Notes through Clearstream
or Euroclear to validly tender Notes pursuant to the Offers, such
Holder must tender such Notes by the submission of valid Tender
Instructions in accordance with the procedures described herein and
of such Clearing System, as applicable. There is no letter of
transmittal for the Offer to Purchase.
Upon the terms and subject to the conditions set forth in the
Tender Offer Documents, Holders who (i) validly tender Notes at or
prior to the Expiration Date (and do not validly withdraw such
Notes at or prior to the Withdrawal Date), or (ii) deliver a
properly completed and duly executed Notice of Guaranteed Delivery
(or comply with ATOP procedures applicable to guaranteed delivery)
and all other required documents at or prior to the Expiration Date
and validly tender their Notes at or prior to the Guaranteed
Delivery Date pursuant to Guaranteed Delivery Procedures, and, in
each case, whose Notes are accepted for purchase by us, will
receive the applicable Total Consideration for each $1,000,
EUR1,000 or GBP1,000 principal amount of Notes, as applicable, as
set forth on Table I above, which will be payable in cash. GE is
authorized to accept and pay for, on behalf of each Subsidiary
Issuer, all validly tendered and not validly withdrawn Notes issued
by Subsidiary Issuers that are accepted for purchase by GE.
Each Offer is subject to the satisfaction of certain conditions,
including, among other things, the Financing Condition (as defined
below). GE expressly reserves the right, in its sole discretion, to
amend, extend or, upon failure of any condition described in the
Offer to Purchase to be satisfied or waived, to terminate any of
the Offers at any time at or prior to the Expiration Date. GE also
reserves the right, in its sole discretion, subject to applicable
law, to terminate any of the Offers at any time at or prior to the
Expiration Date.
The Offers for the Notes are conditioned on the successful
completion, after the date hereof and prior to the Expiration Date,
of one or more offerings by GE Capital Funding, LLC, a subsidiary
of GE, of notes with stated maturities occurring after September
13, 2023 (the "New Offering") on terms and conditions satisfactory
to GE and GE Capital Funding, LLC, in their sole discretion,
including, but not limited to, with respect to each series of
Notes, the amount of gross proceeds raised in the New Offering
being sufficient to fund the aggregate Total Consideration (but
excluding the applicable Accrued Coupon Payment) for all Notes of
such series (after funding the aggregate Total Consideration (but
excluding the applicable Accrued Coupon Payment) for all validly
tendered and not validly withdrawn Notes of each series having a
higher Acceptance Priority Level (as indicated on Table I above))
tendered in the applicable Offer, subject to the provisions below
(the "Financing Condition"). In the event the gross proceeds from
the New Offering are insufficient to fund any and all of the Notes
of a particular series validly tendered and not validly withdrawn
(after taking into account Notes of each series accepted for
purchase with a higher Acceptance Priority Level) (such series of
Notes, the "Non-Covered Notes"), then no Notes of such series will
be accepted for purchase. However, a series of Notes, if any,
having a lower Acceptance Priority Level will be accepted for
purchase, so long as the amount of gross proceeds from the New
Offering is equal to or greater than the Total Consideration
necessary to purchase all validly tendered and not validly
withdrawn Notes of such series (excluding the applicable Accrued
Coupon Payment), plus the Total Consideration necessary to purchase
all validly tendered and not validly withdrawn Notes of all series
having a higher Acceptance Priority Level than such series of
Notes, other than any Non-Covered Notes (in each case, excluding
the applicable Accrued Coupon Payment), as further provided in the
Offer to Purchase, until there is no series of Notes with a lower
Acceptance Priority Level to be considered for purchase for which
the Financing Condition is met. It is possible that any series of
Notes with any Acceptance Priority Level will fail to meet the
Financing Condition and therefore will not be accepted for purchase
even if one or more series with a lower Acceptance Priority Level
is accepted for purchase. If any series of Notes is accepted for
purchase under the Offers, all Notes of that series that are
validly tendered and not validly withdrawn will be accepted for
purchase. As a result, no series of Notes accepted for purchase
will be prorated.
For further details on the procedures for tendering the Notes,
please refer to the Offer to Purchase, including the procedures set
out under the heading "Description of the Offers-Procedures for
Tendering Notes" in the Offer to Purchase.
GE has retained BofA Securities, Inc., Merrill Lynch
International, Citigroup Global Markets Inc., Citigroup Global
Markets Limited, Credit Suisse Securities (USA) LLC, Credit Suisse
Securities (Europe) Limited, Goldman Sachs & Co. LLC and
Goldman Sachs International to act as the Lead Dealer Managers, and
Deutsche Bank Securities Inc., HSBC Bank plc, HSBC Securities (USA)
Inc., Mizuho Securities USA LLC and SMBC Nikko Securities America,
Inc. to act as Co-Managers, in connection with the Offers
(collectively, the "Dealer Managers"). Questions regarding terms
and conditions of the Offers should be directed to BofA Securities,
Inc. at +1 (888) 292-0070 (toll free), +1 (704) 999-4067 (collect),
to Merrill Lynch International at +44 20 7996 5420, to Citigroup
Global Markets Inc. at +1 (800) 558-3745 (toll free), +1 (212)
723-6106 (collect), to Citigroup Global Markets Limited at +44 20
7986 8969, to Credit Suisse Securities (USA) LLC at +1 (800)
820-1653 (toll free), +1 (347) 610-2604 (collect), to Credit Suisse
Securities (Europe) Limited at +44 207 883 8763 , to Goldman Sachs
& Co. LLC at +1 (800) 828-3182 (toll-free), +1 (212) 902-6351,
or to Goldman Sachs International at +44 20 7552 6157.
D.F. King has been appointed as information agent and tender
agent (the "Information Agent and Tender Agent") in connection with
the Offers. Questions or requests for assistance in connection with
the Offers or the delivery of Tender Instructions, or for
additional copies of the Tender Offer Documents, may be directed to
the Information Agent and Tender Agent at +1 (800) 499-8541 (toll
free), +1 (212) 269-5550 (collect), or +44 20 7920 9700 (collect),
or via e-mail at ge@dfkingltd.com. You may also contact your
broker, dealer, commercial bank, trust company or other nominee for
assistance concerning the Offers. The Tender Offer Documents can be
accessed at the Offer Website: http://www.dfking.com/ge.
GE reserves the right, in its sole discretion, not to accept any
Tender Instructions, not to purchase any Notes or to extend,
re-open, withdraw or terminate any Offer and to amend or waive any
of the terms and conditions of any Offer in any manner, subject to
applicable laws and regulations.
Holders are advised to read carefully the Offer to Purchase for
full details of and information on the procedures for participating
in the Offer, as applicable.
Holders are advised to check with any bank, securities broker or
other intermediary through which they hold the Notes when such
intermediary would require to receive instructions from a Holder in
order for that the Holder to be able to participate in the Offers
before the deadlines specified above. The deadlines set by any such
intermediary and each Clearing System for the submission of Tender
Instructions will be earlier than the relevant deadlines specified
above.
Unless stated otherwise, announcements in connection with the
Offers will be made available on GE's website at
www.genewsroom.com. Such announcements may also be made by (i) the
issue of a press release and (ii) the delivery of notices to the
Clearing Systems for communication to Direct Participants. Copies
of all such announcements, press releases and notices can also be
obtained from the Information Agent and Tender Agent, the contact
details for whom are set out below. Significant delays may be
experienced where notices are delivered to the Clearing Systems and
Holders are urged to contact the Information Agent and Tender Agent
for the relevant announcements relating to the Offers. In addition,
all documentation relating to the Offer to Purchase, together with
any updates, will be available via the Offer Website:
http://www.dfking.com/ge.
DISCLAIMER This announcement must be read in conjunction with
the Offer to Purchase. This announcement and the Offer to Purchase
contain important information which should be read carefully before
any decision is made with respect to the Offers. If you are in any
doubt as to the contents of this announcement or the Offer to
Purchase or the action you should take, you are recommended to seek
your own financial, legal and tax advice, including as to any tax
consequences, immediately from your broker, bank manager,
solicitor, accountant or other independent financial or legal
adviser. Any individual or company whose Notes are held on its
behalf by a broker, dealer, bank, custodian, trust company or other
nominee or intermediary must contact such entity if it wishes to
participate in the Offers.
None of GE, the Subsidiary Issuers, the Dealer Managers, the
Trustee, the Paying Agents, the Tender Agent or the Information
Agent or any of their respective directors, officers, employees,
agents or affiliates makes any recommendation as to whether or not
Holders should tender their Notes in the Offers.
None of GE, the Subsidiary Issuers, the Dealer Managers, the
Trustee, the Paying Agents, the Tender Agent or the Information
Agent or any of their respective directors, officers, employees,
agents or affiliates assumes any responsibility for the accuracy or
completeness of the information concerning GE, the Notes, or the
Offers contained in this announcement or in the Offer to Purchase.
None of GE, the Subsidiary Issuers, the Dealer Managers, the
Trustee, the Paying Agents, the Tender Agent, the Information Agent
or any of their respective directors, officers, employees, agents
or affiliates is acting for any Holder, or will be responsible to
any Holder for providing any protections which would be afforded to
its clients or for providing advice in relation to the Offers, and
accordingly none of GE, the Subsidiary Issuers, the Dealer
Managers, the Trustee, the Paying Agents, the Tender Agent, the
Information Agent or any of their respective directors, officers,
employees, agents or affiliates assumes any responsibility for any
failure by GE to disclose information with regard to GE or Notes
which is material in the context of the Offers and which is not
otherwise publicly available.
General
This announcement is for informational purposes only. This
announcement is not an offer to purchase or a solicitation of an
offer to purchase any Notes or any other securities of GE or any of
its subsidiaries. The Offers are being made solely pursuant to the
Offer to Purchase. The Offers are not being made to Holders of
Notes in any jurisdiction in which the making or acceptance thereof
would not be in compliance with the securities, blue sky or other
laws of such jurisdiction. In any jurisdiction in which the
securities laws or blue sky laws require the Offers to be made by a
licensed broker or dealer, the Offers will be deemed to be made on
behalf of GE by the dealer managers or one or more registered
brokers or dealers that are licensed under the laws of such
jurisdiction.
No action has been or will be taken in any jurisdiction that
would permit the possession, circulation or distribution of either
this announcement, the Offer to Purchase or any material relating
to us, the Subsidiary Issuers or the Notes in any jurisdiction
where action for that purpose is required. Accordingly, neither
this announcement, the Offer to Purchase nor any other offering
material or advertisements in connection with the Offers may be
distributed or published, in or from any such country or
jurisdiction, except in compliance with any applicable rules or
regulations of any such country or jurisdiction.
The distribution of this announcement and the Offer to Purchase
in certain jurisdictions may be restricted by law. Persons into
whose possession this announcement or the Offer to Purchase comes
are required by us, the Subsidiary Issuers, the Dealer Managers,
the Information Agent and Tender Agent to inform themselves about,
and to observe, any such restrictions.
This communication has not been approved by an authorized person
for the purposes of Section 21 of the Financial Services and
Markets Act 2000, as amended (the "FSMA"). Accordingly, this
communication is not being directed at persons within the United
Kingdom save in circumstances where section 21(1) of the FSMA does
not apply.
In particular, this communication is only addressed to and
directed at: (A) in any Member State of the European Economic Area
that has implemented the Prospectus Directive (as defined below),
qualified investors in that Member State within the meaning of the
Prospectus Directive and (B) (i) persons that are outside the
United Kingdom or (ii) persons in the United Kingdom falling within
the definition of investment professionals (as defined in Article
19(5) of the Financial Services and Markets Act 2000 (Financial
Promotion) Order 2005 (the "Financial Promotion Order")) or within
Article 43 of the Financial Promotion Order, or to other persons to
whom it may otherwise lawfully be communicated by virtue of an
exemption to Section 21(1) of the FSMA or otherwise in circumstance
where it does not apply (such persons together being "relevant
persons"). The New Offering is only available to, and any
invitation, offer or agreement to subscribe, purchase or otherwise
acquire notes in the New Offering will be engaged in only with,
relevant persons. Any person who is not a relevant person should
not act or rely on the preliminary prospectus supplement to the New
Offering or any of its contents. For purposes of the foregoing, the
"Prospectus Directive" means the Prospectus Directive 2003/71/EC,
as amended, including pursuant to Directive 2010/73/EU.
Neither this announcement nor the Offer to Purchase, or the
electronic transmission thereof, constitutes an offer to sell or
buy Notes, as applicable, in any jurisdiction in which, or to or
from any person to or from whom, it is unlawful to make such offer
or solicitation under applicable securities laws or otherwise. The
distribution of this announcement in certain jurisdictions may be
restricted by law. In those jurisdictions where the securities,
blue sky or other laws require the Offers to be made by a licensed
broker or dealer and the Dealer Managers or any of their respective
affiliates is such a licensed broker or dealer in any such
jurisdiction, the Offers shall be deemed to be made by the Dealer
Managers or such affiliate (as the case may be) on behalf of GE in
such jurisdiction.
Each Holder participating in the Offers will give certain
representations in respect of the jurisdictions referred to above
and generally as set out in the Offer to Purchase. Any tender of
Notes pursuant to the Offers from a Holder that is unable to make
these representations will not be accepted. Each of GE, the Dealer
Managers, the Tender Agent and Information Agent reserves the
right, in its absolute discretion, to investigate, in relation to
any tender of Notes pursuant to the Offers, whether any such
representation given by a Holder is correct and, if such
investigation is undertaken and as a result GE determines (for any
reason) that such representation is not correct, such tender shall
not be accepted.
Special Note Regarding Forward-Looking Statements
This announcement contains "forward-looking statements"-that is,
statements related to future, not past, events. In this context,
forward-looking statements often address our expected future
business and financial performance and financial condition, and
often contain words such as "expect," "anticipate," "intend,"
"plan," "believe," "seek," "see," "will," "would," "estimate,"
"forecast," "target," "preliminary," or "range." Forward-looking
statements by their nature address matters that are, to different
degrees, uncertain, such as statements about the expected timing,
size or other terms of the Offers or the New Offering; our ability
to complete the Offers; the potential impacts of the COVID-19
pandemic on our business operations, financial results and
financial position and on the world economy; our expected financial
performance, including cash flows, revenues, organic growth,
margins, earnings and earnings per share; macroeconomic and market
conditions and volatility; planned and potential business or asset
dispositions; our de-leveraging plans, including leverage ratios
and targets, the timing and nature of actions to reduce
indebtedness and our credit ratings and outlooks; GE Capital Global
Holdings, LLC ("GE Capital") and our funding and liquidity; our
businesses' cost structures and plans to reduce costs;
restructuring, goodwill impairment or other financial charges; or
tax rates.
For us, particular uncertainties that could cause our actual
results to be materially different than those expressed in our
forward-looking statements include, but are not limited to: the
severity, magnitude and duration of the COVID-19 pandemic,
including impacts of the pandemic and of businesses' and
governments' responses to the pandemic on our operations and
personnel, and on commercial activity and demand across our and our
customers' businesses, and on global supply chains; our inability
to predict the extent to which the COVID-19 pandemic and related
impacts will continue to adversely impact our business operations,
financial performance, results of operations, financial position,
the prices of our securities and the achievement of our strategic
objectives; changes in macroeconomic and market conditions and
market volatility (including developments and volatility arising
from the COVID-19 pandemic), including interest rates, the value of
securities and other financial assets (including our equity
ownership position in Baker Hughes), oil and other commodity prices
and exchange rates, and the impact of such changes and volatility
on our financial position; our de-leveraging and capital allocation
plans, including with respect to actions to reduce our
indebtedness, the timing and amount of GE dividends, organic
investments, and other priorities; further downgrades of our
current short- and long-term credit ratings or ratings outlooks, or
changes in rating application or methodology, and the related
impact on our liquidity, funding profile, costs and competitive
position; GE's liquidity and the amount and timing of our GE
Industrial cash flows and earnings, which may be impacted by
customer, supplier, competitive, contractual and other dynamics and
conditions; GE Capital's capital and liquidity needs, including in
connection with GE Capital's run-off insurance operations and
discontinued operations; the amount and timing of required capital
contributions to the insurance operations and any strategic actions
that we may pursue; the impact of conditions in the financial and
credit markets on GE Capital's ability to sell financial assets;
the availability and cost of funding; and GE Capital's exposure to
particular counterparties and markets; our success in executing and
completing asset dispositions or other transactions, including our
plan to exit our equity ownership position in Baker Hughes, the
timing of closing for such transactions and the expected proceeds
and benefits to GE; global economic trends, competition and
geopolitical risks, including changes in the rates of investment or
economic growth in key markets we serve, or an escalation of trade
tensions such as those between the U.S. and China; market
developments or customer actions that may affect levels of demand
and the financial performance of the major industries and customers
we serve, such as secular, cyclical and competitive pressures in
our Power business, pricing and other pressures in the renewable
energy market, levels of demand for air travel and other customer
dynamics such as early aircraft retirements, conditions in key
geographic markets and other shifts in the competitive landscape
for our products and services; operational execution by our
businesses, including our ability to improve the operations and
execution of our Power and Renewable Energy businesses, and the
performance of our Aviation business; changes in law, regulation or
policy that may affect our businesses, such as trade policy and
tariffs, regulation related to climate change and the effects of
U.S. tax reform and other tax law changes; our decisions about
investments in new products, services and platforms, and our
ability to launch new products in a cost-effective manner; our
ability to increase margins through implementation of operational
changes, restructuring and other cost reduction measures; the
impact of regulation and regulatory, investigative and legal
proceedings and legal compliance risks, including the impact of
Alstom, SEC and other investigative and legal proceedings; the
impact of actual or potential failures of our products or
third-party products with which our products are integrated, such
as the fleet grounding of the Boeing 737 MAX and the timing of its
return to service and return to delivery, and related reputational
effects; the impact of potential information technology,
cybersecurity or data security breaches; and the other factors that
are described in "Risk Factors" in the Offer to Purchase and in our
Annual Report on Form 10-K for the year ended December 31, 2019,
filed with the SEC on February 24, 2020, and under Part II, Item
1A, of our Quarterly Report on Form 10-Q for the quarter ended
March 31, 2020 filed with the SEC on April 29, 2020, as such
descriptions may be updated or amended in any future reports we
file with the SEC.
These or other uncertainties may cause our actual future results
to be materially different than those expressed in our
forward-looking statements. Forward-looking statements speak only
as of the date they were made, and we disclaim and we do not
undertake any obligation to update or revise any forward-looking
statement in this announcement, except as required by applicable
law or regulation.
About GE
GE (NYSE:GE) rises to the challenge of building a world that
works. For more than 125 years, GE has invented the future of
industry, and today the company's dedicated team, leading
technology, and global reach and capabilities help the world work
more efficiently, reliably, and safely. GE's people are diverse and
dedicated, operating with the highest level of integrity and focus
to fulfill GE's mission and deliver for its customers.
www.ge.com.
GE Investor Contact
Steve Winoker, 617.443.3400
swinoker@ge.com
GE Media Contact
Mary Kate Mullaney, 202.304.6514
marykate.nevin@ge.com
This information is provided by RNS, the news service of the
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(END) Dow Jones Newswires
May 06, 2020 08:42 ET (12:42 GMT)
General Electric (LSE:GEC)
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