General Electric Co. (GE) announced Thursday a tender offer to buy back up to $5 billion worth of its existing debt. The repurchase includes up to $2.5 billion for U.S. dollar-denominated debt and up to $2.5 billion of euro-denominated debt. The industrial conglomerate said it will continue to evaluate potential deleveraging actions, including pension funding and intercompany loan repayment from GE to GE Capital. The dollar-denominated debt subject to the tender offer include 2.700% notes due 2022, 3.375% notes due 2024, 4.125% notes due 2042 and 4.500% notes due 2044. GE's stock, which rose 0.6% in premarket trading, has lost 9.0% over the past three months but has gained 28.6% year to date, while the Dow Jones Industrial Average has tacked on 4.4% over the past three months and rallied 16.3% this year.
-Tomi Kilgore; 415-439-6400; AskNewswires@dowjones.com
(END) Dow Jones Newswires
September 12, 2019 09:28 ET (13:28 GMT)
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