GE Announces Tender Offers to Purchase up to $5,000,000,000 of
its Existing Debt, including for Certain of its Outstanding U.S.
Dollar-Denominated Debt Securities (Listed in Table I Below) in an
Aggregate Purchase Price of up to $2,500,000,000 and for Certain of
its Outstanding Euro-Denominated Debt Securities (Listed in Table
II Below) in an Aggregate Purchase Price (U.S. Dollar Equivalent)
of up to $2,500,000,000
- Represents next step in stated strategy to strengthen
balance sheet and achieve GE Industrial leverage target of <2.5X
Net Debt / EBITDA
- Continue to evaluate potential deleveraging actions
including but not limited to pension funding and intercompany loan
repayment from GE to GE Capital and its related third-party
debt
- All actions being evaluated through the lens of economic
factors, risk mitigation and achieving the optimal capital
structure
GE (NYSE:GE) announces its offers to purchase for cash:
- up to $2,500,000,000 (the “Dollar Security Maximum Amount”)
aggregate purchase price of its U.S. Dollar-Denominated Debt
Securities listed in Table I below (the “Dollar Securities” and
such offer to purchase, the “Dollar Tender Offer”); and
- up to $2,500,000,000 (as converted on the basis set forth in
the Offer to Purchase) (the “Euro Security Maximum Amount”)
aggregate purchase price of its Euro-Denominated Debt Securities
listed in Table II below (the “Euro Securities” and such offer to
purchase, the “Euro Tender Offer”).
The Dollar Securities and the Euro Securities are together
referred to as the “Securities” and the Dollar Tender Offer and the
Euro Tender Offer are together referred to as the “Tender Offers”
and each, a “Tender Offer.” Each Tender Offer is made upon the
terms and subject to the conditions set forth in the Offer to
Purchase, dated September 12, 2019 (as it may be amended or
supplemented from time to time, the “Offer to Purchase”).
Copies of the Offer to Purchase are available from the
Information and Tender Agent as set out below. Capitalized terms
used in this announcement but not defined have the meanings given
to them in the Offer to Purchase. All documentation relating to the
Offer to Purchase, together with any updates will be available via
the Offer Website: https://sites.dfkingltd.com/ge.
TABLE I: DOLLAR SECURITIES
SUBJECT TO THE DOLLAR TENDER OFFER
Title of Security
Security Identifier(s)
Applicable Maturity
Date
Principal Amount Outstanding
(millions)
Acceptance Priority
Level
Early Participation Amount
(1)(2)
Reference Security
Bloomberg Reference
Page/Screen
Fixed Spread (basis
points)
Hypothetical Total
Consideration (3)
4.500% Notes due 2044*
CUSIP:
369604BH5
ISIN: US369604BH58
March 11, 2044
$2,250
1
$50
2.875% US Treasury due May 15,
2049
FIT1
190
$1,060.25
4.125% Notes due 2042
CUSIP:
369604BF9
ISIN: US369604BF92
October 9, 2042
$2,000
2
$50
2.875% US Treasury due May 15,
2049
FIT1
185
$1,010.10
3.375% Notes due 2024*
CUSIP:
369604BG7
ISIN: US369604BG75
March 11, 2024
$750
3
$50
1.25% US Treasury due August 31,
2024
FIT1
95
$1,035.02
2.700% Notes due 2022
CUSIP:
369604BD4
ISIN: US369604BD45
October 9, 2022
$3,000
4
$50
1.5% US Treasury due September
15, 2022
FIT1
75
$1,009.95
Total
$8,000
TABLE II: EURO SECURITIES
SUBJECT TO THE EURO TENDER OFFER
Title of Security
Security Identifier(s)
Applicable Maturity
Date
Principal Amount Outstanding
(millions)
Acceptance Priority
Level
Early Participation Amount
(1)(2)
Interpolated Rate
Bloomberg Reference
Page/Screen
Fixed Spread (basis
points)
Hypothetical Total
Consideration (3)
2.125% Notes due 2037**
CUSIP:
369604BU6
ISIN: XS1612543394
May 17, 2037
€2,000
1
€50
May 2037 Interpolated Rate
ICAE1
175
€1,024.65
1.875% Notes due 2027**
CUSIP:
369604BL6
ISIN: XS1238902057
May 28, 2027
€1,250
2
€50
May 2027 Interpolated Rate
ICAE1
135
€1,059.85
1.500% Notes
due 2029**
CUSIP:
369604BT9
ISIN:
XS1612543121
May 17, 2029
€2,250
3
€50
May 2029 Interpolated Rate
ICAE1
155
€1,009.92
1.250% Notes due 2023**
CUSIP:
369604BK8
ISIN:
XS1238901166
May 26, 2023
€1,250
4
€50
May 2023 Interpolated Rate
ICAE1
90
€1,030.57
0.875% Notes due 2025**
CUSIP:
369604BS1
ISIN:
XS1612542826
May 17, 2025
€2,000
5
€50
May 2025 Interpolated Rate
ICAE1
100
€1,016.17
0.375% Notes due 2022**
CUSIP:
369604BR3
ISIN:
XS1612542669
May 17, 2022
€1,750
6
€50
May 2022 Interpolated Rate
ICAE1
85
€1,000.86
Total
€10,500
*
Admitted to trading on the Regulated
Market of the Luxembourg Stock Exchange.
**
Listed on the New York Stock Exchange.
(1)
Per $1,000 or €1,000 principal amount.
(2)
The applicable Total Consideration payable
for each series of Securities will be at a price per $1,000 or
€1,000 principal amount of such series of Securities validly
tendered on or prior to the applicable Early Participation Date and
accepted for purchase by us, which is calculated using the
applicable Fixed Spread, and includes the applicable Early
Participation Amount. In addition, holders whose Securities are
accepted for purchase will also receive any Accrued Interest on
such Securities. Holders of Securities that are validly tendered
after the applicable Early Participation Date and at or before the
applicable Expiration Date and accepted for purchase will receive
only the applicable Late Tender Offer Consideration, which does not
include the applicable Early Participation Amount, together with
any Accrued Interest on such Securities.
(3)
Per $1,000 or €1,000 principal amount of
Securities using a hypothetical Reference Yield Determination Date
of September 11, 2019, a hypothetical Early Payment Date of
September 30, 2019 and a hypothetical Reference Yield which would
have been in effect had it been measured at 10:00 a.m., New York
City time, on September 11, 2019. This hypothetical total
consideration is for reference purposes only. The Total
Consideration will differ from the hypothetical total consideration
when calculated as of the Reference Yield Determination Date or the
applicable Payment Date due to changes in the Reference Yield.
Purpose of the Tender Offers
The purpose of the Tender Offers is to purchase certain
outstanding debt issued by GE and to reduce our leverage consistent
with our previously announced plans. Securities that are accepted
in the Tender Offers will be purchased, retired and cancelled by GE
and will no longer remain outstanding obligations of GE.
Details of the Tender Offers
Each of the Tender Offers will expire at 11:59 p.m., New York
City time, on October 9, 2019, unless extended by GE in respect of
one or both of the Tender Offers or if one or both of the Tender
Offers is earlier terminated by GE in its sole and absolute
discretion (such date and time, as the same may be extended with
respect to one or both Tender Offers, the “Expiration Date”).
Securities tendered may be withdrawn at any time prior to 5:00
p.m., New York City time, on September 25, 2019, unless extended by
GE in respect of one or both of the Tender Offers in its sole and
absolute discretion (such date and time, as the same may be
extended with respect to one or both Tender Offers, the applicable
“Withdrawal Date”), but not thereafter.
Securities validly tendered and not validly withdrawn pursuant
to each Tender Offer and accepted for purchase will be accepted in
accordance with the applicable acceptance priority levels set forth
in Table I or Table II above, as applicable (the “Acceptance
Priority Levels”), and may be subject to proration, all as more
fully described herein and in the Offer to Purchase.
The overall maximum aggregate purchase price to be paid between
the Dollar Tender Offer and the Euro Tender Offer is $5,000,000,000
(the “Total Maximum Amount”) and will not be increased.
Holders (the “Holders”) of the Securities that are validly
tendered at or before 5:00 p.m., New York City time, on September
25, 2019, unless extended by GE in respect of one or both of the
Tender Offers (such date and time, as the same may be extended with
respect to one or both of the Tender Offers, the applicable “Early
Participation Date”), and not subsequently validly withdrawn, and
accepted for purchase will receive the applicable Total
Consideration (as defined below) for their Securities, which
includes the applicable early participation amount for the
applicable series of Securities set forth in Table I or Table II
above, as applicable (the applicable “Early Participation Amount”),
together with any Accrued Interest (as defined below). Holders
validly tendering their Securities after the applicable Early
Participation Date but before the applicable Expiration Date will
only be eligible to receive the applicable “Late Tender Offer
Consideration” which is equal to the applicable Total Consideration
minus the applicable Early Participation Amount, together with any
Accrued Interest.
Each Tender Offer is subject to certain conditions. Subject to
GE’s right to terminate one or both of the Tender Offers, and
subject to the Total Maximum Amount, the Dollar Security Maximum
Amount or the Euro Security Maximum Amount, as applicable, the
Acceptance Priority Levels of each series of Securities and
proration (if applicable), GE will purchase (i) the Securities that
have been validly tendered (and not subsequently validly withdrawn)
at or before the applicable Early Participation Date, subject to
all conditions to the applicable Tender Offer having been satisfied
or waived by GE, promptly following the applicable Early
Participation Date (the date of such purchase, which is expected to
be the third business day following the applicable Early
Participation Date, the applicable “Early Payment Date”) and (ii)
the Securities that have been validly tendered after the applicable
Early Participation Date but at or before the applicable Expiration
Date, subject to all conditions to the applicable Tender Offer
having been satisfied or waived by GE, promptly following the
applicable Expiration Date (the date of such purchase, which is
expected to be the third business day following the applicable
Expiration Date, the applicable “Final Payment Date”, and together
with the applicable Early Payment Date, each a “Payment Date”).
With respect to each Tender Offer, the Securities accepted for
purchase will be accepted in accordance with their Acceptance
Priority Levels (with 1 being the highest Acceptance Priority Level
and 4 being the lowest Acceptance Priority Level for the Dollar
Tender Offer and with 1 being the highest Acceptance Priority Level
and 6 being the lowest Acceptance Priority Level for the Euro
Tender Offer), subject to the limitations that (i) the aggregate
purchase price paid pursuant to the Dollar Tender Offer will not
exceed the Dollar Security Maximum Amount, (ii) the aggregate
purchase price paid pursuant to the Euro Tender Offer will not
exceed the Euro Security Maximum Amount, and (iii) the overall
aggregate purchase price to be paid in the Tender Offers will not
exceed the Total Maximum Amount.
With respect to each Tender Offer, Securities validly tendered
and not validly withdrawn on or before the applicable Early
Participation Date having a higher Acceptance Priority Level will
be accepted before any tendered Securities having a lower
Acceptance Priority Level are accepted in such Tender Offer, and
all Securities validly tendered after the applicable Early
Participation Date having a higher Acceptance Priority Level will
be accepted before any Securities tendered after the applicable
Early Participation Date having a lower Acceptance Priority Level
are accepted in such Tender Offer, in each case subject to the
Dollar Security Maximum Amount or the Euro Security Maximum Amount,
as applicable. Securities validly tendered and not validly
withdrawn on or before the applicable Early Participation Date will
be accepted for purchase in priority to other Securities tendered
after the applicable Early Participation Date, even if such
Securities tendered after the applicable Early Participation Date
have a higher Acceptance Priority Level than Securities tendered on
or before the applicable Early Participation Date, in each case
subject to the Dollar Security Maximum Amount or the Euro Security
Maximum Amount, as applicable.
Subject to any increase or decrease to the Dollar Security
Maximum Amount or the Euro Security Maximum Amount, if purchasing
all of the Securities of a series tendered prior to or at the
applicable Early Participation Date would cause the Dollar Security
Maximum Amount or the Euro Security Maximum Amount, as applicable,
to be exceeded, the amount of that series of Securities purchased
on such Early Payment Date will be prorated based on the aggregate
principal amount of that series of Securities tendered such that
the Dollar Security Maximum Amount and the Euro Security Maximum
Amount, will not be exceeded. Furthermore, if the amount of
Securities validly tendered and not validly withdrawn prior to or
at the applicable Early Participation Date exceeds the Dollar
Security Maximum Amount or the Euro Security Maximum Amount, as
applicable, Holders who validly tender Securities in such Tender
Offer after the applicable Early Participation Date will not have
any of their Securities accepted for purchase regardless of the
Acceptance Priority Level of such Securities unless GE increases
the Dollar Security Maximum Amount or the Euro Security Maximum
Amount, as applicable.
GE reserves the right, but is not obligated, to (i) increase the
Dollar Security Maximum Amount or the Euro Security Maximum Amount,
or (ii) decrease the Dollar Security Maximum Amount or the Euro
Security Maximum Amount, in our sole and absolute discretion and in
accordance with applicable law, provided in each case that the
overall aggregate purchase price to be paid in the Tender Offers
shall not exceed the Total Maximum Amount. Any such decrease will
be made on the basis of Securities validly tendered through the
Early Participation Date, and announced no later than 5:00 p.m. New
York City Time on the business day immediately following the Early
Participation Date. Any such increase or decrease may be made
without extending the Withdrawal Date or otherwise reinstating
withdrawal rights, except as required by applicable law. In any
case, GE will not increase the Total Maximum Amount.
With respect to each Tender Offer, if, on the applicable Early
Payment Date and the applicable Final Payment Date, there are
sufficient remaining funds to purchase some, but not all, of the
remaining tendered Securities in any Acceptance Priority Level
without exceeding the Dollar Security Maximum Amount or the Euro
Security Maximum Amount, as applicable, GE will accept for payment
such tendered Securities on a prorated basis, with the proration
factor for such Acceptance Priority Level depending on the
aggregate principal amount (converted into U.S. Dollars where
applicable as described in the Offer to Purchase) of Securities of
such Acceptance Priority Level validly tendered.
The “Total Consideration” payable for each series of Securities
will be a price per $1,000 or €1,000 principal amount of such
series of Securities equal to an amount, calculated in accordance
with Schedule A-1 or A-2 to the Offer to Purchase, as applicable,
that would reflect, as of the applicable Early Payment Date, a
yield to the maturity date of such series of Securities equal to
the sum of (i) the Reference Yield (as defined below) for such
series, determined at 10:00 a.m. (New York City time), on the
business day following the applicable Early Participation Date (the
“Reference Yield Determination Date”) plus (ii) the fixed spread
applicable to such series, as set forth in Table I or Table II
above, as applicable (the “Fixed Spread”), in each case minus
accrued and unpaid interest on the Securities from, and including,
the most recent interest payment date prior to the applicable
Payment Date up to, but not including, the applicable Payment Date
(“Accrued Interest”). The “Reference Yield” means (i) with respect
to Dollar Securities, the yield of the applicable reference
security listed in Table I above (the “Reference Security”) for
such series and (ii) with respect to Euro Securities, the
Interpolated Rate for such series (calculated as described in the
Offer to Purchase).
For further details on the procedures for tendering the
Securities, please refer to the Offer to Purchase, including the
procedures set out under the heading “The Tender Offers—Procedures
for Tendering Securities” of the Offer to Purchase.
Indicative Timetable for the Tender Offers
Events
Times and
Dates
Commencement
September 12, 2019
Early Participation Date
5:00 p.m., New York City time, on
September 25, 2019, unless extended by GE in respect of the
applicable Tender Offer in its sole and absolute discretion.
Withdrawal Date
5:00 p.m., New York City time, on
September 25, 2019, unless extended by GE in respect of the
applicable Tender Offer in its sole and absolute discretion.
Reference Yield Determination
Date
10:00 a.m., New York City time, on
September 26, 2019, unless extended by GE in respect of the
applicable Tender Offer in its sole and absolute discretion.
Early Payment Date
The applicable Early Payment Date will be
promptly following the applicable Early Participation Date and is
expected to be on or about September 30, 2019.
Expiration Date
11:59 p.m., New York City time, on October
9, 2019, unless extended by GE in respect of the applicable Tender
Offer or the applicable Tender Offer is earlier terminated by GE,
in each case, in its sole and absolute discretion.
Final Payment Date
The applicable Final Payment Date will be
promptly following the applicable Expiration Date and is expected
to be on or about October 15, 2019.
GE reserves the right, in its sole discretion, not to accept any
Tender Instructions, not to purchase any Securities or to extend,
re-open, withdraw or terminate one or both of the Tender Offers and
to amend or waive any of the terms and conditions of one or both of
the Tender Offers in any manner, subject to applicable laws and
regulations.
Holders are advised to check with any bank, securities broker or
other intermediary through which they hold the Securities when such
intermediary would require to receive instructions from a Holder in
order for that the Holder to be able to participate in a Tender
Offer 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
Tender 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 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 and Tender Agent for the relevant
announcements relating to the Tender Offers. In addition all
documentation relating to the Offer to Purchase, together with any
updates, will be available via the Offer Website:
https://sites.dfkingltd.com/ge.
Holders are advised to read carefully the Offer to Purchase
for full details of and information on the procedures for
participating in a Tender Offer.
J.P. Morgan Securities LLC, J.P. Morgan Securities plc, BofA
Merrill Lynch, Merrill Lynch International and Goldman Sachs &
Co. LLC (collectively, the “Dealer Managers”) are acting as dealer
managers in connection with the Tender Offers. D.F. King is acting
as information and tender agent (the “Information and Tender
Agent”) in connection with the Tender Offers.
Questions and requests for assistance or for additional copies
of this Offer to Purchase may be directed to any of the Dealer
Managers or to the Information and Tender Agent.
J.P. Morgan Securities
LLC
Liability Management Group
383 Madison Avenue, 6th Floor
New York, NY 10179
United States of America
Toll Free: +1 (866) 834-4666
Collect: +1 (212) 834-3424
J.P. Morgan Securities
plc
Liability Management Group
25 Bank Street
Canary Wharf
London E14 5JP
United Kingdom
Collect: +44 (0) 207 779 2468
BofA Merrill Lynch
Liability Management Group
214 North Tryon Street, 14th
Floor
Charlotte, North Carolina
28255
Collect: (646) 855-0173
Toll-Free: (888) 292-0070
Merrill Lynch
International
2 King Edward Street
London EC1A 1HQ
United Kingdom
Tel.: +44 20 7996 5420
Attention: Liability Management
Group
Email: DG.LM_EMEA@baml.com
Goldman Sachs & Co.
LLC
Liability Management Group
200 West Street
New York, New York 10282
In the U.S.
Collect: (212) 902-6351
Toll-Free: (800) 828-3182
In Europe
Tel.: +44 20 7552 6157
Questions and requests for assistance in connection with the
delivery of Tender Instructions may be directed to the Information
and Tender Agent.
Information and Tender Agent
D.F. King
Email: ge@dfkingltd.com
Offer Website:
https://sites.dfkingltd.com/ge
In London
65 Gresham Street
London EC2V 7NQ
United Kingdom
Tel: +44 20 7920 9700
In New York
48 Wall Street, 22nd Floor
New York, New York 10005
United States of America
Attention: Andrew Beck Banks and
Brokers call: +1 (212) 269-5550
All others call (toll free): +1
(800) 820-2415
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 Tender
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 and legal
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
Securities 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 a Tender Offer.
None of the Dealer Managers, the Information and Tender Agent or GE
makes any recommendation as to whether Holders should tender their
Securities for purchase pursuant to the Tender Offers.
None of the Dealer Managers, the Information and Tender 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 Securities or
the Tender Offers contained in this announcement or in the Offer to
Purchase. None of the Dealer Managers, the Information and Tender
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 Tender Offers, and accordingly none of the Dealer Managers, the
Information and Tender Agent and 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 Securities which is material in the context of the
Tender Offers and which is not otherwise publicly available.
General
Neither this announcement, the Offer to Purchase nor the
electronic transmission thereof constitutes an offer to buy or the
solicitation of an offer to sell Securities (and tenders of
Securities for purchase pursuant to a Tender Offer will not be
accepted from Holders) in any circumstances in which such offer or
solicitation is unlawful. GE is not aware of any jurisdiction where
the making of the Tender Offers is not in compliance with the laws
of such jurisdiction. If GE becomes aware of any jurisdiction where
the making of a Tender Offer would not be in compliance with such
laws, GE will make a good faith effort to comply with any such laws
or may seek to have such laws declared inapplicable to such Tender
Offer. If, after such good faith effort, GE cannot comply with any
such applicable laws, such Tender Offer will not be made to the
holders of Securities residing in each such jurisdiction.
In any jurisdictions where the securities, blue sky or other
laws require the Tender Offers to be made by a licensed broker or
dealer and a Dealer Manager or, where the context so requires, any
affiliate is such a licensed broker or dealer in any such
jurisdiction, the Tender Offers shall be deemed to be made on
behalf of GE by such Dealer Manager or such affiliate (as the case
may be) in such jurisdiction.
Each Holder participating in a Tender Offer will be deemed to
give certain representations in respect of the jurisdictions
referred to above and generally as set out in the Offer to Purchase
under the heading “The Tender Offers—Procedures for Tendering
Securities.” If you are unable to make these representations will
not be accepted, your tender of Securities for purchase may be
rejected. Each of GE, the Dealer Managers and the Information and
Tender Agent reserves the right, in their absolute discretion, to
investigate, in relation to any tender of Securities for purchase
pursuant to a Tender Offer, 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 or submission may be rejected.
Forward-Looking Statements
This press release contains a number of forward-looking
statements. Words, and variations of words, such as “expect,”
“anticipate,” “intend,” “plan,” “believe,” “seek,” “see,” “will,”
“would,” “estimate,” “forecast,” “target,” “preliminary,” or
“range,” and similar expressions are intended to identify these
forward-looking statements, including but not limited to statements
about: the expected timing, size or other terms of each Tender
Offer; our ability to complete each Tender Offer; our expected
financial performance, including cash flows, revenues, organic
growth, margins, earnings and earnings per share; macroeconomic and
market conditions; planned and potential business or asset
dispositions; our de-leveraging plans, including leverage ratios
and targets, the timing and nature of specific 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: our
success in executing and completing, including obtaining regulatory
approvals and satisfying other closing conditions for, announced GE
industrial and GE Capital business or asset dispositions or other
transactions, including the planned sale of our BioPharma business
within our Healthcare segment and plans to exit our equity
ownership positions in Baker Hughes, a GE company (“BHGE”) and
Wabtec Corporation (“Wabtec”), the timing of closing for those
transactions and the expected proceeds and benefits to us; 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; our liquidity and the amount and timing of
our GE industrial cash flows and earnings, which may be impacted by
customer, 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, the
amount and timing of required capital contributions and related
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; the
results of our annual GAAP premium deficiency testing for GE
Capital’s run-off insurance operations, which we expect to be
completed in the third quarter of 2019; changes in macroeconomic
conditions, particularly interest rates, as well as the value of
stocks and other financial assets (including our equity ownership
positions in BHGE and Wabtec), oil and other commodity prices and
exchange rates; 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 and cyclical
pressures in our Power business, pricing and other pressures in the
renewable energy market, conditions in China and other key markets,
early aircraft retirements, 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 business, execution by our Renewable Energy
business, and the continued strength 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 or
our products or our customers’ products, such as the fleet
grounding of the Boeing 737 MAX, and related reputational effects;
the impact of potential information technology, cybersecurity or
data security breaches; the other factors that are described in
“Forward-Looking Statements” in BHGE’s most recent earnings release
or SEC filings; and the other factors that are described in “Risk
Factors” in our Annual Report on Form 10-K for the year ended
December 31, 2018, as such descriptions may be updated or amended
in our Quarterly Reports on Form 10-Q. There may be other factors
not presently known to us or which we currently consider to be
immaterial that could cause our actual results to differ materially
from those projected in any forward-looking statements we make. We
disclaim and do not undertake any obligation to update or revise
any forward-looking statement in this press release except as
required by applicable law or regulation.
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.
www.ge.com.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20190912005552/en/
GE Investor Contact: Steve Winoker swinoker@ge.com
617.443.3400 GE Media Contact: Mary Kate Mullaney
marykate.nevin@ge.com 202.304.6514
General Electric (NYSE:GE)
Graphique Historique de l'Action
De Fév 2024 à Mar 2024
General Electric (NYSE:GE)
Graphique Historique de l'Action
De Mar 2023 à Mar 2024