Filed Pursuant to Rule 433
Dated May 20, 2015
Registration Statement: 333-186882
PRICING TERM SHEET
General Electric Company
May 20, 2015
€650,000,000 Floating Rate Notes due 2020
€1,250,000,000 1.250% Notes due 2023
€1,250,000,000 1.875% Notes due 2027
| Issuer: | General Electric Company | |||||
| Trade Date: | May 20, 2015 | |||||
| Settlement Date: | May 28, 2015 (T+5) | |||||
| Title: | Floating Rate Notes due 2020 | 1.250% Notes due 2023 | 1.875% Notes due 2027 | |||
| Expected Ratings*: | A1 / AA+ | A1 / AA+ | A1 / AA+ | |||
| Principal Amount: | €650,000,000 | €1,250,000,000 | €1,250,000,000 | |||
| Maturity Date: | May 28, 2020 | May 26, 2023 | May 28, 2027 | |||
| Coupon: | 3-month EURIBOR +30 basis points (reset quarterly) | 1.250% | 1.875% | |||
| Minimum Interest Rate: | 0.000% per annum | N/A | N/A | |||
| Benchmark Mid Swaps: | N/A | 8-year mid-swap rate | 12-year mid-swap rate | |||
| Mid Swaps Yield: | N/A | 0.738% | 1.053% | |||
| Spread to Mid Swaps: | N/A | +55 basis points | +85 basis points | |||
| Benchmark Security: | 3-month EURIBOR | DBR 1.500% due May 15, 2023 | DBR 0.500% due February 15, 2025 | |||
| Benchmark Security Price and Yield: | N/A | 108.465 / 0.419% | 98.970 / 0.609% | |||
| Spread to Benchmark Security: | +30 basis points | +86.9 basis points | +129.4 basis points | |||
| Yield to Maturity: | N/A | 1.288% | 1.903% | |||
| Optional Redemption: | None | Prior to February 26, 2023, make-whole redemption at the discount rate of comparable German government bond +15 basis points. | Prior to February 28, 2027, make-whole redemption at the discount rate of comparable German government bond +20 basis points. | |||
| On or after February 26, 2023, at par plus accrued and unpaid | On or after February 28, 2027, at par plus accrued and unpaid |
| interest, if any, to, but excluding the redemption date. | interest, if any, to, but excluding the redemption date. | |||||
| Price to Public: | 100.000% of principal amount | 99.713% of principal amount | 99.702% of principal amount | |||
| Underwriting Discount: | 0.325% | 0.390% | 0.460% | |||
| Proceeds (before expenses) to Issuer: | €647,887,500 | €1,241,537,500 | €1,240,525,000 | |||
| Interest Payment Date(s): | February 28, May 28, August 28 and November 28 | May 26 of each year | May 28 of each year | |||
| First Interest Payment Date: | August 28, 2015 | May 26, 2016 (short first coupon) | May 28, 2016 | |||
| Bookrunners: | Barclays Bank PLC BNP Paribas Citigroup Global Markets Limited Credit Suisse Securities (Europe) Limited Deutsche Bank AG, London Branch Merrill Lynch International |
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| Senior Co-Managers: | Crédit Agricole Corporate and Investment Bank | |||||
| HSBC Bank plc Société Générale |
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| Co-Managers: | Banca IMI S.p.A. Banco Santander, S.A. Banco Bilbao Vizcaya Argentaria, S. A. Bank of Montreal, London Branch ING Bank N.V., Belgian Branch Lloyds Bank plc Mitsubishi UFJ Securities International plc Mizuho International plc The Royal Bank of Scotland plc SMBC Nikko Capital Markets Limited The Toronto-Dominion Bank UniCredit Bank AG |
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| Listing: | The Company intends to apply to list the notes on the New York Stock Exchange. | |||||
| Day Count Convention: | Actual/360; Modified Following, Adjusted |
Actual/Actual (ICMA); Following, Unadjusted |
Actual/Actual (ICMA); Following, Unadjusted | |||
| Business Days: | TARGET2, New York and London | |||||
| Law: | New York | |||||
| Stabilization: | Stabilization/FCA | |||||
| CUSIP / ISIN / Common Code: | 369604 BJ1 / XS1238900515 / 123890051 | 369604 BK8 / XS1238901166 / 123890116 | 369604 BL6 / XS1238902057 / 123890205 | |||
* Note: A securities rating is not a recommendation to buy, sell or hold securities, and may be subject to change or withdrawal at any time.
We expect that delivery of the notes will be made against payment therefor on or about May 28, 2015, which will be the fifth business day following the date of pricing of the notes (such settlement cycle being herein referred to as “T+5”). Pursuant to Rule 15c6-1 under the Securities Exchange Act of 1934, as amended, trades in the secondary market generally are required to settle in three business days, unless the parties to any such trade expressly agree otherwise. Accordingly, purchasers who wish to trade notes earlier than the third business day prior to the date of settlement will be required, by virtue of the fact that the notes initially will settle T+5, to specify an alternate
settlement cycle at the time of any such trade to prevent a failed settlement. Purchasers of notes who wish to trade notes earlier than the third business day prior to the date of settlement should consult their own advisor.
The issuer has filed a registration statement (including a prospectus) with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the issuer has filed with the SEC for more complete information about the issuer and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the issuer or the underwriters participating in the offering will arrange to send you the prospectus if you request it by calling Deutsche Bank AG, London Branch toll-free at 1-800-503-4611, BNP Paribas toll-free at 1-800-854-5674, Barclays Bank PLC at 1-888-603-5847, Citigroup Global Markets Limited toll-free at 1-800-831-9146, Credit Suisse Securities (Europe) Limited at 1-800-221-1037, or Merrill Lynch International at 1-800-294-1322.