Trading Concept
  • Home
  • Trading News
  • Email Whitelisting
  • Privacy Policy
  • Home
  • Trading News
  • Email Whitelisting
  • Privacy Policy
No Result
View All Result
Trading Concept
No Result
View All Result
Home Trading News

GE Expands Debt Buyback by $2 Billion on Strong Demand

by
November 28, 2021
in Trading News
0
0
SHARES
0
VIEWS
Share on FacebookShare on Twitter

(Bloomberg) — General Electric Co. said it now expects to buy back $25 billion of bonds, expanding one of the biggest debt repurchases ever, after finding strong demand from investors to sell the securities.

Most Read from Bloomberg

RELATED POSTS

Freddie Mac House Price Index Increased in August to New High; Up 4.0% Year-over-year

Monday: ISM Manufacturing, Construction Spending

Billionaire Family Feud Puts a Century-Old Business Empire in Jeopardy

Asia’s Richest Man Looks to Walton Family Playbook on Succession

An Arab City’s Booming Art Scene Is Also a Grab at Soft Power

The 24-Year-Old Aiming to Dethrone Victoria’s Secret

The Winners and Losers From a Year of Ranking Covid Resilience

Investors have so far offered to sell about $33 billion of bonds to the company, GE said in a statement. GE had sought to buy back as much as $23 billion of the securities in a process known as a tender offer.

“The upsized offer may indicate GE’s comfort with cash flow in the important fourth quarter and is consistent with its deleveraging plans,” said Joel Levington, credit analyst for Bloomberg Intelligence.

But the company’s bonds already trade at levels consistent with higher debt ratings, signaling they may not rally materially on Friday’s news, Levington said. GE’s shares fell about 6% amid a broader market decline, as concerns about a new coronavirus variant identified in South Africa hit companies in industries including aerospace.

With the latest buybacks and other steps, GE said on Friday it now expects to cut its debt levels by more than $80 billion by the end of the year from the end of 2018. Earlier this month, the company said it was on track to cut debt by more than $75 billion.

In its tender offer, GE is targeting buybacks in as many as about 50 securities maturing through 2050. The original tender offer was made the day after the company said it will split into three separate entities, one of the final stages in a vast debt cutting effort that the company has undertaken over the course of years.

The once-sprawling industrial conglomerate has been slashing its debt load in earnest since Chief Executive Officer Larry Culp took over in 2018. Large asset sales, including the $30 billion sale of its aircraft leasing unit to AerCap Holdings NV this year, are helping GE achieve that goal.

In this tender offer, money managers told the company how much they were willing to sell back by Nov. 24 at 5 p.m. New York time, the early deadline. Additional sellers may emerge, and the final deadline is Dec. 9.

(Updates with analyst comment in third paragraph. Previous versions of this story corrected the timing of the launch of the tender offer.)

Most Read from Bloomberg Businessweek

Medical Debt Is Crushing Black Americans, and Hospitals Aren’t Helping

Wildfires Are Getting Worse, and One Chemical Company Is Reaping the Benefits

How Child Care Became the Most Broken Business in America

©2021 Bloomberg L.P.

ShareTweetPin

Related Posts

Freddie Mac House Price Index Increased in August to New High; Up 4.0% Year-over-year

by
October 2, 2023
0

by Calculated Risk on 10/01/2023 10:11:00 AM Today, in the Calculated Risk Real Estate Newsletter: Freddie Mac House Price Index...

Monday: ISM Manufacturing, Construction Spending

by
October 2, 2023
0

by Calculated Risk on 10/01/2023 07:06:00 PM Weekend: o Schedule for Week of October 1, 2023 Monday: o At 10:00...

These 5 Stocks Are Setting Up This Buying Opportunity After Strong Runs

by
October 1, 2023
0

Post Content

7 Stock Picks You Might Not Have Heard About. Why They’re ‘Best-of-Breed Bisons.’

by
October 1, 2023
0

Here are 7 Stock Picks You Might Not Have Heard About. Why They’re Best-of-Breed Bisons. | Barron's D.A. Davidson, a...

Best China Stocks: These Two Are Flashing Buy Signals Now

by
October 1, 2023
0

Post Content

Next Post

Covid variant spreads to UK, Germany and Italy

3 Reasons Your 401(k) Is Not Enough for Retirement

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

email

Get the daily email about stock.

Please Enter Your Email Address:



By opting in you agree to our Privacy Policy. You also agree to receive emails from us and our affiliates. Remember that you can opt-out any time, we hate spam too!

MOST VIEWED

  • WHO says Covid vaccine booster programs will prolong pandemic

    0 shares
    Share 0 Tweet 0
  • Forget Tesla — this auto stock is the one to buy right now, analyst says

    0 shares
    Share 0 Tweet 0
  • Spin or Split? AT&T Has a Big Decision to Make on Discovery Stake.

    0 shares
    Share 0 Tweet 0
  • Here’s how Carl Icahn is positioning for a possible recession in America

    0 shares
    Share 0 Tweet 0
  • Some lawmakers and their families are betting thousands of dollars on crypto

    0 shares
    Share 0 Tweet 0
  • Home
  • Trading News
  • Email Whitelisting
  • Privacy Policy
All rights reserved by tradingconcept.net
No Result
View All Result
  • Email Whitelisting
  • Home
  • Privacy Policy

All rights reserved by www.tradingconcept.net