UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
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Item 2.03. Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.
On April 17, 2020, General Electric Company (“GE”) entered into a senior unsecured back-up revolving syndicated credit facility extended by 32 banks at an initial aggregate principal commitment amount of $15 billion (the “Senior Unsecured Credit Facility”). As previously announced regarding our normal financial management process, the Senior Unsecured Credit Facility refinances GE’s prior $20 billion back-up revolving syndicated credit facility that was scheduled to mature in May 2021. The closing of the new Senior Unsecured Credit Facility terminated the prior $20 billion back-up revolving syndicated credit facility. The closing also terminated GE’s revolving syndicated credit facility that was scheduled to mature in December 2020, which had an aggregate revolving commitment amount of approximately $4 billion following the sale of the BioPharma business within our Healthcare segment.
The Senior Unsecured Credit Facility matures on April 17, 2023, and any borrowings under the Senior Unsecured Credit Facility may, at the election of GE, be prepaid prior to such date, in whole or in part, without premium or penalty. Extensions of credit under the Senior Unsecured Credit Facility may be utilized by GE for general corporate purposes. The Senior Unsecured Credit Facility, which includes a net debt-to-EBITDA financial covenant, is attached as Exhibit 10 and incorporated by reference herein. As of the date hereof, GE has made no borrowings under the Senior Unsecured Credit Facility.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
| Exhibit Number | Description | ||
| 10.1* | Three-Year Credit Agreement, dated as of April 17, 2020, among General Electric Company, as the borrower, JPMorgan Chase Bank, N.A., as Administrative Agent, and the lenders party thereto. | ||
| 104.1 | The cover page from this Current Report on Form 8-K, formatted in Inline XBRL. | ||
| * | Portions of this exhibit have been omitted pursuant to Rule 601(b)(10) of Regulation S-K. |
(2)
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| General Electric Company | |||
| (Registrant) | |||
| Date: April 20, 2020 | /s/ Christoph A. Pereira | ||
| Christoph A. Pereira | |||
| Vice President, Chief Risk Officer and Chief | |||
| Corporate Counsel |
(3)