GE 2005 Annual Report Download - page 117

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(117)
LONG-TERM BORROWINGS
December 31 (Dollars in millions)
2005
Average
rate(a) Maturities 2005 2004
GE
Senior notes 4.88% 2008-2013 $ 6,486 $4,984
Industrial development/ pollution control bonds 3.83 2011-2027 299 307
Payable to banks, principally U.S. 4.99 2007-2023 1,912 1,927
Other(b)
384 407
9,081 7,625
GECS
Senior notes
Unsecured 4.45 2007-2055 180,546 174,893
Asset-backed(c) 4.66 2007-2035
6,845 10,939
Extendible notes(d) 4.38 2007-2009
14,022 14,258
Subordinated notes(e) 6.00 2009-2037
2,984 1,119
204,397 201,209
ELIMINATIONS (1,197) (963)
Total
$ 212,281 $207,871
(a) Based on year-end balances and year-end local currency interest rates, including the effects of interest rate and currency swaps, if any,
directly associated with the original debt issuance.
(b) A variety of obligations having various interest rates and maturities, including certain borrowings by parent operating components and
affiliates.
(c) Asset-backed senior notes were all issued by consolidated, liquidating securitization entities. See note 28.
(d) Included obligations of consolidated, liquidating securitization entities in the amount of $38 million and $267 million at December 31,
2005 and 2004, respectively. See note 28.
(e) Included $750 million and $1,000 million of subordinated notes guaranteed by GE at December 31, 2005 and 2004, respectively.
Our borrowings are addressed below from the perspectives of liquidity, interest rate and currency risk management.
Additional information about borrowings and associated swaps can be found in note 27.
LIQUIDITY is affected by debt maturities and our ability to repay or refinance such debt. Long-term debt
maturities over the next five years follow.
(In millions) 2006 2007 2008 2009 2010
GE $ 129 $ 1,733 $ 1,574 $ 48 $ 18
GECS 41,598
(a) 41,381(b) 42,385 26,928 18,549
(a) Floating rate extendible notes of $297 million are due in 2006, but are extendible at the option of the investors to a final maturity in 2008.
Fixed and floating rate notes of $1,059 million contain put options with exercise dates in 2006, but have final maturity dates in 2007 ($250
million), 2008 ($350 million) and beyond 2010 ($459 million).
(b) Floating rate extendible notes of $14,022 million are due in 2007, of which $2,000 million are extendible at the option of the investors to a
final maturity in 2009.