GE 2015 Annual Report Download - page 193

FINANCIAL STATEMENTS BORROWINGS
GE 2015 FORM 10-K 165
On May 28, 2015, GE issued ¼ million senior unsecured debt, composed of ¼ million of Floating Rate Notes due 2020, ¼
million of 1.250% Notes due 2023 and ¼ million of 1.875% Notes due 2027. On October 9, 2015, $2.0 billion of long-term debt
issued by GE matured.
On April 10, 2015, GE provided a full and unconditional guarantee on the payment of the principal and interest on all tradable senior
and subordinated outstanding long-term debt securities and all commercial paper issued or guaranteed by GE Capital. $92.6 billion of
such debt was assumed by GE on December 2, 2015 upon its merger with GE Capital resulting in an intercompany payable to GE.
Prior to the merger $36 billion notional of GE Capital debt was exchanged into a new GE Capital international entity, including $16.2
billion which was exchanged into Six Month Notes and of which $14.9 billion was classified in long-term borrowings prior to exchange.
As part of the GE Capital Exit Plan, on September 21, 2015 GE Capital commenced private offers to exchange up to $30 billion of
certain outstanding debt for new notes with maturities of six months, five years, ten years or twenty years. On October 19, 2015, given
the high level of participation, the offering was increased by $6 billion with the aggregate principal amount of $36 billion of outstanding
notes (representing $31 billion of outstanding principal and $5 billion of premium) being tendered for exchange and settled on October
26, 2015. The new notes that were issued at closing are composed of $15.3 billion of 0.964% Six Month Notes due April 2016, £0.8
billion of 1.363% Six Month Notes due April 2016, $6.1 billion of 2.342% Notes due 2020, $2.0 billion of 3.373% Notes due 2025 and
$11.5 billion of 4.418% Notes due 2035.
December 31
(
in millions
)
2015
Borrowings from
debt exchange(a) Borrowings assumed by GE Borrowings guaranteed by GE
Short-term borrowings
GE
Current portion of long-term borrowings $ - $ 17,649 $ -
GE Capital
Commercial paper-Non U.S. - - 4,351
Current portion of long-term borrowings 15,430 - 24,334
Other 789 - 789
Total short-term borrowings $ 16,219 $ 17,649 $ 29,474
Long-term borrowings
GE
Senior unsecured notes $ - $ 57,433 $ -
Subordinated notes - 2,954 -
Subordinated debentures - 6,678 -
Other - 400 -
GE Capital
Senior unsecured notes 16,756 - 56,355
Other - - -
Total lon
g
-term borrowin
g
s $ 16,756 $ 67,465 $ 56,355
Total borrowin
g
s $ 32,975 $ 85,114 $ 85,829
(a) Included $4.5 billion in additional bonds issued as a premium that will accrete up to face value ($36 billion) to the maturity date.
Additional information about borrowings and associated swaps can be found in Notes 20 and 27.
GE 2015 FORM 10-K 165