GE Kicks Off $23 Billion Bond Buyback Offer to Cut Debt Load
- Offer is targeting series of bonds maturing through 2050
- Company on track to cut $75 billion of debt in three years
Photographer: Sebastian Bozon/AFP/Getty Images
This article is for subscribers only.
General Electric Co. is offering to buy back as much as $23 billion of bonds in one of the largest corporate debt buybacks ever as the industrial giant carries out a plan to slash borrowings.
GE is targeting a series of more than 50 bonds maturing through 2050 in an offer that expires on Dec. 9, the company said in a statement Wednesday. The offer comes a day after the conglomerate said it will split into three separate companies in the final stage of a great deleveraging for what was once among the most heavily indebted U.S. corporations.