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GE HealthCare Conducts Offering of $8.25 Billion Senior Notes Ahead of Spin-Off from GE
- Client News
- November 29, 2022
Paul, Weiss advised GE HealthCare in its offering of $8.25 billion senior notes in connection with its spin-off from General Electric. The notes consisted of $1 billion aggregate principal amount of 5.550% senior notes due 2024, $1.5 billion aggregate principal amount of 5.600% senior notes due 2025, $1.75 billion aggregate principal amount of 5.650% senior notes due 2027, $1.25 billion aggregate principal amount of 5.857% senior notes due 2030, $1.75 billion aggregate principal amount of 5.905% senior notes due 2032, and $1 billion aggregate principal amount of 6.377% senior notes due 2052. BofA Securities and Morgan Stanley were the global coordinators and joint book-runners for the offering.
GE HealthCare distributed the net proceeds from the offering of three series of notes to GE prior to the consummation of the spin-off. The remaining three series of notes were issued by GE HealthCare to GE, and were transferred and delivered by GE to certain banks, who acted as selling noteholders in the offering, in a debt-for-debt exchange.
The Paul, Weiss team included corporate partners Scott Barshay, John Kennedy, Caith Kushner and Steven Williams and counsel Christodoulos Kaoutzanis; and tax partners Brian Krause and Jeffrey Samuels and counsel Alyssa Wolpin.