19 02 2016

GE Cash Tender Offer for Hybrid Securities

Davis Polk advised the dealer managers in connection with the cash tender offers by General Electric Company (“GE”) to purchase any and all of certain of its outstanding U.S. dollar, euro and pound sterling denominated subordinated debentures, and the related U.S. dollar, euro and pound sterling denominated trust securities issued by certain GE Capital Trusts.


Approximately $4.2 billion in aggregate principal amount of the target securities were validly tendered and accepted for purchase in the tender offers, representing total participation of approximately 84%. J.P. Morgan Securities LLC, J.P. Morgan Securities plc, Merrill Lynch, Pierce, Fenner & Smith Incorporated and Merrill Lynch International acted as the Dealer Managers for the Tender Offer. GE is a global digital industrial company. With products and services ranging from aircraft engines, power generation and oil and gas production equipment to medical imaging, financing and industrial products, GE serves customers in approximately 175 countries and employs approximately 305,000 people worldwide. The Davis Polk corporate team included partners Richard J. Sandler (Picture) and John B. Meade, European counsel John Taylor, counsel Marcel Fausten and associate Christopher M. Bezeg. The tax team included partner Rachel D. Kleinberg and associate Patrick E. Sigmon. Involved fees earner: Richard Sandler - Davis Polk & Wardwell; John Meade - Davis Polk & Wardwell; John Taylor - Davis Polk & Wardwell; Marcel Fausten - Davis Polk & Wardwell; Christopher Bezeg - Davis Polk & Wardwell; Rachel Kleinberg - Davis Polk & Wardwell; Patrick Sigmon - Davis Polk & Wardwell;

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