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GE has commenced a massive $23bn bond buyback offer in one of the largest ever corporate bond buybacks. GE plans to buyback 51 bonds across USD, EUR and GBP denominated debt for cash across three pools:

  • Up to $7bn in principal for Pool 1 that has a list of 17 bonds
  • Up to $7.5bn in principal for Pool 2 that has a list of 19 bonds
  • Up to $8.5bn in principal for Pool 3 that has a list of 15 bonds

The buybacks come as part of its plan to slash gross debt to ~$75bn from 2018-2021. About 70% of the tender offer is targeted at the intermediate to long end of its obligations and provides a “credible plan to improve cash flow in front of GE’s pending breakup”, said Joel Levington, a Bloomberg Intelligence credit analyst. Tender Offer will expire on December 9, 2021, unless extended or earlier terminated by GE

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