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FILE PHOTO: The General Electric Co. logo is seen on the company’s corporate headquarters building in Boston, Massachusetts, U.S. July 23, 2019. REUTERS/Alwyn Scott
(Reuters) – General Electric Co (GE.N) said on Monday it reopened portions of its prior debt offerings for $3 billion in total proceeds to boost its cash reserves amid the coronavirus crisis.
The company said the reopening was in response to a reverse inquiry from a long-term strategic investor seeking to buy the company’s debt.
GE said it expects to use these proceeds to reduce shorter-duration debt and the deal is expected to be leverage neutral over time.
Reporting by Ankit Ajmera in Bengaluru; Editing by Anil D’Silva
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