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GE Aerospace Completes $1.17 Billion Debt-for-Equity Exchange
- Client News
- November 12, 2024
Practices
Paul, Weiss advised General Electric Company (operating as GE Aerospace) in the disposition of $1.17 billion of shares of common stock of GE HealthCare Technologies Inc. The disposition took place through a debt-for-equity exchange in which GE Aerospace borrowed a term loan from affiliates of Morgan Stanley & Co. LLC and subsequently exchanged that debt for 13 million shares of GE HealthCare common stock. Morgan Stanley then completed a secondary public offering of the common stock at a price of $88.20 per share. GE HealthCare did not receive any proceeds from the debt-for-equity exchange or the offering. Following completion of the transaction, GE Aerospace no longer holds any shares of GE HealthCare common stock.
J.P. Morgan, Citigroup and Morgan Stanley served as the lead joint bookrunning managers for the offering.
The Paul, Weiss team included corporate partners John Kennedy, Christodoulos Kaoutzanis, Thomas de la Bastide and Steven Williams and counsel David Epstein; and tax partners Jeffrey Samuels and Brian Krause and counsel Alyssa Wolpin.