GE stock gains after tender offer to buy up to $7 billion of debt securities
Shares of General Electric Co. rose 0.4% in morning trading Tuesday, after the industrial conglomerate announced a tender offer to buy up to $7 billion worth of outstanding debt. GE said the tender, which is set to expire on Dec. 7, is part of its previously announced plans to reduce debt and leverage. The securities the company is offering to buy include those with maturities ranging from as early as 2025 to 2050, with rates ranging from as low as 0.875% to as high as 7.700%. GE is in the process of splitting into three standalone companies, with GE HealthCare prepared to separate the first week of January. GE HealthCare plans to issue debt securities, with the proceeds expected to be used to pay down GE debt over time. GE's stock has run up 11.5% over the past three months while the Dow Jones Industrial Average has ticked up 0.4%.
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