8-KOther EventsExhibits & Filings

GENERAL ELECTRIC CO 8-K Report, Temporary Suspension of Trading Under Employee Benefit Plans (Nov 23, 2022)

Filed November 23, 2022For Securities:GE

Summary

This 8-K filing from General Electric (GE) on November 23, 2022, primarily announces a temporary suspension of trading within its employee benefit plans, known as a "blackout period." This suspension is a necessary step in preparation for the previously announced spin-off of GE's Healthcare business, expected to occur in the first week of January 2023. During this period, participants in the GE Retirement Savings Plan will be unable to make investment changes into or out of the GE stock fund, nor can they take loans or withdrawals from that portion of their accounts. The blackout period is anticipated to last for approximately one week, beginning in early January 2023. Additionally, the filing provides updates on GE HealthCare's financing activities. GE HealthCare successfully closed an offering of approximately $7.5 billion in aggregate principal amount of senior notes across various maturities. These notes are intended to finance the spin-off and the net proceeds from the "New Money Notes" offering will be distributed to GE. The notes are senior unsecured obligations of GE HealthCare, initially guaranteed by GE, with GE's guarantee being released upon the consummation of the spin-off. GE also announced results and reference yields for its tender offer on certain existing debt securities.

Key Highlights

  • 1Temporary trading blackout period for participants in GE's Retirement Savings Plan is anticipated to begin in the calendar week of January 1, 2023, and last for approximately one week.
  • 2The blackout period is in preparation for the spin-off of GE's Healthcare business, expected to occur in the first week of January 2023.
  • 3During the blackout period, participants cannot move funds into or out of the GE Stock Fund, nor take loans or withdrawals from that specific investment.
  • 4GE HealthCare successfully closed an offering of approximately $7.5 billion in senior notes across multiple maturities to fund the spin-off.
  • 5Net proceeds from the 'New Money Notes' offering will be distributed to GE.
  • 6GE HealthCare's new debt is guaranteed by GE until the spin-off is completed, after which GE's guarantee will be released.
  • 7GE also announced results and reference yields for its ongoing tender offer on certain existing debt securities.

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