FAIRFIELD, Conn. - Dubai, UAE -- November 19th, 2009 ---(NYSE: GE) GE Capital, the finance arm of General Electric (NYSE: GE) announced the completion of its inaugural "sukuk" Islamic bond issuance tailored for investors across the Middle East, Asia and Europe. The five-year US$ 500 million denominated sukuk had strong demand and makes GE Capital the first US corporate issuer of an Islamic bond. Proceeds will be used for general corporate purposes.
"GE Capital's inaugural entry into the sukuk market aims to further complement and solidify GE's fast growing presence across the Middle East and Asian regions," Aris Kekedjian, Vice President and Managing Director, GE Strategic Development, GE Capital, said. "This issuance establishes our presence with a new and important investor base and demonstrates our commitment to these regions."
"This transaction is strategically important for GE as it establishes yet another way of raising funds from an important investor base," GE's Senior Vice President and Treasurer Kathy Cassidy said. "We have been focused on diversifying our alternative funding sources to include global deposits and covered bonds, and transactions such as the sukuk allow us to make progress in meeting our objectives. We intend to be regular issuers in the sukuk market and are heartened by the support we have seen in this first transaction."
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GE Capital offers consumers and businesses around the globe an array of financial products and services. GE (NYSE: GE) is Imagination at Work - a diversified technology, media and financial services company focused on solving some of the world's toughest problems. For more information, visit gecapital.com or follow company news via Twitter (@GECapitalNews).
About GE
GE is a diversified global infrastructure, finance and media company that is built to meet essential world needs. From energy, water, transportation and health, to access to money and information, GE serves customers in more than 100 countries and employs more than 300,000 people worldwide. For more information, visit the company's Web site at www.ge.com. GE is Imagination at Work.
Russell Wilkerson
GE Capital Managing Director of Communications and Public Affairs
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Rania Rostom