GE cuts some debt using proceeds from sale of biopharma business [Reuters (UK)]
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Source: Reuters
GE cuts some debt using proceeds from sale of biopharma business - Reuters 2 Min Read (Reuters) - General Electric Co ( GE.N ) said on Monday it used part of the $20 billion in proceeds from the sale of its biopharma business to cut debt. The U.S. industrial conglomerate last week pulled its full-year forecast due to the uncertainties created by the coronavirus outbreak, but backed its first-quarter industrial free cash flow expectation of near-negative $2 billion. GE has repaid $6 billion of its intercompany loan to finance arm GE Capital on April 1 using funds from the biopharma proceeds, it said on Monday. The company’s total borrowings stood at $90.9 billion as of Dec. 31. GE Capital launched a tender targeting up to $9 billion of debt maturing in 2020, GE said, using the repayment amount. The unit also repaid $4.7 billion of debt that matured in the first quarter of 2020. GE, which makes jet engines, power plants and other industrial equipment, last month sold its biopharma bus
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