FAIRFIELD, Conn.--(BUSINESS WIRE)--Sept. 21, 2005--GE (NYSE: GE) today announced the pricing of the Genworth secondary public offering.
GE agreed to sell a total of 80 million shares at a price to the public of $29.50 per share. This reflects 20 million shares greater than originally offered due to strong investor demand. GE also agreed to sell 21 million shares to Citigroup Global Markets Inc., an affiliate of which will issue securities exchangeable for Genworth Class A shares. GE granted over-allotment options to permit the underwriters of the common stock offering to purchase an additional 12 million shares and to permit Citigroup Global Markets Inc. to purchase an additional 3.15 million shares.
If the over-allotment options in both offerings are fully exercised, then GE will own approximately 27 percent of Genworth's common stock and receive net proceeds of $3.29 billion from this transaction. If the underwriters' over-allotment options are not exercised, GE will own approximately 30 percent of Genworth's common stock and receive net proceeds of $2.86 billion.
The global coordinator and bookrunner for the common stock offering was Morgan Stanley, and Bank of America Securities, JP Morgan and Merrill Lynch were joint lead managers and bookrunners. Interested parties may obtain a written prospectus relating to the common stock offering from Morgan Stanley & Co. Incorporated, 1585 Broadway, New York, New York 10036. Citigroup Global Markets Inc. was the sole bookrunner of the offering of the exchangeable securities. Interested parties may obtain a written prospectus relating to the exchangeable securities offering from Citigroup, Brooklyn Army Terminal, 140 58th Street, 8th floor, Brooklyn, New York 11220.
This announcement does not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state in which the offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of that state.
GE (NYSE: GE) is a diversified technology, media and financial services company dedicated to creating products that make life better. From aircraft engines and power generation to financial services, medical imaging, television programming, and plastics, GE operates 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.
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This document contains "forward-looking statements" - that is, statements related to future, not past, events. In this context, forward-looking statements often address our expected future business and financial performance, and often contain words such as "expects," "anticipates," "intends," "plans," "believes," "seeks," or "will." Forward-looking statements by their nature address matters that are, to different degrees, uncertain. For us, particular uncertainties arise from the behavior of financial markets, including fluctuations in interest rates and commodity prices, from future integration of acquired businesses, from future financial performance of major industries which we serve, including, without limitation, the air and rail transportation, energy generation and healthcare industries, from unanticipated loss development in our insurance businesses, and from numerous other matters of national, regional and global scale, including those of a political, economic, business, competitive or regulatory nature. These uncertainties may cause our actual future results to be materially different than those expressed in our forward-looking statements. We do not undertake to update our forward-looking statements.
Contacts
General Electric, Fairfield
Russell Wilkerson, 203/373-3193
[email protected]