-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: keymaster@town.hall.org Originator-Key-Asymmetric: MFkwCgYEVQgBAQICAgADSwAwSAJBALeWW4xDV4i7+b6+UyPn5RtObb1cJ7VkACDq pKb9/DClgTKIm08lCfoilvi9Wl4SODbR1+1waHhiGmeZO8OdgLUCAwEAAQ== MIC-Info: RSA-MD5,RSA, nS9HCmp+bGXrnnmFs+ZSAei5VxKVInIjl4rM7e435OiVi9FcjB0+FHpHGdbIfSnl qVDp5Js7jzXtMQkhi3A/VA== 0000040554-94-000065.txt : 19940217 0000040554-94-000065.hdr.sgml : 19940217 ACCESSION NUMBER: 0000040554-94-000065 CONFORMED SUBMISSION TYPE: 424B3 CONFIRMING COPY: PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 19940216 FILER: COMPANY DATA: COMPANY CONFORMED NAME: GENERAL ELECTRIC CAPITAL CORP CENTRAL INDEX KEY: 0000040554 STANDARD INDUSTRIAL CLASSIFICATION: 6172 IRS NUMBER: 131500700 STATE OF INCORPORATION: NY FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 424B3 SEC ACT: 33 SEC FILE NUMBER: 033-49874 FILM NUMBER: 00000000 BUSINESS ADDRESS: STREET 1: 260 LONG RIDGE RD CITY: STAMFORD STATE: CT ZIP: 06927 BUSINESS PHONE: 2033574000 FORMER COMPANY: FORMER CONFORMED NAME: GENERAL ELECTRIC CREDIT CORP DATE OF NAME CHANGE: 19871216 424B3 1 MTN1790 PROSPECTUS Pricing Supplement No. 1790 Dated July 12, 1993 Dated February 9, 1994 PROSPECTUS SUPPLEMENT Rule 424(b)(3)-Registration Statement No. 33-58506 Dated July 12, 1993 Rule 424(b)(3)-Registration Statement No. 33-58508 GENERAL ELECTRIC CAPITAL CORPORATION GLOBAL MEDIUM-TERM NOTES (Floating Rate Notes) Series: A X B __ C __ Trade Date: February 9, 1994 Principal Amount (in Specified Currency): US$45,000,000 Settlement Date (Original Issue Date): February 24, 1994 If Specified Currency is other than U.S. dollars, equivalent amount in U.S. dollars: N/A Maturity Date: February 24, 1995 Agent's Discount or Commission: 0.00% Price to Public (Issue Price): 100.00% Net Proceeds to Issuer (in Specified Currency): US$45,000,000 Interest Rate: Interest Calculation: __ Regular Floating Rate __ Inverse Floating Rate (Fixed Interest Rate): X Other Floating Rate: Three Month LIBOR (as defined herein) plus 0.300% or 0.000% to be determined on each Interest Rate Determination Date (as described below under "Additional Terms") Interest Rate Basis: __ CD Rate __ Commercial Paper Rate __ Federal Funds Rate __ LIBOR __ Prime Rate X Other (as described below under "Additional Terms") Spread (Plus or Minus): N/A Spread Multiplier: N/A (Floating Rate Notes) Page 2 Pricing Supplement No. 1790 Dated February 9, 1994 Rule 424(b)(3)-Registration Statement No. 33-58506 Rule 424(b)(3)-Registration Statement No. 33-58508 Index Maturity: N/A Index Currency: N/A Maximum Interest Rate: N/A Minimum Interest Rate: 0% Alternate Rate Event Spread: N/A Initial Interest Rate Per Annum: See "Additional Terms" below. Interest Payment Period: __ Annual __ Semi-Annual __ Monthly X Quarterly Interest Payment Dates if other than as set forth in the Prospectus Supplement: May 24, 1994, August 24, 1994, November 24, 1994 and February 24, 1995. Interest Reset Periods and Dates: __ Daily __ Weekly __ Monthly X Quarterly(*) __ Semiannually: months in which reset: __ Annually: month in which reset: (*) See "Additional Terms" below. Interest Rate Determination Dates if other than as set forth in the Prospectus Supplement: See "Additional Terms" below. Form of Notes: The Notes will be issued in the form of a temporary global notes which will be deposited with or on behalf of the Depository Trust Company. The Notes will be available in book-entry form in minimum denominations of $100,000 and integral multiples of $1,000 in excess thereof. (Floating Rate Notes) Page 3 Pricing Supplement No. 1790 Dated February 9, 1994 Rule 424(b)(3)-Registration Statement No. 33-58506 Rule 424(b)(3)-Registration Statement No. 33-58508 Repayment, Redemption and Acceleration: Optional Repayment Date: N/A Annual Redemption Percentage Reduction: N/A Initial Redemption Date: N/A Modified Payment Upon Acceleration: N/A Initial Redemption Percentage: N/A Original Issue Discount: Amount of OID: N/A Interest Accrual Date: N/A Yield to Maturity: N/A Initial Accrual Period OID: N/A Amortizing Notes: Amortization Schedule: N/A Dual Currency Notes: Face Amount Currency: N/A Option Value Calculation Agent: N/A Optional Payment Currency: N/A Option Election Date(s): N/A Designated Exchange Rate: N/A Indexed Notes: Currency Base Rate: N/A Determination Agent: N/A (Floating Rate Notes) Page 4 Pricing Supplement No. 1790 Dated February 9, 1994 Rule 424(b)(3)-Registration Statement No. 33-58506 Rule 424(b)(3)-Registration Statement No. 33-58508 Additional Terms: Interest. Interest on the Notes is payable quarterly on May 24, 1994, August 24, 1994, November 24, 1994 and February 24, 1995 (each, an "Interest Payment Date"). The interest rate per annum applicable to each quarterly period commencing on the immediately preceding Interest Payment Date (or in the case of the initial interest period, commencing on the Issue Date) to but excluding the next Interest Payment Date will be determined by the Calculation Agent (as defined below) in accordance with the following: (i) On each Interest Rate Determination Date (as defined below) with respect to an Interest Reset Date (as defined below) during the period commencing on the Issue Date to but excluding May 24, 1994, the Calculation Agent shall determine whether Three Month LIBOR (as defined below) is less than or equal to 4.2500%. If Three Month LIBOR on such Interest Rate Determination Date falls within such range, interest will accrue at the Coupon Rate (as defined below) for such day. If Three Month LIBOR on such date falls outside of such range, then no interest will accrue on such date. (ii) On each Interest Rate Determination Date with respect to an Interest Reset Date during the period commencing on May 24, 1994 to but excluding August 24, 1994, the Calculation Agent shall determine whether Three Month LIBOR is less than or equal to 4.5000%. If Three Month LIBOR on such Interest Rate Determination Date falls within such range, interest will accrue at the Coupon Rate for such day. If Three Month LIBOR on such date falls outside of such range, then no interest will accrue on such date. (Floating Rate Notes) Page 5 Pricing Supplement No. 1790 Dated February 9, 1994 Rule 424(b)(3)-Registration Statement No. 33-58506 Rule 424(b)(3)-Registration Statement No. 33-58508 (iii) On each Interest Rate Determination Date with respect to an Interest Reset Date during the period commencing on August 24, 1994 to but excluding November 24, 1994, the Calculation Agent shall determine whether Three Month LIBOR is less than or equal to 4.7500%. If Three Month LIBOR on such Interest Rate Determination Date falls within such range, interest will accrue at the Coupon Rate for such day. If Three Month LIBOR on such date falls outside of such range, then no interest will accrue on such date. (iv) On each Interest Rate Determination Date with respect to an Interest Reset Date during the period commencing on November 24, 1994 to but excluding February 24, 1995, the Calculation Agent shall determine whether Three Month LIBOR is less than or equal to 5.0000%. If Three Month LIBOR on such Interest Rate Determination Date falls within such range, interest will accrue at the Coupon Rate for such day. If Three Month LIBOR on such date falls outside of such range, then no interest will accrue on such date. The interest rate applicable to each quarterly interest period, commencing on the immediately preceding Interest Payment Date will be determined by the Calculation Agent two London Business Days prior to each Interest Payment Date (or in the case of the initial interest period, two London Business Days before the Issue Date), and will be equal to Three Month LIBOR (as defined below) plus .300% per annum (the "Coupon Rate"). For each quarterly interest period, the Calculation Agent will determine the percentage of London Banking Days on which Three Month LIBOR was within the ranges set forth above (the "Accrual Percentage"). The Accrual Percentage will be determined by dividing the number of calendar days on which Three Month LIBOR was within the ranges set forth above during the interest period by the total number of calendar days in such interest period. If any day is not a London Business Day, the accrual for that day will be the same as for the immediately preceding London Business Day. The amount of interest to be paid on each Interest Payment Date will be equal to the Accrual Percentage multiplied by the Coupon Rate for the period. (Floating Rate Notes) Page 6 Pricing Supplement No. 1790 Dated February 9, 1994 Rule 424(b)(3)-Registration Statement No. 33-58506 Rule 424(b)(3)-Registration Statement No. 33-58508 In the event that any Interest Payment Date or the Maturity Date falls on a day that is not a Business Day, interest shall be paid on the next succeeding Business Day and interest on such payment shall accrue for the period from and after such Interest Payment Date to such next succeeding Business Day. Interest on the Notes will be computed on an actual/360 day basis. For the purposes of the Notes, the following terms shall have the following meanings: "Interest Rate Determination Date" means the day being two London Business Days prior to each Interest Reset Date (as defined below). "Interest Reset Date" means each day (from and including the Issue Date to but excluding the Maturity Date) being a business day in London and New York. "Three Month LIBOR" means the rate for deposits in the London interbank market in U.S. dollars for a three-month period commencing on the second Business Day immediately following such Interest Rate Determination Date that appears on Telerate Page 3750 (as defined below) as of 11:00 a.m., London time, on the applicable Interest Rate Determination Date. If no rate appears on Telerate Page 3750 as aforesaid, the Calculation Agent will request the principal London offices of each of four major reference banks in the London interbank market, as selected by the Calculation Agent, to provide the Calculation Agent with its offered quotation for deposits in U.S. dollars for a three-month period commencing on the second Business Day immediately following such Interest Rate Determination Date to prime banks in the London interbank market at approximately 11:00 a.m., London time, on such Interest Rate Determination Date and in a principal amount that is representative for a single transaction in U.S. Dollars in such market at such time. If at least two such quotations are provided, Three Month LIBOR will be the arithmetic mean of such quotations. If fewer than two quotations are provided, Three Month LIBOR will be the (Floating Rate Notes) Page 7 Pricing Supplement No. 1790 Dated February 9, 1994 Rule 424(b)(3)-Registration Statement No. 33-58506 Rule 424(b)(3)-Registration Statement No. 33-58508 arithmetic mean of the rates quoted at approximately 11:00 a.m., in the City of New York, on such Interest Rate Determination Date for loans made on the second Business Day immediately following such Interest Rate Determination Date in U.S. dollars to leading European banks having a maturity of three month and in a principal amount that is representative for a single transaction in U.S. dollars in such market at such time by three major banks in The City of New York selected by the Calculation Agent; provided, however, that if the banks so selected by the Calculation Agent are not quoting as mentioned in this sentence, Three Month LIBOR with respect to such Interest Rate Determination Date will be Three Month LIBOR as determined on the immediately preceding Interest Rate Determination Date. "Telerate Page 3750" means the display on the Dow Jones Telerate Service designated as "Page 3750" (or such other page as may replace Page 3750 on that service or such other service as may be nominated by the British Bankers' Association as the information vendor for the purpose of displaying British Bankers' Association Interest Settlement Rates for U.S. dollar deposits). "Calculation Agent" means CS First Boston Corporation. Certain Investment Considerations: Investors should be aware that if Three Month LIBOR on any Interest Rate Determination Date falls outside of the applicable LIBOR range set forth under "Additional Terms -- Interest" above, no interest will accrue for that day. Certain U.S. Federal Income Tax Considerations: The following United States federal income tax discussion supplements the discussion under "United States Tax Considerations" in the Prospectus and Prospectus Supplement dated July 12, 1993. (Floating Rate Notes) Page 8 Pricing Supplement No. 1790 Dated February 9, 1994 Rule 424(b)(3)-Registration Statement No. 33-58506 Rule 424(b)(3)-Registration Statement No. 33-58508 The Notes have a maturity of one year or less and thus will be treated as short-term notes ("Short-Term Notes") for federal income tax purposes. Generally, an accrual basis taxpayer, and certain other holders, are required to accrue interest earned on the Notes as described under "United States Tax Considerations-Short-Term Notes" in the Prospectus Supplement. Generally, a cash basis taxpayer will be required to include in gross income the interest payments made on each Interest Payment Date subject to certain elections discussed under "United States Tax Considerations-Short- Term Notes" in the Prospectus Supplement. It is possible, however, that interest on the Notes will be treated as contingent interest under proposed Treasury regulations issued under the original issue discount provisions of the Internal Revenue Code of 1986 (the "Proposed Contingent Payment Regulations"). The Proposed Contingent Payment Regulations would require both a cash and accrual basis taxpayer to include in gross income interest on the Notes as the right to receive such interest becomes fixed regardless of when such interest is paid. As a result, the Contingent Payment Regulations may require a cash basis taxpayer to include interest in gross income prior to its payment and may cause an accrual basis taxpayer to include interest in gross income under a method different from that had the Proposed Contingent Payment Regulations not applied. The Proposed Contingent Payment Regulations contain a retroactive effective date prior to the issue date of the Notes. There is no assurance that the Proposed Contingent Payment Regulations will be adopted, or if adopted, adopted in their current form. In addition, on January 19, 1993, the Treasury Department issued proposed regulations (the "1993 Proposed Regulations"), concerning contingent payment obligations, which would have replaced the Proposed Contingent Payment Regulations. However, on January 22, 1993, the United States Government's Office of Management and Budget announced that certain proposed regulations which had not yet been published in the Federal Register, including the 1993 Proposed Regulations, had been withdrawn. It is unclear whether (Floating Rate Notes) Page 9 Pricing Supplement No. 1790 Dated February 9, 1994 Rule 424(b)(3)-Registration Statement No. 33-58506 Rule 424(b)(3)-Registration Statement No. 33-58508 the 1993 Proposed Regulations will be re-proposed or, if re- proposed, what effect if any, such regulations would have on the Notes. There can be no assurance that the ultimate tax treatment of the Notes would not differ significantly from the description herein. Prospective investors in the Notes are urged to consult their own tax advisors regarding the application of the proposed regulations, if any, and the effect of possible changes to the proposed regulations. Plan of Distribution: CS First Boston Corporation is acting as Agent in connection with the distribution of the Notes. -----END PRIVACY-ENHANCED MESSAGE-----