Item 8.01 Other Events
Attached as Exhibit 99 and incorporated by reference herein is a press release
dated May 24, 2021 issued by General Electric Company ("GE") announcing the
commencement of cash tender offers to purchase certain of the existing debt
securities originally issued either by GE or General Electric Capital
Corporation and assumed by GE (each, a "Tender Offer" and together, the "Tender
Offers").
Item 9.01 Financial Statements and Exhibits
(d) Exhibits
99 Press release, dated May 24, 2021 issued by GE.
104 The cover page from this Current Report on Form 8-K, formatted in Inline
XBRL.
This document contains a number of forward-looking statements. Words, and
variations of words, such as "expect," "anticipate," "intend," "plan,"
"believe," "seek," "see," "will," "would," "estimate," "forecast," "target,"
"preliminary," or "range," and similar expressions are intended to identify
these forward-looking statements, including but not limited to statements about:
the expected timing, size or other terms of each Tender Offer; our ability to
complete each Tender Offer; impacts of the COVID-19 pandemic on our business
operations, financial results and financial position and on the world economy;
our expected financial performance, including cash flows, revenues, organic
growth, margins, earnings and earnings per share; macroeconomic and market
conditions and volatility; planned and potential business or asset dispositions,
including our plan to combine our GE Capital Aviation Services ("GECAS")
business with AerCap Holdings N.V. ("AerCap"); our de-leveraging plans,
including leverage ratios and targets, the timing and nature of specific actions
to reduce indebtedness and our credit ratings and outlooks; GE Capital Global
Holdings, LLC ("GE Capital Global Holdings")'s and our funding and liquidity;
our businesses' cost structures and plans to reduce costs; restructuring,
goodwill impairment or other financial charges; or tax rates.
For us, particular uncertainties that could cause our actual results to be
materially different than those expressed in our forward-looking statements
include, but are not limited to: the continuing severity, magnitude and duration
of the COVID-19 pandemic, including impacts of the pandemic, of businesses' and
governments' responses to the pandemic and of individual factors such as
aviation passenger confidence on our operations and personnel, and on commercial
activity and demand across our and our customers' businesses, and on global
supply chains; the extent to which the COVID-19 pandemic and related impacts
will continue to adversely impact our business operations, financial
performance, results of operations, financial position, the prices of our
securities and the achievement of our strategic objectives; our success in
executing and completing asset dispositions or other transactions, including our
plan to combine our GECAS business with AerCap and our plan to exit our equity
ownership position in Baker Hughes, the timing of closing for such transactions,
the ability to secure regulatory approvals and satisfy other closing conditions
(as applicable), and the expected proceeds, consideration and benefits to GE;
changes in macroeconomic and market conditions and market volatility (including
developments and volatility arising from the COVID-19 pandemic), including
interest rates, the value of securities and other financial assets (including
our equity ownership position in Baker Hughes and the equity ownership position
that we will hold in AerCap after completing our announced plan to combine GECAS
with AerCap), oil, natural gas and other commodity prices and exchange rates,
and the impact of such changes and volatility on our financial position and
businesses; our de-leveraging and capital allocation plans, including with
respect to actions to reduce our indebtedness, the timing and amount of our
dividends, organic investments, and other priorities; further downgrades of our
current short- and long-term credit ratings or ratings outlooks, or changes in
rating application or methodology, and the related impact on our liquidity,
funding profile, costs and competitive position; GE's liquidity and the amount
and timing of our GE industrial cash flows and earnings, which may be impacted
by customer, supplier, competitive, contractual and other dynamics and
conditions; GE Capital Global Holdings' capital and liquidity needs, including
in connection with GE Capital Global Holdings' run-off insurance operations and
discontinued operations such as Bank BPH, the amount and timing of any required
capital contributions and any strategic actions that we may pursue; the impact
of conditions in the financial and credit markets on GE Capital Global Holdings'
ability to sell financial assets; the availability and cost of funding; and GE
Capital Global Holdings' exposure to particular counterparties and markets,
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including through GECAS to the aviation sector and adverse impacts related to
COVID-19; global economic trends, competition and geopolitical risks, including
changes in the rates of investment or economic growth in key markets we serve,
or an escalation of sanctions, tariffs or other trade tensions between the U.S.
and China or other countries, and related impacts on our businesses' global
supply chains and strategies; market developments or customer actions that may
affect levels of demand and the financial performance of the major industries
and customers we serve, such as secular, cyclical and competitive pressures in
our Power business, pricing and other pressures in the renewable energy market,
levels of demand for air travel and other dynamics related to the COVID-19
pandemic, conditions in key geographic markets and other shifts in the
competitive landscape for our products and services; operational execution by
our businesses, including the operations and execution of our Power and
Renewable Energy businesses, and the performance of our Aviation business;
changes in law, regulation or policy that may affect our businesses, such as
trade policy and tariffs, regulation related to climate change, and the effects
of tax law changes; our decisions about investments in new products, services
and platforms, and our ability to launch new products in a cost-effective
manner; our ability to increase margins through implementation of operational
changes, restructuring and other cost reduction measures; the impact of
regulation and regulatory, investigative and legal proceedings and legal
compliance risks, including the impact of Alstom and other investigative and
legal proceedings; the impact of actual or potential failures of our products or
third-party products with which our products are integrated, and related
reputational effects; the impact of potential information technology,
cybersecurity or data security breaches at GE or third parties; and the other
factors that are described in "Risk Factors" in our Quarterly Report on Form
10-Q for the quarter ended March 31, 2021, filed with the SEC on April 27, 2021,
and our Annual Report on Form 10-K for the year ended December 31, 2020, filed
with the SEC on February 12, 2021, as such descriptions may be updated or
amended in any future reports we file with the SEC.
There may be other factors not presently known to us or which we currently
consider to be immaterial that could cause our actual results to differ
materially from those projected in any forward-looking statements we make. We
disclaim and do not undertake any obligation to update or revise any
forward-looking statement in this document except as required by applicable law
or regulation.
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