<PAGE> 1
AS FILED WITH THE SECURITIES AND EXCHANGE COMMISSION ON AUGUST 8, 1995
FILE NOS. 33-61029
61029-01
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
------------------------
AMENDMENT NO. 1
TO
FORM S-3
REGISTRATION STATEMENT
UNDER
THE SECURITIES ACT OF 1933
------------------------
<TABLE>
<S> <C>
GENERAL ELECTRIC CAPITAL SERVICES, INC. GENERAL ELECTRIC COMPANY
(EXACT NAME OF REGISTRANT (EXACT NAME OF REGISTRANT
AS SPECIFIED IN ITS CHARTER) AS SPECIFIED IN ITS CHARTER)
DELAWARE NEW YORK
(STATE OF INCORPORATION) (STATE OF INCORPORATION)
06-1109503 14-0689340
(I.R.S. EMPLOYER IDENTIFICATION NO.) (I.R.S. EMPLOYER IDENTIFICATION NO.)
260 LONG RIDGE ROAD 3135 EASTON TURNPIKE
STAMFORD, CONNECTICUT 06927 FAIRFIELD, CONNECTICUT 06431
(203) 357-4000 (203) 373-2459
(ADDRESS, INCLUDING ZIP CODE, AND (ADDRESS, INCLUDING ZIP CODE, AND
TELEPHONE NUMBER, INCLUDING AREA CODE, OF TELEPHONE NUMBER, INCLUDING AREA CODE, OF
REGISTRANT'S PRINCIPAL EXECUTIVE OFFICES) REGISTRANT'S PRINCIPAL EXECUTIVE OFFICES)
BRUCE C. BENNETT BENJAMIN W. HEINEMAN, JR.
ASSOCIATE GENERAL COUNSEL, SENIOR VICE PRESIDENT, GENERAL
TREASURY OPERATION AND ASSISTANT SECRETARY COUNSEL AND SECRETARY
260 LONG RIDGE ROAD 3135 EASTON TURNPIKE
STAMFORD, CONNECTICUT 06927 FAIRFIELD, CONNECTICUT 06431
(203) 357-4000 (203) 373-2492
(ADDRESS, INCLUDING ZIP CODE, AND TELEPHONE (ADDRESS, INCLUDING ZIP CODE, AND
NUMBER, INCLUDING AREA CODE, OF TELEPHONE NUMBER, INCLUDING AREA CODE,
AGENT FOR SERVICE) OF AGENT FOR SERVICE)
</TABLE>
------------------------
APPROXIMATE DATE OF COMMENCEMENT OF PROPOSED SALE TO THE PUBLIC:
From time to time after the effective date of this Registration Statement
as determined by market conditions.
If the only securities being registered on this Form are being offered
pursuant to dividend or interest reinvestment plans, please check the following
box. / /
If any of the securities being registered on this Form are to be offered on
a delayed or continuous basis pursuant to Rule 415 under the Securities Act of
1933, other than securities offered only in connection with dividend or interest
reinvestment plans, please check the following box. /X/
If this Form is filed to register additional securities for an offering
pursuant to Rule 462(b) under the Securities Act, please check the following box
and list the Securities Act registration statement number of the earlier
effective registration statement for the same offering. / /
If this Form is a post-effective amendment filed pursuant to Rule 462(c)
under the Securities Act, check the following box and list the Securities Act
registration statement number of the earlier effective registration statement
for the same offering. / /
If delivery of the prospectus is expected to be made pursuant to Rule 434,
please check the following box. /X/
------------------------
CALCULATION OF REGISTRATION FEE
<TABLE>
<CAPTION>
---------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------
PROPOSED
MAXIMUM
TITLE OF EACH CLASS OF AGGREGATE AMOUNT OF
SECURITIES TO BE REGISTERED OFFERING PRICE(1) REGISTRATION FEE
---------------------------------------------------------------------------------------------------
<S> <C> <C>
Guaranteed Subordinated Debt Securities.............. $300 million $103,449(3)
Guarantees of the Subordinated Debt Securities....... (2) None
---------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------
</TABLE>
(1) Or, if any Guaranteed Subordinated Debt Securities are issued (i) with an
initial offering price denominated in a foreign currency or a unit of two or
more currencies, such amount as shall result in an aggregate initial
offering price equivalent to $300 million or (ii) at an original issue
discount, such greater amount as shall result in an aggregate initial
offering price of $300 million. Estimated solely for the purpose of
determining the registration fee.
(2) Pursuant to Rule 457(n), no registration fee is attributable to the
Guarantees registered hereby.
(3) Previously paid.
------------------------
THE REGISTRANTS HEREBY AMEND THIS REGISTRATION STATEMENT ON SUCH DATE OR
DATES AS MAY BE NECESSARY TO DELAY ITS EFFECTIVE DATE UNTIL THE REGISTRANTS
SHALL FILE A FURTHER AMENDMENT WHICH SPECIFICALLY STATES THAT THIS REGISTRATION
STATEMENT SHALL THEREAFTER BECOME EFFECTIVE IN ACCORDANCE WITH SECTION 8(A) OF
THE SECURITIES ACT OF 1933 OR UNTIL THIS REGISTRATION STATEMENT SHALL BECOME
EFFECTIVE ON SUCH DATE AS THE COMMISSION, ACTING PURSUANT TO SAID SECTION 8(A),
MAY DETERMINE.
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
<PAGE> 2
EXPLANATORY NOTE
In addition to the basic prospectus contained herein, this Registration
Statement also contains a form of prospectus supplement to be used from time to
time in connection with the offering of the securities being registered hereby.
The prospectus supplement is being included in order to respond to certain of
the staffs comments to the initial registration statement and in anticipation of
the immediate issuance of the securities being registered hereby.
<PAGE> 3
A REGISTRATION STATEMENT RELATING TO THESE SECURITIES HAS BEEN FILED WITH
THE SECURITIES AND EXCHANGE COMMISSION BUT HAS NOT YET BECOME EFFECTIVE.
INFORMATION CONTAINED HEREIN IS SUBJECT TO COMPLETION OR AMENDMENT. THESE
SECURITIES MAY NOT BE SOLD NOR MAY OFFERS TO BUY BE ACCEPTED PRIOR TO THE
TIME THE REGISTRATION STATEMENT BECOMES EFFECTIVE. THIS PROSPECTUS SHALL
NOT CONSTITUTE AN OFFER TO SELL OR THE SOLICITATION OF AN OFFER TO BUY NOR
SHALL THERE BE ANY SALE OF THESE SECURITIES IN ANY STATE IN WHICH SUCH
OFFER, SOLICITATION OR SALE WOULD BE UNLAWFUL PRIOR TO REGISTRATION OR
QUALIFICATION UNDER THE SECURITIES LAWS OF ANY SUCH STATE.
SUBJECT TO COMPLETION, DATED AUGUST , 1995
PROSPECTUS SUPPLEMENT TO PROSPECTUS DATED AUGUST , 1995
$
GENERAL ELECTRIC CAPITAL SERVICES, INC.
% GUARANTEED SUBORDINATED NOTES DUE
------------------------
GUARANTEED ON A SENIOR BASIS BY
GENERAL ELECTRIC COMPANY
------------------------
Interest on the Notes is payable semi-annually on and
of each year, commencing , 1996. The Notes are not redeemable prior to
maturity.
The Notes will be represented by one or more Global Notes (collectively,
the "Global Note") registered in the name of the nominee of the Depository (as
defined herein). Beneficial interests in the Global Note will be shown on, and
transfers thereof will be effected only through, records maintained by the
Depository (in respect of its participants) and by its participants. See
"Description of Notes--Global Note, Delivery and Form" in the accompanying
Prospectus. Except as described herein, Notes in definitive form will not be
issued. Settlement for the Notes will be made in immediately available funds.
The Notes will trade in the Depository's Same-Day Funds Settlement System until
maturity, and secondary market trading activity in the Notes will therefore
settle in immediately available funds. See "Description of Notes--Same-Day
Settlement" in the accompanying Prospectus.
The Notes are subordinated in right of payment to certain indebtedness of
the Company (the "Superior Indebtedness"), which at , 1995 was
approximately $ . In addition, the consolidated indebtedness of the
Company includes approximately aggregate principal amount of
indebtedness of the Company's subsidiaries which is structurally superior in
right of payment to the Notes. See "Description of Notes -- Subordination" in
the accompanying Prospectus.
------------------------
Application will be made to list the Notes on the New York Stock Exchange.
------------------------
THESE SECURITIES HAVE NOT BEEN APPROVED OR DISAPPROVED BY THE SECURITIES AND
EXCHANGE COMMISSION OR ANY STATE SECURITIES COMMISSION NOR HAS THE
COMMISSION OR ANY STATE SECURITIES COMMISSION PASSED UPON THE
ACCURACY OR ADEQUACY OF THIS PROSPECTUS SUPPLEMENT OR
THE PROSPECTUS. ANY REPRESENTATION TO THE
CONTRARY IS A CRIMINAL OFFENSE.
<TABLE>
<CAPTION>
-------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
PRICE TO UNDERWRITING PROCEEDS TO
PUBLIC(1) DISCOUNT(2) COMPANY(1)(3)
-------------------------------------------------------------------------------------------------
Per Note......................... % % %
-------------------------------------------------------------------------------------------------
Total............................ $ $ $
-------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------
</TABLE>
(1) Plus accrued interest, if any, from August , 1995
(2) The Company and the Guarantor have agreed to indemnify the several
Underwriters against certain liabilities, including certain liabilities
under the Securities Act of 1933.
(3) Before deduction of expenses payable by the Company, estimated at $ .
------------------------
The Notes are offered severally by the Underwriters, as specified herein,
subject to receipt and acceptance by them and subject to their right to reject
any order in whole or in part. It is expected that delivery of the Global Note
will be made to The Depository Trust Company on or about August , 1995.
------------------------
The date of this Prospectus Supplement is August , 1995.
MERRILL LYNCH & CO.
<PAGE> 4
IN CONNECTION WITH THIS OFFERING, THE UNDERWRITERS MAY OVER-ALLOT OR EFFECT
TRANSACTIONS WHICH STABILIZE OR MAINTAIN THE MARKET PRICE OF THE NOTES AT LEVELS
ABOVE THOSE WHICH MIGHT OTHERWISE PREVAIL IN THE OPEN MARKET. SUCH TRANSACTIONS
MAY BE EFFECTED ON THE NEW YORK STOCK EXCHANGE, IN THE OVER-THE-COUNTER MARKET
OR OTHERWISE. SUCH STABILIZING, IF COMMENCED, MAY BE DISCONTINUED AT ANY TIME.
------------------------
CERTAIN TERMS OF THE NOTES
The following description of the particular terms of the Notes offered
hereby (which Notes are included in the reference in the Prospectus to the "Debt
Securities") supplements, and to the extent inconsistent therewith replaces,
insofar as such description relates to the Notes, the description of the general
terms and provisions of the Debt Securities set forth in the Prospectus, to
which description reference is hereby made.
GENERAL
The Notes are to be issued under an Indenture, dated as of August 1, 1995
(the "Indenture"), among General Electric Capital Services, Inc. (the
"Company"), General Electric Company, as Guarantor (the "Guarantor"), and The
Chase Manhattan Bank (National Association), as Trustee (the "Trustee"), are
limited to aggregate principal amount, and will mature on
. The Notes will bear interest from , 1995, payable
semi-annually on and of each year, commencing ,
1996, to the persons in whose names the Notes are registered at the close of
business on the preceding and respectively. The
interest rate per annum will be %.
S-2
<PAGE> 5
UNDERWRITING
Subject to the terms and conditions set forth in the Underwriting Agreement
relating to the Notes, the Company has agreed to sell to the Underwriters named
below (the "Underwriters"), and each of the Underwriters has severally agreed to
purchase the respective principal amount of Notes set forth opposite its name
below:
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT
UNDERWRITERS OF NOTES
--------------------------------------------------------------- ------------
<S> <C>
Merrill Lynch, Pierce, Fenner & Smith.......................... $
Incorporated
----------
Total................................................ $
==========
</TABLE>
The Company and the Guarantor have been advised by the Underwriters that
the Underwriters propose initially to offer the Notes to the public at the
public offering price set forth on the cover of this Prospectus Supplement and
to certain dealers at such public offering price less a concession not in excess
of 0. % of the principal amount of the Notes. The Underwriters may allow, and
such dealers may reallow, a discount not in excess of 0. % of the principal
amount of the Notes to certain other dealers. After the initial public offering
of the Notes, the public offering price and concession and discount to dealers
may be changed by the Underwriters.
Under the terms and conditions of the Underwriting Agreement, the
Underwriters are committed to take and pay for all the Notes, if any are taken.
The Notes are a new issue of securities with no established trading market.
The Company and the Guarantor have been advised by the Underwriters that they
intend to make a market in the Notes, but are not obligated to do so and may
discontinue such market making at any time without notice. No assurance can be
given, however, as to whether a trading market in the Notes will develop or as
to the liquidity of any trading market for the Notes. Application will be made
to list the Notes on the New York Stock Exchange.
The Company and the Guarantor have agreed to indemnify the Underwriters
against certain liabilities, including liabilities under the Securities Act of
1933, as amended.
S-3
<PAGE> 6
A REGISTRATION STATEMENT RELATING TO THESE SECURITIES HAS BEEN FILED WITH
THE SECURITIES AND EXCHANGE COMMISSION BUT HAS NOT YET BECOME EFFECTIVE.
INFORMATION CONTAINED HEREIN IS SUBJECT TO COMPLETION OR AMENDMENT. THESE
SECURITIES MAY NOT BE SOLD NOR MAY OFFERS TO BUY BE ACCEPTED PRIOR TO THE
TIME THE REGISTRATION STATEMENT BECOMES EFFECTIVE. THIS PROSPECTUS SHALL
NOT CONSTITUTE AN OFFER TO SELL OR THE SOLICITATION OF AN OFFER TO BUY NOR
SHALL THERE BE ANY SALE OF THESE SECURITIES IN ANY STATE IN WHICH SUCH
OFFER, SOLICITATION OR SALE WOULD BE UNLAWFUL PRIOR TO REGISTRATION OR
QUALIFICATION UNDER THE SECURITIES LAWS OF ANY SUCH STATE.
SUBJECT TO COMPLETION, DATED AUGUST , 1995
PROSPECTUS
GENERAL ELECTRIC CAPITAL SERVICES, INC.
GUARANTEED SUBORDINATES DEBT SECURITIES
------------------------
GUARANTEED ON A SENIOR BASIS BY
GENERAL ELECTRIC COMPANY
------------------------
General Electric Capital Services, Inc. (the "Company") may offer from time
to time its unsecured subordinated debt securities (the "Debt Securities").
Payment when due of the principal of, and premium and interest, if any, on, the
Debt Securities will be unconditionally guaranteed by General Electric Company
(the "Guarantor"). The guarantee (the "Guarantee") of the Debt Securities will
rank equally with all other unsecured and unsubordinated indebtedness of the
Guarantor. The Debt Securities are hereinafter in this Prospectus referred to as
the "Notes," although any series of Debt Securities to which the accompanying
Prospectus Supplement relates may bear a different title. The term "Prospectus
Supplement" as used herein includes any Pricing Supplement that accompanies any
Prospectus Supplement that accompanies this Prospectus.
The Notes will be offered on terms determined at the time of sale. The
accompanying Prospectus Supplement sets forth specifically, with regard to the
Notes in respect of which this Prospectus is being delivered:
- the title of the Notes,
- the aggregate principal amount offered,
- the rate or method of calculation, and the dates of payment, of interest,
if any,
- the method of determining holders to whom any such interest shall be
payable, if other than as provided herein,
- the authorized denominations, if other than as provided herein,
- the maturity,
- the offering price or terms,
- the terms of any sinking fund, purchase fund or mandatory redemption, and
of any redemption or repayment at the option of the Company or the holder
and,
- the underwriter or underwriters or agent or agents, if any, for the
Notes, their compensation or the basis of determining the same and the
net proceeds to the Company.
------------------------
Application will be made to list the Notes on the New York Stock Exchange.
------------------------
THESE SECURITIES HAVE NOT BEEN APPROVED OR DISAPPROVED BY THE SECURITIES AND
EXCHANGE COMMISSION OR ANY STATE SECURITIES COMMISSION NOR HAS THE
COMMISSION OR ANY STATE SECURITIES COMMISSION PASSED UPON THE
ACCURACY OR ADEQUACY OF THIS PROSPECTUS. ANY REPRESENTATION
TO THE CONTRARY IS A CRIMINAL OFFENSE.
------------------------
The Notes will be sold either through underwriters or dealers or through
agents designated from time to time by the Company.
------------------------
The date of this Prospectus is , 1995.
<PAGE> 7
No dealer, salesperson or any other person has been authorized to give any
information or to make any representations other than those contained or
incorporated by reference in this Prospectus and the accompanying Prospectus
Supplement in connection with the offer contained in this Prospectus and the
accompanying Prospectus Supplement and, if given or made, such information or
representations must not be relied upon as having been authorized by General
Electric Capital Services, Inc. (herein together with its consolidated
subsidiaries called "GE Capital Services", the "Company" or the "Corporation"
unless the context otherwise requires), by General Electric Company (the
"Guarantor") or by any agent, underwriter or dealer. Neither the delivery of
this Prospectus and the accompanying Prospectus Supplement nor any sale made
hereunder shall, under any circumstances, create any implication that there has
been no change in the affairs of the Company or of the Guarantor since the date
as of which information is given in this Prospectus and the accompanying
Prospectus Supplement. This Prospectus and the accompanying Prospectus
Supplement do not constitute an offer or solicitation by anyone in any state in
which such offer or solicitation is not authorized or in which the person making
such offer or solicitation is not qualified to do so or to any person to whom it
is unlawful to make such offer or solicitation.
------------------------
AVAILABLE INFORMATION
The Company and the Guarantor are each subject to the informational
requirements of the Securities Exchange Act of 1934 (the "1934 Act") and in
accordance therewith each files reports and other information with the
Securities and Exchange Commission (the "Commission"). Such reports and other
information can be inspected and copied at the public reference facilities
maintained by the Commission, 450 Fifth Street, N.W., Washington, D.C. 20549, as
well as the Regional Offices of the Commission at 500 West Madison Street,
Chicago, Illinois 60661 and 7 World Trade Center, New York, New York 10048 and
copies can be obtained from the Public Reference Section of the Commission at
450 Fifth Street, N.W., Washington, D.C. 20549 at prescribed rates. Reports and
other information concerning the Company can also be inspected at the offices of
the New York Stock Exchange, 20 Broad Street, New York, New York 10005. Reports
and other information concerning the Guarantor can also be inspected at the
offices of the New York Stock Exchange, 20 Broad Street, New York, New York
10005 and at the offices of the Boston Stock Exchange, 1 Boston Place, Boston,
Massachusetts 02108, on each of which certain of the Guarantor's securities are
listed.
FOR FLORIDA RESIDENTS
National Broadcasting Company, Inc., an affiliate of the Company, from time
to time sends accredited news media personnel and related equipment to cover
news stories in Cuba as conditions warrant. The equipment remains within the
effective control of such personnel while in Cuba and is returned to the United
States within one year.
GE Information Services ("GEIS"), an affiliate of the Company, provides
electronic mail services to the Vatican in Vatican City and to the Vatican's
Apostolic Nuncios around the world, including the Nuncio located in Havana,
Cuba. GEIS has delivered software related to the system to the Vatican, which
has in turn distributed the software to its various Nuncios. Messages between
the Nuncios and the Vatican are carried by common carriers over GEIS' global
computer and telecommunications network.
This information is accurate as of the date hereof. Current information
concerning business dealings involving the Company or any of its affiliates with
the government of Cuba or with any person or affiliate located in Cuba may be
obtained from the Division of Securities and Investor Protection of the Florida
Department of Banking and Finance, The Capitol, Tallahassee, Florida,
32399-0350, telephone number (904) 488-9805.
2
<PAGE> 8
FOR NORTH CAROLINA RESIDENTS
These securities have not been approved or disapproved by the Commissioner
of Insurance for the State of North Carolina, nor has the Commissioner of
Insurance ruled upon the accuracy or the adequacy of this document.
------------------------
DOCUMENTS INCORPORATED BY REFERENCE
There is hereby incorporated in this Prospectus by reference the Company's
Annual Report on Form 10-K for the fiscal year ended December 31, 1994 and the
Company's Quarterly Report on Form 10-Q for the quarter ended April 1, 1995
heretofore filed with the Commission pursuant to the 1934 Act, to which
reference is hereby made.
There is hereby also incorporated in this Prospectus by reference the
Guarantor's Annual Report on Form 10-K for the fiscal year ended December 31,
1994 and the Guarantor's Quarterly Report on Form 10-Q for the quarter ended
March 31, 1995 heretofore filed with the Commission pursuant to the 1934 Act, to
which reference is hereby made.
All documents filed by the Company and the Guarantor pursuant to Section
13(a), 13(c), 14 or 15(d) of the 1934 Act after the date of this Prospectus and
prior to the termination of the offering of the Notes offered by any
accompanying Prospectus Supplement shall be deemed to be incorporated in this
Prospectus by reference and to be a part hereof from the date of the filing of
such documents.
The Company hereby undertakes to provide without charge to each person,
including any beneficial owner, to whom a copy of this Prospectus has been
delivered, on the written or oral request of such person, a copy of any or all
of the documents in respect of the Company referred to above which have been or
may be incorporated in this Prospectus by reference, other than exhibits to such
documents, unless such exhibits are specifically incorporated by reference into
such documents. Requests for such copies should be directed to General Electric
Capital Services, Inc., 260 Long Ridge Road, Stamford, Connecticut 06927,
Attention: Associate General Counsel, Treasury Operation, telephone no. (203)
357-4000.
The Guarantor hereby undertakes to provide without charge to each person,
including any beneficial owner, to whom a copy of this Prospectus has been
delivered, on the written or oral request of such person, a copy of any or all
of the documents in respect of the Guarantor referred to above which have been
or may be incorporated in this Prospectus by reference, other than exhibits to
such documents, unless such exhibits are specifically incorporated by reference
into such documents. Requests for such copies should be directed to General
Electric Company, 3135 Easton Turnpike, Fairfield, Connecticut 06431, Attention:
Investor Relations, telephone no. (203) 373-2816.
------------------------
THE COMPANY
GENERAL ELECTRIC CAPITAL SERVICES, INC.
General Electric Capital Services, Inc. was incorporated in 1984 in the
State of Delaware. Until February 1993, the name of the Corporation was General
Electric Financial Services, Inc. All outstanding common stock of GE Capital
Services is owned by the Guarantor. The business of GE Capital Services consists
of ownership of two principal subsidiaries which, together with their
subsidiaries and affiliates, constitute the Guarantor's principal financial
services businesses. GE Capital Services is the sole owner of the common stock
of General Electric Capital Corporation ("GE Capital") and, indirectly through a
wholly-owned subsidiary, is the sole owner of the common stock of Employers
Reinsurance Corporation ("ERC").
In November 1994, the Corporation and the Guarantor elected to terminate
the operations of Kidder, Peabody Group Inc. ("Kidder, Peabody") by initiating
an orderly liquidation of its assets and liabilities. As part of the liquidation
plan, the Corporation received securities of Paine Webber Group Inc. in exchange
for certain broker-dealer assets and operations. Principal activities that were
discontinued include securities underwriting, sales and trading of equity and
fixed income securities, financial futures activities, advisory services for
mergers and acquisitions and other corporate finance matters, research services
and asset management. Kidder, Peabody has been classified as a discontinued
operation in the financial statements and
3
<PAGE> 9
supplementary data incorporated by reference in this Prospectus. GE Capital
Services' principal executive offices are located at 260 Long Ridge Road,
Stamford, Connecticut 06927 (telephone number (203) 357-4000).
GENERAL ELECTRIC CAPITAL CORPORATION
GE Capital was incorporated in 1943 in the State of New York, under the
provisions of the New York Banking Law relating to investment companies, as
successor to General Electric Contracts Corporation, formed in 1932. Until
November 1987, GE Capital's name was General Electric Credit Corporation. The
business of GE Capital originally related principally to financing the
distribution and sale of consumer and other products of the Guarantor.
Currently, however, the type and brand of products financed and the financial
services offered are significantly more diversified. Very little of the
financing provided by GE Capital involves products that are manufactured by the
Guarantor.
GE Capital operates in four finance industry segments and in a specialty
insurance industry segment. GE Capital's financing activities include a full
range of leasing, lending, equipment management services and annuities. GE
Capital's specialty insurance activities include providing private mortgage
insurance, financial guaranty insurance, principally on municipal bonds and
structured finance issues, and creditor insurance covering international
customer loan repayments. GE Capital is an equity investor in a retail
organization and certain other service and financial services organizations. GE
Capital's operations are subject to a variety of regulations in their respective
jurisdictions.
Services of GE Capital are offered primarily in the United States of
America, Canada, Europe and the Pacific basin. GE Capital's principal executive
offices are located at 260 Long Ridge Road, Stamford, Connecticut 06927. At
December 31, 1994, the Company employed approximately 32,000 persons.
EMPLOYERS REINSURANCE CORPORATION
ERC, together with its subsidiaries, writes all lines of reinsurance other
than title and annuities. ERC reinsures property and casualty risks written by
more than 1,000 U.S. and non-U.S. insurers, and also writes certain specialty
lines of insurance on a direct basis, principally excess workers' compensation
for self-insurers, errors and omissions coverage for insurance and real estate
agents and brokers, excess indemnity for self-insurers of medical benefits, and
libel and allied torts. ERC and certain U.S. subsidiaries are licensed in all of
the United States, the District of Columbia and certain provinces of Canada and
write property and casualty reinsurance on a direct basis and through brokers.
Other U.S. subsidiaries write excess and surplus lines insurance, and provide
reinsurance brokerage services. Subsidiaries in Denmark and the United Kingdom
write property and casualty and life reinsurance, principally in Europe, the
Pacific basin and the Middle East.
In December 1994, certain life and property and casualty affiliates of GE
Capital were transferred to ERC. These affiliates had been managed by ERC since
1986. ERC has also executed agreements to purchase certain assets comprising the
major part of the reinsurance business of Aachener Ruckversicherungs-
Gesellschaft Aktiengesellschaft ("Aachen Re") and to purchase a majority of the
outstanding shares of Frankona Ruckversicherung-Aktiengesellschaft ("Frankona
Re"). Aachen Re and Frankona Re have their head offices in Germany and provide
reinsurance services worldwide. Both transactions are subject to the receipt of
various regulatory approvals and other conditions and are expected to be
completed in the third quarter of 1995.
Insurance and reinsurance operations are subject to regulation by various
insurance regulatory agencies. ERC and its subsidiaries conduct business through
16 domestic offices and 12 foreign offices. The principal offices of ERC are
located at 5200 Metcalf Avenue, Overland Park, Kansas 66201. At December 31,
1994, ERC employed approximately 1,250 persons.
4
<PAGE> 10
CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES
<TABLE>
<CAPTION>
YEAR ENDED DECEMBER 31,
---------------------------------------- THREE MONTHS
1990 1991 1992 1993 1994 ENDED APRIL 1, 1995
---- ---- ---- ---- ---- -------------------
<S> <C> <C> <C> <C> <C>
1.32 1.35 1.46 1.63 1.65 1.53
</TABLE>
For purposes of computing the consolidated ratio of earnings to combined
fixed charges, earnings consist of net earnings adjusted for the provision for
income taxes, minority interest and fixed charges. Fixed charges consist of
interest and discount on all indebtedness and one-third of annual rentals, which
the Company believes is a reasonable approximation of the interest factor of
such rentals.
THE GUARANTOR
The Guarantor is one of the largest and most diversified industrial
corporations in the world. From the time of its incorporation in 1892, it has
engaged in developing, manufacturing and marketing a wide variety of products
for the generation, transmission, distribution, control and utilization of
electricity. Over the years, development and application of related and new
technologies have broadened considerably the scope of the activities of the
Guarantor and its affiliates. The Guarantor's products include, but are not
limited to, lamps and other lighting products; major appliances for the home;
industrial automation products and components; motors; electrical distribution
and control equipment; locomotives; power generation and delivery products;
nuclear reactors; nuclear power support services and fuel assemblies; commercial
and military aircraft jet engines; materials, including engineered plastics,
silicones and cutting materials; and a wide variety of high technology products,
including products used in medical diagnostic applications.
The Guarantor also offers a broad variety of services including product
support services; electrical product supply houses; electrical apparatus
installation, engineering, repair and rebuilding services; and computer-related
information services. Through GE Capital Services and its two principal
subsidiaries, the Guarantor engages in a broad spectrum of financial services
including consumer financing, commercial and industrial financing, real estate
financing, asset management and leasing, annuity and mutual fund sales,
specialty insurance and reinsurance. Other services offered include U.S.
satellite communications furnished by GE Americom. Another wholly owned
subsidiary, National Broadcasting Company, Inc. ("NBC"), is engaged principally
in furnishing network television services, in operating television stations and
in providing cable, programming and distribution services in the United States,
Europe and Latin America. The Guarantor also licenses patents and provides
technical know-how related to products it developed, but such activities are not
material to the Guarantor.
As described above, in November 1994, the Guarantor and the Corporation
elected to terminate the operations of Kidder, Peabody by initiating an orderly
liquidation of its assets and liabilities. See "The Company -- General Electric
Capital Services, Inc." The Guarantor's Aerospace business segment, its
subsidiary GE Government Services, Inc., and a component of the Guarantor that
operated Knolls Atomic Power Laboratory under contract with the U.S. Department
of Energy (together, "GE Aerospace") were transferred on April 2, 1993, to a new
company controlled by the shareholders of Martin Marietta Corporation. The
businesses transferred provided high-technology products and services such as
automated test systems, electronics, avionic systems, computer software,
armament systems, military vehicle equipment, missile system components,
simulation systems, spacecraft, communication systems, radar, sonar and systems
integration, and a variety of specialized services for government customers.
Kidder, Peabody and GE Aerospace have been classified as discontinued operations
in the financial statements of the Guarantor.
The Guarantor has substantial export sales from the United States. In
addition, the Guarantor has majority and minority or other joint venture
interests in a number of non-U.S companies engaged primarily in manufacturing
and distributing products and providing nonfinancial services similar to those
sold within the United States. GE Capital Services' financial services
operations outside of the United States have expanded considerably over the past
several years.
The Guarantor was incorporated in the State of New York in 1892. Its
executive offices are located at 3135 Easton Turnpike, Fairfield, Connecticut
06431, telephone number (203) 373-2459.
5
<PAGE> 11
RATIOS OF EARNINGS TO FIXED CHARGES
In the following presentation, "The Guarantor except GE Capital Services"
refers to all companies (except GE Capital Services and its consolidated
affiliates) in which the Guarantor directly or indirectly has a majority
ownership or otherwise controls. "The Guarantor and Consolidated Affiliates"
refers to all of the aforementioned companies plus GE Capital Services and its
consolidated affiliates.
The Guarantor except GE Capital Services
<TABLE>
<CAPTION>
RATIO OF EARNINGS TO FIXED CHARGES
YEAR ENDED DECEMBER 31,
----------------------------------------------- THREE MONTHS ENDED
1990 1991 1992 1993 1994 MARCH 31, 1995
----- ------ ----- ----- ------ ------------------
<S> <C> <C> <C> <C> <C>
4.73x 4.84x 5.61x 6.98x 12.01x 9.59x
</TABLE>
In the above calculations, earnings for all periods consist of earnings
from continuing operations before income taxes, minority interest and cumulative
effects of changes in accounting principles of the Guarantor and its
consolidated affiliates. To determine the ratio, such consolidated earnings are
adjusted to remove undistributed earnings of GE Capital Services and its
consolidated affiliates after income taxes for each year. Earnings are also
adjusted to add amounts charged to consolidated expenses of the Guarantor and
its consolidated affiliates (except GE Capital Services and its consolidated
affiliates) during the period for interest and other financial charges and an
amount representative of the interest factor in rentals (for this purpose, the
interest factor is assumed to be one-third of rental expense). Fixed charges
consist of all interest and financial charges, including capitalized interest,
and one-third of rental expense for companies included in the consolidated
group, except GE Capital Services and its consolidated affiliates.
The Guarantor and Consolidated Affiliates
The Guarantor and consolidated affiliates ratios are presented below in
accordance with requirements of the Commission.
<TABLE>
<CAPTION>
RATIO OF EARNINGS TO FIXED CHARGES
YEAR ENDED DECEMBER 31,
--------------------------------------------- THREE MONTHS ENDED
1990 1991 1992 1993 1994 MARCH 31, 1995
----- ----- ----- ----- ----- ------------------
<S> <C> <C> <C> <C> <C>
1.98x 2.01x 2.23x 2.40x 2.64x 2.20x
</TABLE>
These ratios are calculated substantially on the same basis as "The
Guarantor except GE Capital Services" set forth above, the principal difference
being that earnings before taxes, minority interest and cumulative effects of
changes in accounting principles, as well as fixed charges, include pre-tax
earnings and fixed charges of GE Capital Services and its consolidated
affiliates.
USE OF PROCEEDS
The net proceeds from the sale of the Notes will be added to the general
funds of the Company and will be available for financing its operations.
Additional short-term and long-term financing, as required, will be undertaken
at such times, and through such means, as may be appropriate.
DESCRIPTION OF NOTES
GENERAL
The Notes are to be issued under an Indenture dated as of August 1, 1995
(the "Indenture"), among the Company, the Guarantor and The Chase Manhattan Bank
(National Association), as Trustee (the "Trustee"). The Indenture does not limit
the amount of Notes or other unsecured, subordinated debt which may be issued
thereunder or limit the amount of other debt, secured or unsecured, whether
junior or senior to, or pari passu with, the Notes which may be issued by the
Company, and no other indenture or instrument to which the Company is a party
limits the amount of other debt, secured or unsecured, senior to the Notes which
may be issued by the Company.
6
<PAGE> 12
The statements under this heading are subject to the detailed provisions of
the Indenture, a copy of which is filed as an exhibit to the Registration
Statement. Wherever particular provisions of the Indenture or terms defined
therein are referred to, such provisions or definitions are incorporated by
reference as a part of the statements made and the statements are qualified in
their entirety by such reference.
Reference is made to the Prospectus Supplement accompanying this Prospectus
for the terms of, and other information with respect to, the Notes being offered
thereby, including: (1) the designation and the aggregate principal amount of
such Notes; (2) the percentage of their principal amount at which such Notes
will be issued; (3) the date or dates on which such Notes will mature; (4) the
rate or rates at which such Notes will bear interest, if any, or the method of
determination of such rate or rates; (5) the dates on which such interest, if
any, will be payable (each, an "Interest Payment Date"); and (6) the prices, if
any, at which, and the dates at or after which, such Notes must or may be
repaid, repurchased or redeemed.
Interest, if any, is to be payable to the persons, and in the manner,
specified in the Prospectus Supplement accompanying this Prospectus and, unless
otherwise specified in such Prospectus Supplement, will be computed on the basis
of a 360-day year consisting of twelve 30-day months. In any case where an
Interest Payment Date or the date of maturity of the principal on the Notes
shall not be a business day, then payment of principal or interest need not be
made on such date but may be made on the next succeeding day which is a business
day, with the same force and effect as if made on such Interest Payment Date or
the date of maturity, and no interest shall accrue for the period after such
date. The term "business day" as used herein shall mean any day other than a
Saturday or Sunday or any other day on which banking institutions are generally
authorized or obligated by law or regulation to close in The City of New York.
The Notes will be unsecured and will be subordinated in right of payment to
all Superior Indebtedness (as defined below) of the Company as set forth in the
Indenture.
No service charge will be made for any transfer or exchange of the Notes,
but the Company may require payment of a sum sufficient to cover any tax or
other governmental charge payable in connection therewith.
GLOBAL NOTE, DELIVERY AND FORM
The Notes will be issued in the form of one or more fully registered Global
Notes that will be deposited with, or on behalf of, The Depository Trust
Company, New York, New York (the "Depository") and registered in the name of the
Depository's nominee. The Depository currently limits the maximum denomination
of any single Global Note to $200,000,000. Therefore, for purposes of this
Prospectus, "Global Note" refers to the Global Note or Global Notes representing
the entire issue of Notes offered hereby.
Except as set forth below, the Global Note may be transferred, in whole and
not in part, only to another nominee of the Depository or to a successor of the
Depository or its nominee.
The Depository has advised as follows: it is a limited-purpose trust
company which was created to hold securities for its participating organizations
(the "Participants") and to facilitate the clearance and settlement of
securities transactions in such securities between Participants through
electronic book-entry changes in accounts of its Participants. Participants
include securities brokers and dealers (including the Underwriters), banks and
trust companies, clearing corporations and certain other organizations. Access
to the Depository's system is also available to others such as banks, brokers,
dealers and trust companies that clear through or maintain a custodial
relationship with a Participant, either directly or indirectly ("indirect
participants"). Persons who are not Participants may beneficially own securities
held by the Depository only through Participants or indirect participants.
The Depository advises that pursuant to procedures established by it (i)
upon issuance of the Global Note by the Company, the Depository will credit the
accounts of Participants designated by the Underwriters with the principal
amount of the Notes purchased by the Underwriters, and (ii) ownership of
beneficial interests in the Global Note will be shown on, and the transfer of
that ownership will be effected only through, records maintained by the
Depository (with respect to Participants), by the Participants (with respect to
indirect participants and certain beneficial owners) and by the indirect
participants (with respect to all other beneficial owners). The laws of some
states require that certain persons take physical delivery in definitive
7
<PAGE> 13
form of securities which they own. Consequently, the ability to transfer
beneficial interests in the Global Note is limited to such extent.
So long as a nominee of the Depository is the registered owner of the
Global Note, such nominee for all purposes will be considered the sole owner or
holder of the Notes under the Indenture. Except as provided below, owners of
beneficial interests in the Global Note will not be entitled to have Notes
registered in their names, will not receive or be entitled to receive physical
delivery of Notes in definitive form, and will not be considered the owners or
holders thereof under the Indenture.
Neither the Company, the Guarantor, the Trustee, any paying agent nor any
registrar of the Notes will have any responsibility or liability for any aspect
of the records relating to or payments made on account of beneficial ownership
interests in the Global Note, or for maintaining, supervising or reviewing any
records relating to such beneficial ownership interests.
Principal and interest payments on the Notes registered in the name of the
Depository's nominee will be made in immediately available funds to the
Depository's nominee as the registered owner of the Global Note. Under the terms
of the Indenture, the Company, the Guarantor and the Trustee will treat the
persons in whose names the Notes are registered as the owners of such Notes for
the purpose of receiving payment of principal and interest on such Notes and for
all other purposes whatsoever. Therefore, neither the Company, the Guarantor,
the Trustee nor any paying agent has any direct responsibility or liability for
the payment of principal or interest on the Notes to owners of beneficial
interests in the Global Note. The Depository has advised the Company, the
Guarantor and the Trustee that its current practice is, upon receipt of any
payment of principal or interest, to immediately credit the accounts of the
Participants with such payment in amounts proportionate to their respective
holdings in principal amount of beneficial interests in the Global Note as shown
in the records of the Depository. The Depository's current practice is to credit
such accounts, as to interest, in next-day funds and, as to principal, in
same-day funds. Payments by Participants and indirect participants to owners of
beneficial interests in the Global Note will be governed by standing
instructions and customary practices, as is now the case with securities held
for the accounts of customers in bearer form or registered in "street name", and
will be the responsibility of the Participants or indirect participants.
If the Depository is at any time unwilling or unable to continue as
depository and a successor depository is not appointed by the Company within 90
days, the Company will issue Notes in definitive form in exchange for the Global
Note. In addition, the Company may at any time determine not to have the Notes
represented by a Global Note and, in such event, will issue Notes in definitive
form in exchange for the Global Note. In either instance, an owner of a
beneficial interest in the Global Note will be entitled to have Notes equal in
principal amount to such beneficial interest registered in its name and will be
entitled to physical delivery of such Notes in definitive form. Notes so issued
in definitive form will be issued in denominations of $1,000 and integral
multiples thereof and will be issued in registered form only, without coupons.
SAME-DAY SETTLEMENT
Settlement for the Notes will be made in immediately available funds.
Secondary trading in long-term notes and debentures of corporate issuers is
generally settled in clearing-house or next-day funds. In contrast, the Notes
will trade in the Depository's Same-Day Funds Settlement System until maturity,
and secondary market trading activity in the Notes will therefore be required by
the Depository to settle in immediately available funds. No assurance can be
given as to the effect, if any, of settlement in immediately available funds on
trading activity in the Notes.
SUBORDINATION
The Notes are subordinated in right of payment, to the extent and in the
manner set forth in the Indenture, to all indebtedness for borrowed money of the
Company, whether now outstanding or hereafter incurred, which is not by its
terms subordinate to other indebtedness of the Company (the "Superior
Indebtedness"). At June 30, 1995, the aggregate Superior Indebtedness of the
Company, consisting solely of short-term indebtedness, was approximately $2.786
billion. At such date all indebtedness for borrowed money
8
<PAGE> 14
of the Company constituted Superior Indebtedness. In the event of any insolvency
or bankruptcy proceedings, and any receivership, liquidation, reorganization or
other similar proceedings in connection therewith, relative to the Company or
its property, and, except as otherwise provided in the Indenture, in the event
of any proceedings for voluntary liquidation, dissolution or other winding up of
the Company, whether or not involving insolvency or bankruptcy proceedings, all
principal, premium, if any, and interest on the Superior Indebtedness will be
paid in full before any payment is made by the Company on the Notes. In the
event that pursuant to the terms of the Indenture any Note of any series is
declared due and payable because of the occurrence of an Event of Default, as
provided in the Indenture, and the previous sentence is not applicable, the
holders of the Notes of such series shall be entitled to payment from the
Company only after the Superior Indebtedness outstanding at the time such Note
so becomes due and payable because of such Event of Default shall first have
been paid in full or such payment shall have been provided for. (Section 12.01.)
In addition, the consolidated indebtedness of the Company includes
approximately $99.421 billion aggregate principal amount of indebtedness for
borrowed money of the subsidiaries of the Company to unaffiliated third parties
at June 30, 1995 (the "Subsidiary Indebtedness"). Although the Notes are not
expressly subordinated in right of payment to the Subsidiary Indebtedness, the
Subsidiary Indebtedness is structurally superior in right of payment to the
Notes.
GUARANTEE
The Guarantor will unconditionally and irrevocably guarantee the payment of
the principal of, and premium, if any, and interest, if any, on the Notes as the
same shall become due and payable after any applicable grace period, whether at
maturity or upon redemption, declaration or otherwise. (Section 13.01.)
The rights of the holders of the Notes under the Guarantee rank equally
with the rights of all unsecured and unsubordinated creditors of the Guarantor,
and the rights of holders of the Notes to receive and retain any payments made
to them by the Guarantor under the Guarantee will not be impaired, or otherwise
in any way affected, by the subordination provisions of the Notes. (Section
13.01.)
MODIFICATION OF THE INDENTURE
The Indenture contains provisions permitting the Company, the Guarantor and
the Trustee thereunder, with the consent of the holders of not less than 66 2/3%
in aggregate principal amount of the Notes of each series affected by such
supplemental indenture issued thereunder at the time outstanding, to execute
supplemental indentures adding any provisions to or changing in any manner or
eliminating any of the provisions of the Indenture or any supplemental indenture
or modifying in any manner the rights of the holders of Notes of each such
series, provided that no such supplemental indenture shall, among other things
(i) extend the fixed maturity of any Notes or reduce the principal amount
thereof (including in the case of a discounted Note the amount payable upon
acceleration of the maturity thereof), reduce the redemption premium thereon or
reduce the rate or extend the time of payment of interest thereon, without the
consent of the holder of each Note so affected, (ii) reduce the aforesaid
percentage of such Notes of any series, the consent of the holders of which is
required for any supplemental indenture, without the consent of the holder of
each such Note so affected or (iii) modify or affect in any manner adverse to
the holders of the Notes the terms and conditions of the Guarantee, without the
consent of the holder of each Note so affected. (Section 10.02.)
EVENTS OF DEFAULT
An Event of Default with respect to any series of Notes is defined in the
Indenture as being: default in payment of any principal or premium, if any, on
any Note of such series; default for 30 days in payment of any interest on any
Note of such series; default in the making or satisfaction of any sinking fund
payment or analogous obligation on the Notes of such series; default for 60 days
after notice in performance of any other covenant in respect of the Notes of
such series in the Indenture; a default, as defined, with respect to any other
series of Notes outstanding under the Indenture or as defined in any other
indenture or instrument evidencing or under which the Company has outstanding
any indebtedness for borrowed money, as a result of which such
9
<PAGE> 15
other series or such other indebtedness of the Company shall have been
accelerated and such acceleration shall not have been annulled within 10 days
after written notice thereof (provided, that under the Indenture the resulting
Event of Default with respect to such series may be remedied, cured or waived by
the remedying, curing or waiving of such other default under such other series
or such other indebtedness); or certain events of bankruptcy, insolvency or
reorganization in respect of the Company or the Guarantor. (Section 6.01.) The
Indenture requires the Company and the Guarantor to file with the Trustee
annually a written statement as to the presence or absence of certain defaults
under the terms thereof. (Section 4.05.) No Event of Default with respect to a
particular series of Notes under the Indenture necessarily constitutes an Event
of Default with respect to any other series of Notes issued thereunder.
The Indenture provides that if an Event of Default with respect to any
series of Notes shall have occurred and be continuing, either the Trustee
thereunder or the holders of 25% in aggregate principal amount of the
outstanding Notes of such series may declare the principal, or in the case of
discounted Notes, such portion thereof as may be described in any Prospectus
Supplement accompanying this Prospectus, of all such Notes to be due and payable
immediately, but under certain conditions such declaration may be annulled by
the holders of a majority in principal amount of such Notes then outstanding.
The Indenture provides that past defaults with respect to a particular series of
Notes (except, unless theretofore cured, a default in payment of principal of,
premium, if any, or interest, if any, on any of the Notes of such series, or the
payment of any sinking fund instalment or analogous obligation on the Notes of
such series) may be waived on behalf of the holders of all Notes of such series
by the holders of a majority in principal amount of such Notes then outstanding.
(Sections 6.01 and 6.07.)
The Trustee shall be under no obligation to exercise any of its rights or
powers under the Indenture at the request, order or direction of any of the
holders of Notes of any series issued thereunder unless such holders shall have
offered to the Trustee reasonable indemnity. (Section 7.01.) The Indenture
provides that the holders of a majority in principal amount of the Notes of any
series issued thereunder at the time outstanding shall have the right to direct
the time, method and place of conducting any proceeding for any remedy available
to the Trustee thereunder, or exercising any trust or power conferred on the
Trustee, with respect to the Notes of such series, provided that the Trustee may
decline to follow any such direction if it determines that the proceedings so
directed would be illegal or involve it in any personal liability. (Section
6.07.)
CERTAIN COVENANTS OF THE COMPANY
The Indenture does not restrict the Company or the Guarantor, other than as
set forth below, from engaging in any highly leveraged transaction,
reorganization, restructuring, merger or similar transaction, or from incurring
additional indebtedness or causing its subsidiaries to incur additional
indebtedness, any of which transactions could have a material adverse effect on
the holders of the Debt Securities.
As set forth in the Indenture, each of the Company and the Guarantor has
covenanted that it will not merge or consolidate with any other corporation or
sell, convey, transfer or otherwise dispose of all or substantially all of its
assets to any corporation, unless (i) either the Company or the Guarantor, as
the case may be, shall be the continuing corporation, or the successor
corporation (if other than the Company or the Guarantor, as the case may be)
shall, by supplemental indenture satisfactory to the Trustee, executed and
delivered to the Trustee by such corporation, expressly assume, in the case of
the Company, the due and punctual payment of the principal of and, premium, if
any, and interest, if any, on all the Debt Securities, according to their tenor,
and the due and punctual performance and observance of all of the covenants and
conditions of the Indenture to be performed by the Company, and, in the case of
the Guarantor, the due and punctual performance of the Guarantee and the due and
punctual performance and observance of all of the covenants and conditions of
the Indenture to be performed by the Guarantor, and (ii) the Company, the
Guarantor or such successor corporation, as the case may be, shall not,
immediately after such merger or consolidation, or such sale, conveyance,
transfer or other disposition, be in default in the performance of any such
covenant or condition. In the event of any such sale, conveyance (other than by
way of lease), transfer or other disposition, the predecessor company may be
dissolved, wound up and liquidated at any time thereafter. (Section 11.01)
10
<PAGE> 16
In addition to the above, each of the Company and the Guarantor have
covenanted in the Indenture that, in case of any such consolidation, merger,
sale, conveyance (other than by way of lease), transfer or other disposition,
and upon any such assumption by the successor corporation, such successor
corporation shall succeed to and be substituted for the Company or the
Guarantor, as the case may be, with the same effect as if it had been named
therein as the Company or the Guarantor, as the case may be, and the Company or
the Guarantor, as the case may be, shall be relieved of any further obligation
under the Indenture and under the Debt Securities and, in the case of the
Guarantor, under the Guarantee. The Indenture provides that any such successor
corporation thereupon may cause to be signed, and may issue either in its own
name or in the name of the Company or the Guarantor, as the case may be, any or
all of the Debt Securities or the Guarantee issuable thereunder which
theretofore shall not have been signed by the Company or the Guarantor, as the
case may be, and delivered to the Trustee; and, upon the order of such successor
corporation, instead of the Company, as the case may be, and subject to all the
terms, conditions and limitations in the Indenture prescribed, the Trustee shall
authenticate and shall deliver any Debt Securities which previously shall have
been signed and delivered by the officers of the Company or the Guarantor, as
the case may be, to the Trustee for authentication, and any Debt Securities or
the Guarantee, as the case may be, which such successor corporation thereafter
shall cause to be signed and delivered to the Trustee for that purpose. All the
Debt Securities or the Guarantee so issued shall in all respects have the same
legal rank and benefit under the Indenture as the Debt Securities or the
Guarantee, as the case may be, theretofore or thereafter issued in accordance
with the terms of the Indenture as though all of such Debt Securities or the
Guarantee, as the case may be, had been issued at the date of the execution,
hereof. (Section 11.02)
CONCERNING THE TRUSTEE
The Trustee extends credit facilities to the Company and the Guarantor and
the Company and the Guarantor maintain bank accounts and have other customary
banking relationships with the Trustee, all in the ordinary course of business.
11
<PAGE> 17
PLAN OF DISTRIBUTION
The Company may sell any issue of the Notes through one or more
underwriters or dealers or through one or more agents designated from time to
time by the Company.
From time to time, the Company may receive, and may solicit, offers from
underwriters to purchase all or a part of the Notes, to be reoffered to the
public through underwriting syndicates led by one or more managing underwriters
or through one or more underwriters acting alone or otherwise. The managing
underwriter or underwriters, if any, with respect to the offer and sale of the
Notes to which the Prospectus Supplement accompanying this Prospectus relates
are set forth in such Prospectus Supplement and the members of the underwriting
syndicate, if any, are named in such Prospectus Supplement. The Company and the
Guarantor will execute an underwriting agreement (the "Underwriting Agreement")
with any such underwriters and the names of the underwriters and the terms of
the transaction will be set forth in the Prospectus Supplement, which will be
used by the underwriters to make resales of the Notes in respect of which this
Prospectus is delivered to the public. Such Prospectus Supplement also states
the discounts and commissions, if any, to be allowed or paid to the underwriters
by the Company, and describes all other items, if any, constituting underwriting
compensation and the discounts and commissions to be allowed or paid to dealers,
if any. If underwriters or dealers are used in the sale, the Notes will be
acquired by the underwriters or dealers for their own account and may be resold
from time to time in one or more transactions, including negotiated
transactions, at a fixed public offering price or at varying prices determined
by the underwriter or dealer at the time of sale. The relevant Underwriting
Agreement will provide that the obligations of the underwriters are subject to
certain conditions precedent, and the Company and the Guarantor will agree,
under the Underwriting Agreement, to indemnify the underwriters against certain
civil liabilities, including liabilities under the Securities Act of 1933.
Any agent involved in the offer or sale of the Notes in respect of which
this Prospectus is delivered will be named, and any commissions payable by the
Company to such agent will be set forth, in the Prospectus Supplement
accompanying this Prospectus. Unless otherwise indicated in the Prospectus
Supplement, any such agent will be acting on a best efforts basis for the period
of its appointment. Agents and dealers may be entitled under agreements entered
into with the Company and the Guarantor to indemnification by the Company and
the Guarantor against certain civil liabilities, including liabilities under the
Securities Act of 1933.
LEGAL OPINIONS
The legality of the Notes will be passed upon for the Company by Burton J.
Kloster, Jr., Senior Vice President, General Counsel and Secretary of the
Company or by Bruce C. Bennett, Associate General Counsel, Treasury Operation
and Assistant Secretary of the Company. The legality of the Guarantee will be
passed upon for the Guarantor by Robert E. Healing, Corporate Counsel of the
Guarantor. The legality of the Notes and the Guarantee will be passed upon for
the underwriters by Davis Polk & Wardwell, 450 Lexington Avenue, New York, New
York 10017. Messrs. Kloster, Bennett and Healing, together with members of their
families, own, have options to purchase and have other interests in shares of
common stock of the Guarantor.
EXPERTS
The financial statements and schedules of General Electric Capital
Services, Inc. and consolidated affiliates as of December 31, 1994 and 1993, and
for each of the years in the three-year period ended December 31, 1994,
appearing in General Electric Capital Services, Inc. Annual Report on Form 10-K
for the year ended December 31, 1994, incorporated by reference herein, have
been incorporated herein in reliance upon the report of KPMG Peat Marwick LLP,
independent certified public accountants, incorporated by reference herein, and
upon the authority of said firm as experts in accounting and auditing. The
report of KPMG Peat Marwick LLP covering the December 31, 1994 financial
statements refers to a change in 1993 in the method of accounting for
investments in certain securities.
The financial statements and schedule of General Electric Company and
consolidated affiliates as of
12
<PAGE> 18
December 31, 1994 and 1993, and for each of the years in the three-year period
ended December 31, 1994, appearing in General Electric Company's Annual Report
on Form 10-K for the year ended December 31, 1994, incorporated by reference
herein, have been incorporated herein in reliance upon the report of KPMG Peat
Marwick LLP, independent certified public accountants, incorporated by reference
herein, and upon the authority of said firm as experts in accounting and
auditing. The report of KPMG Peat Marwick LLP covering the December 31, 1994
financial statements refers to a change in 1993 in the methods of accounting for
postemployment benefits and for investments in certain securities.
13
<PAGE> 19
------------------------------------------------------
------------------------------------------------------
NO DEALER, SALESPERSON OR OTHER INDIVIDUAL HAS BEEN AUTHORIZED TO GIVE ANY
INFORMATION OR TO MAKE ANY REPRESENTATIONS OTHER THAN THOSE CONTAINED OR
INCORPORATED BY REFERENCE IN THIS PROSPECTUS AND THE ACCOMPANYING PROSPECTUS
SUPPLEMENT IN CONNECTION WITH THE OFFER MADE BY THIS PROSPECTUS AND THE
ACCOMPANYING PROSPECTUS SUPPLEMENT AND, IF GIVEN OR MADE, SUCH INFORMATION OR
REPRESENTATIONS MUST NOT BE RELIED UPON AS HAVING BEEN AUTHORIZED BY THE
COMPANY, THE GUARANTOR OR THE UNDERWRITERS. NEITHER THE DELIVERY OF THIS
PROSPECTUS AND THE ACCOMPANYING PROSPECTUS SUPPLEMENT NOR ANY SALE MADE
HEREUNDER AND THEREUNDER SHALL UNDER ANY CIRCUMSTANCES CREATE AN IMPLICATION
THAT THERE HAS BEEN NO CHANGE IN THE AFFAIRS OF THE COMPANY OR THE GUARANTOR
SINCE THE DATE HEREOF. THIS PROSPECTUS AND THE ACCOMPANYING PROSPECTUS
SUPPLEMENT DO NOT CONSTITUTE AN OFFER OR SOLICITATION BY ANYONE IN ANY STATE IN
WHICH SUCH OFFER OR SOLICITATION IS NOT AUTHORIZED OR IN WHICH THE PERSON MAKING
SUCH OFFER OR SOLICITATION IS NOT QUALIFIED TO DO SO OR TO ANYONE TO WHOM IT IS
UNLAWFUL TO MAKE SUCH OFFER OR SOLICITATION.
------------------------
TABLE OF CONTENTS
PROSPECTUS SUPPLEMENT
<TABLE>
<CAPTION>
PAGE
----
<S> <C>
Certain Terms of the Notes............ S-2
Underwriting.......................... S-3
PROSPECTUS
Available Information................. 2
Documents Incorporated by Reference... 3
The Company........................... 3
The Guarantor......................... 5
Use of Proceeds....................... 6
Description of Notes.................. 6
Underwriting.......................... 11
Legal Opinions........................ 11
Experts............................... 12
</TABLE>
------------------------------------------------------
------------------------------------------------------
------------------------------------------------------
------------------------------------------------------
$
GENERAL ELECTRIC
CAPITAL SERVICES, INC.
% GUARANTEED SUBORDINATED
NOTES DUE
,
GUARANTEED ON
A SENIOR BASIS BY
GENERAL ELECTRIC COMPANY
----------------------------------
PROSPECTUS SUPPLEMENT
----------------------------------
, 1995
------------------------------------------------------
------------------------------------------------------
<PAGE> 20
PART II
INFORMATION NOT REQUIRED IN PROSPECTUS
ITEM 14. OTHER EXPENSES OF ISSUANCE AND DISTRIBUTION.
The expenses in connection with the issuance and distribution of the
securities being registered, other than underwriting compensation, are:
<TABLE>
<S> <C>
Filing Fee for Registration Statement..................................... $103,449
Accounting Fees and Expenses.............................................. 25,000
Trustees' Fees and Expenses (including counsel fees)...................... 250
Blue Sky Filing and Counsel Fees.......................................... 20,000
Printing and Engraving Fees............................................... 10,000
Miscellaneous............................................................. 1,301
--------
Total........................................................... $130,000
========
</TABLE>
---------------
* Estimated, and subject to future contingencies.
ITEM 15. INDEMNIFICATION OF DIRECTORS AND OFFICERS.
(A) THE COMPANY
Section 145 of the General Corporation Law of the State of Delaware
provides that in certain circumstances a corporation may indemnify directors and
officers against the reasonable expenses (including attorneys' fees), judgments,
fines and amounts paid in settlement, actually and reasonably incurred by them
in connection with any action, suit or proceeding by reason of being or having
been directors or officers, if such person shall have acted in good faith and in
a manner he reasonably believed to be in or not opposed to the best interests of
the corporation, except that if such action, suit or proceeding shall be in the
right of the corporation, indemnification shall be provided only against
reasonable expenses (including attorneys' fees) and no such indemnification
shall be provided as to any claim, issue or matter as to which such person shall
have been judged to have been liable to the corporation, unless and to the
extent that the Court of Chancery of the State of Delaware or any other court in
which the suit was brought shall determine upon application that, in view of all
of the circumstances of the case, such person is fairly and reasonably entitled
to indemnity. A corporation shall be required to indemnify against reasonable
expenses (including attorneys' fees) any director or officer who successfully
defends any such actions. The foregoing statements are subject to the detailed
provisions of Section 145 of the General Corporation Law of the State of
Delaware.
The By-Laws of the Company provide that each person who at any time is or
shall have been a director, officer, employee or agent of the Company, or is or
shall have been serving at the request of the Company as a director, officer,
employee or agent of another corporation, partnership, joint venture, trust or
other enterprise, and his heirs, executors and administrators, shall be
indemnified by the Company in accordance with and to the full extent permitted
by the General Corporation Law of Delaware.
Reference is made to Article VI of the Underwriting Agreement filed as
Exhibit 1 hereto for a description of the indemnification arrangements in
connection with any underwritten offering of the securities registered hereby.
The directors of the Company are insured under officers and directors
liability insurance policies purchased by the Guarantor. The directors, officers
and employees of the Company are also insured against fiduciary liabilities
under the Employee Retirement Income Security Act of 1974.
(B) THE GUARANTOR
Article XI of the Guarantor's By-Laws, as amended, provides as follows;
A. The Company shall, to the fullest extent permitted by applicable law as
the same exists or may hereafter be in effect, indemnify any person who is or
was or has agreed to become a director or officer of the
II-1
<PAGE> 21
Company and who is or was made or threatened to be made a party to or is
involved in any threatened, pending or completed action, suit or proceeding,
whether civil, criminal, administrative or investigative, including an action by
or in the right of the Company to procure a judgment in its favor and an action
by or in the right of any other corporation of any type or kind, domestic or
foreign, or any partnership, joint venture, trust, employee benefit plan or
other enterprise, which such person is serving, has served or has agreed to
serve in any capacity at the request of the Company, by reason of the fact that
he or she is or was or has agreed to become a director of officer of the
Company, or is or was serving or has agreed to serve such other corporation,
partnership, joint venture, trust, employee benefit plan or other enterprise in
any capacity, against judgments, fines, amounts paid or to be paid in
settlement, taxes or penalties, and costs, charges and expenses, including
attorney's fees incurred in connection with such action or proceeding or any
appeal therein; provided, however, that no indemnification shall be provided to
any such person if a judgment or other final adjudication adverse to the
director or officer establishes that (i) his or her acts were committed in bad
faith or were the result of active and deliberate dishonesty and, in either
case, were material to the cause of action so adjudicated, or (ii) he or she
personally gained in fact a financial profit or other advantage to which he or
she was not legally entitled. The benefits of this Paragraph A shall extend to
the heirs and legal representative of any person entitled to indemnification
under this paragraph.
B. The Company may, to the extent authorized from time to time by the
Board of Directors, or by a committee comprised of members of the Board or
members of management as the Board may designate for such purpose, provide
indemnification to employees or agents of the Company who are not officers or
directors of the Company with such scope and effect as determined by the Board,
or such committee.
C. The Company may indemnify any person to whom the Company is permitted
by applicable law to provide indemnification or the advancement of expenses,
whether pursuant to rights granted pursuant to, or provided by, the New York
Business Corporation Law or other rights created by (i) a resolution of
shareholders, (ii) a resolution of directors, or (iii) an agreement providing
for such indemnification, it being expressly intended that these By-laws
authorize the creation of other rights in any such manner. The right to be
indemnified and to the reimbursement or advancement of expenses incurred in
defending a proceeding in advance of its final disposition authorized by this
Paragraph C shall not be exclusive of any other right which any person may have
or hereafter acquire under any statute, provision of the Certificate of
Incorporation, By-laws, agreement, vote of shareholders or disinterested
directors or otherwise.
D. The right to indemnification conferred by Paragraph A shall, and any
indemnification extended under Paragraph B or Paragraph C may, be retroactive to
events occurring prior to the adoption of this Article XI, to the fullest extent
permitted by applicable law.
E. This Article XI may be amended, modified or repealed either by action of
the Board of Directors of the Company or by the vote of the shareholders.
A director or officer of a corporation organized under the New York
Business Corporation Law is entitled, under specified circumstances, to
indemnification by the corporation against reasonable expenses, including
attorney's fees, incurred by him in connection with the defense of a civil or
criminal proceeding to which he has been made, or has been threatened to be
made, a party by reason of the fact that he was such director or officer. In
certain circumstances, indemnity is provided against judgments, fines and
amounts paid in settlement. Specific court approval is required in some cases.
The foregoing statement is subject to the detailed provisions of Sections 715,
717 and 721-726 of the New York Business Corporation Law.
The directors and officers of the Guarantor are insured under officers and
directors' liability insurance policies purchased by the Guarantor and, in at
least one instance, by an individual director on behalf of herself.
II-2
<PAGE> 22
ITEM 16. EXHIBITS.
<TABLE>
<CAPTION>
EXHIBIT
NUMBER DESCRIPTION
------ ------------------------------------------------------------------------------------
<S> <C>
*1 Form of Underwriting Agreement.
*4(a) Form of Indenture dated as of , 1995 among the Company, the Guarantor
and The Chase Manhattan Bank (National Association), as Trustee.
*4(b) Form of Note (including form of Guarantee).
5(a) Opinion and consent of Bruce C. Bennett, Associate General Counsel, Treasury
Operation and Assistant Secretary of the Company.
5(b) Opinion and consent of Robert E. Healing, Corporate Counsel of the Guarantor.
*12(a) Computation of ratio of earnings to fixed charges of the Company.
*12(b) Computation of ratio of earnings to fixed charges of the Guarantor.
*23 Consent of KPMG Peat Marwick (contained in Part II of this Registration Statement).
Consents of Bruce C. Bennett and Robert E. Healing are included in their respective
opinions referred to in Exhibit 5 above.
*24(a) Power of Attorney in respect of the Company.
*24(b) Power of Attorney in respect of the Guarantor.
*25 Form T-1 Statement of Eligibility and Qualification under the Trust Indenture Act of
1939 of The Chase Manhattan Bank (National Association), in respect of the Indenture
filed as Exhibit 4(a).
</TABLE>
---------------
* Previously filed on July 14, 1995 as part of the initial Registration
Statement.
ITEM 17. UNDERTAKINGS.
The undersigned registrants hereby undertake: (1) To file, during any
period in which offers or sales are being made, a post-effective amendment to
this registration statement (i) to include any prospectus required by Section
10(a)(3) of the Securities Act of 1933; (ii) to reflect in the prospectus any
facts or events arising after the effective date of the registration statement
(or the most recent post-effective amendment thereof) which, individually or in
the aggregate, represent a fundamental change in the information set forth in
the registration statement. Notwithstanding the foregoing, any increase or
decrease in volume of securities offered (if the total dollar value of
securities offered would not exceed that which was registered) and any deviation
from the low or high end of the estimated maximum offering range may be
reflected in the form of prospectus filed with the Commission pursuant to Rule
424(b) (sec.230.424(b) of this chapter) if, in the aggregate, the changes in
volume and price represent no more than a 20% change in the maximum aggregate
offering price set forth in the "Calculation of Registration Fee" table in the
effective registration statement; and (iii) to include any material information
with respect to the plan of distribution not previously disclosed in the
registration statement or any material change to such information in the
registration statement; provided, however, that clauses (i) and (ii) do not
apply if the registration statement is on Form S-3 or Form S-8 and the
information required to be included in a post-effective amendment by those
paragraphs is contained in periodic reports filed by the registrant pursuant to
Section 13 or Section 15(d) of the Securities Exchange Act of 1934 that are
incorporated by reference in the registration statement; (2) That, for the
purpose of determining any liability under the Securities Act of 1933, each such
post-effective amendment shall be deemed to be a new registration statement
relating to the securities offered therein, and the offering of such securities
at that time shall be deemed to be the initial bona fide offering thereof; (3)
To remove from registration by means of a post-effective amendment any of the
securities being registered which remain unsold at the termination of the
offering; (4) That, for purposes of determining any liability under the
Securities Act of 1933, each filing of the annual report of either of the
registrants pursuant to Section 13(a) or Section 15(d) of the Securities
Exchange Act of 1934 that is incorporated by reference in the registration
II-3
<PAGE> 23
statement shall be deemed to be a new registration statement relating to the
securities offered therein, and the offering of such securities at that time
shall be deemed to be the initial bona fide offering thereof.
Insofar as indemnification for liabilities arising under the Securities Act
of 1933 may be permitted to directors, officers and controlling persons of the
registrants pursuant to the provisions described under Item 15 above, or
otherwise, the registrants have been advised that in the opinion of the
Securities and Exchange Commission such indemnification is against public policy
as expressed in the Act and is, therefore, unenforceable. In the event that a
claim for indemnification against such liabilities (other than the payment by
either or both of the registrants of expenses incurred or paid by a director,
officer or controlling person of either or both of the registrants in the
successful defense of any action, suit or proceeding) is asserted by such
director, officer or controlling person in connection with the securities being
registered, the registrant or registrants in question will, unless in the
opinion of its or their counsel the matter has been settled by controlling
precedent, submit to a court of appropriate jurisdiction the question whether
such indemnification by it is against public policy as expressed in the Act and
will be governed by the final adjudication of such issue.
II-4
<PAGE> 24
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, General
Electric Capital Services, Inc. certifies that it has reasonable grounds to
believe that it meets all of the requirements for filing on Form S-3 and has
duly caused this Registration Statement to be signed on its behalf by the
undersigned, thereunto duly authorized, in the City of Stamford, State of
Connecticut, on August 8, 1995.
GENERAL ELECTRIC CAPITAL SERVICES,
INC.
By /s/ JEFFREY S. WERNER
------------------------------------
JEFFREY S. WERNER
SENIOR VICE PRESIDENT, CORPORATE
TREASURY
AND GLOBAL FUNDING OPERATION
Pursuant to the requirements of the Securities Act of 1933, this
Registration Statement has been signed below by the following persons in the
capacities and on the date indicated.
<TABLE>
<CAPTION>
SIGNATURE TITLE DATE
------------------------------------------- ----------------------- ------------------------
<C> <S> <C>
* Chairman of the Board,
------------------------------------------- President and Chief
(GARY C. WENDT) Executive Officer
(Principal Executive
Officer)
* Senior Vice President,
------------------------------------------- Finance (Principal
(JAMES A. PARKE) Financial Officer)
* Vice President and
------------------------------------------- Controller (Principal
(JOAN C. AMBLE) Accounting Officer)
/s/ JEFFREY S. WERNER Senior Vice President, August 8, 1995
------------------------------------------- Corporate Treasury
(JEFFREY S. WERNER) and Global Funding
Operation
* Director
-------------------------------------------
(KAJ AHLMANN)
* Director
-------------------------------------------
(NIGEL D.T. ANDREWS)
* Director
-------------------------------------------
(JAMES R. BUNT)
* Director
-------------------------------------------
(DENNIS D. DAMMERMAN)
</TABLE>
II-5
<PAGE> 25
<TABLE>
<CAPTION>
SIGNATURE TITLE DATE
------------------------------------------- ----------------------- ------------------------
<C> <S> <C>
* Director
-------------------------------------------
(PAOLO FRESCO)
* Director
-------------------------------------------
(DALE F. FREY)
* Director
-------------------------------------------
(BENJAMIN W. HEINEMAN, JR.)
* Director
-------------------------------------------
(HUGH J. MURPHY)
* Director
-------------------------------------------
(DENIS J. NAYDEN)
August 8, 1995
* Director
-------------------------------------------
(MICHAEL A. NEAL)
Director
-------------------------------------------
(JOHN M. SAMUELS)
* Director
-------------------------------------------
(EDWARD D. STEWART)
Director
-------------------------------------------
(JOHN F. WELCH, JR.)
*By /s/ JEFFREY S. WERNER Attorney-in-fact
----------------------------------------
(JEFFREY S. WERNER)
</TABLE>
II-6
<PAGE> 26
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, General
Electric Company certifies that it has reasonable grounds to believe that it
meets all of the requirements for filing on Form S-3 and has duly caused this
Amendment to the Registration Statement to be signed on its behalf by the
undersigned, thereunto duly authorized, in the City of Fairfield, State of
Connecticut, on August , 1995.
GENERAL ELECTRIC COMPANY
By: /s/ PHILIP D. AMEEN
------------------------------------
(PHILIP D. AMEEN)
(VICE PRESIDENT AND COMPTROLLER)
Pursuant to the requirements of the Securities Act of 1933, this Amendment
to the Registration Statement has been signed by the following persons in the
capacities and on the date indicated.
<TABLE>
<CAPTION>
SIGNATURE TITLE
------------------------------------------ -------------------------------
<C> <S> <C>
* Chairman of the Board
------------------------------------------ (Principal Executive Officer
(JOHN F. WELCH, JR.) and Director)
* Senior Vice
------------------------------------------ President -- Finance (Principal
(DENNIS D. DAMMERMAN) Financial Officer and Director)
PHILIP D. AMEEN Vice President and Comptroller
------------------------------------------ (Principal Accounting Officer)
(PHILIP D. AMEEN)
Director
------------------------------------------
(H. BREWSTER ATWATER, JR.)
* Director
------------------------------------------
(D. WAYNE CALLOWAY)
* Director
------------------------------------------
(SILAS S. CATHCART)
August , 1995
Director
------------------------------------------
(LAWRENCE E. FOURAKER)
* Director
------------------------------------------
(PAOLO FRESCO)
* Director
------------------------------------------
(CLAUDIO X. GONZALEZ)
* Director
------------------------------------------
(ROBERT E. MERCER)
* Director
------------------------------------------
(GERTRUDE G. MICHELSON)
</TABLE>
II-7
<PAGE> 27
<TABLE>
<CAPTION>
SIGNATURE TITLE
------------------------------------------ -------------------------------
<C> <S> <C>
* Director
------------------------------------------
(ROGER S. PENSKE)
* Director
------------------------------------------
(BARBARA SCOTT PREISKEL)
* Director
------------------------------------------
(FRANK H.T. RHODES)
August , 1995
* Director
------------------------------------------
(ANDREW C. SIGLER)
Director
------------------------------------------
(DOUGLAS A. WARNER III)
A majority of the Board of Directors.
*By: /s/ PHILIP D. AMEEN
------------------------------------------
(NAME)
(ATTORNEY-IN-FACT)
</TABLE>
Dated: , 1995
II-8
<PAGE> 28
EXHIBITS
<TABLE>
<CAPTION>
EXHIBIT
NUMBER DESCRIPTION
------ ------------------------------------------------------------------------------------
<S> <C>
5(a) Opinion and consent of Bruce C. Bennett, Associate General Counsel, Treasury
Operation and Assistant Secretary of the Company.
5(b) Opinion and consent of Robert E. Healing, Corporate Counsel of the Guarantor.
</TABLE>
<PAGE> 1
Exhibit 5(a)
August 7, 1995
General Electric Capital Services, Inc.
260 Long Ridge Road
Stamford, CT 06927
Ladies and Gentlemen:
I have examined the Registration Statement on Form S-3 being filed jointly by
General Electric Capital Services, Inc., a Delaware corporation (the "Company")
and General Electric Company, a New York corporation (the "Guarantor") with the
Securities and Exchange Commission under the Securities Act of 1933, as
amended, for the registration of (i) $300 million aggregate principal amount
of guaranteed subordinated debt securities of the Company (the "Notes"), to be
issued from time to time under the Indenture dated as of August 1, 1995, among
the Company, the Guarantor and The Chase Manhattan Bank, National Association
(the "Indenture"), and (ii) the unconditional guaranty by the Guarantor of the
Company's obligations under the Notes.
In my opinion, when the Notes have been duly executed, authenticated and
delivered, subject to the final terms of the Notes being in compliance with
then-applicable law, the Notes will be valid and binding obligation of the
Company, enforceable against the Company in accordance with their terms and will
entitle the holders thereof to the benefits provided by the Indenture except in
such case as the enforceability thereof may be limited by applicable bankruptcy,
insolvency, reorganization, moratorium or similar laws affecting creditors'
rights generally and by general equitable principles (regardless of whether the
issue of enforceability is considered in a proceeding in equity or at law).
<PAGE> 2
2
I hereby consent to the filing of this opinion as an exhibit to the
Registration Statement and to the reference to myself under the caption "Legal
Opinions" in the Registration Statement. Further, I hereby consent to the
incorporation by reference of this opinion and consent in any abbreviated
registration statement(s) registering up to an additional 20% aggregate
principal amount of guaranteed subordinated debt securities and guarantees
filed subsequent to the date hereof.
Very truly yours,
/s/ Bruce C. Bennett
Bruce C. Bennett
dok
<PAGE> 1
Exhibit 5(b)
August 8, 1995
General Electric Company
3135 Easton Turnpike
Fairfield, CT 06431
Ladies and Gentlemen:
I have examined the Registration Statement on Form S-3 being filed jointly by
General Electric Capital Services, Inc., a Delaware corporation (the "Company")
and General Electric Company, a New York corporation (the "Guarantor") with the
Securities and Exchange Commission under the Securities Act of 1933, as
amended, for the registration of (i) $300 million aggregate principal amount
of guaranteed subordinated debt securities of the Company (the "Notes"), to be
issued from time to time under the indenture dated as of August 1, 1995 among
the Company, the Guarantor and The Chase Manhattan Bank, National Association
(the "Indenture"), and (ii) the unconditional guaranty by the Guarantor of the
Company's obligations under the Notes (the "Guarantees").
In my opinion, when the Notes have been duly executed, authenticated and
delivered, subject to the final terms of the Notes being in compliance with
then-applicable law, the Guarantees will be valid and binding obligation of the
Guarantor, enforceable against the Guarantor in accordance with their terms and
will entitle the holders thereof to the benefits provided by the Indenture
except in such case as the enforceability thereof may be limited by applicable
bankruptcy, insolvency, reorganization, moratorium or similar laws affecting
creditors' rights generally and by general equitable principles (regardless of
whether the issue of enforceability is considered in a proceeding in equity or
at law).
<PAGE> 2
I hereby consent to the filing of this opinion as an exhibit to the
Registration Statement and to the reference to myself under the caption "Legal
Opinions" in the Registration Statement. Further, I hereby consent to the
incorporation by reference of this opinion and consent in any abbreviated
registration statement(s) registering up to an additional 20% aggregate
principal amount of guaranteed subordinated debt securities and guarantees
filed subsequent to the date hereof.
Very truly yours,
/s/ Robert E. Healing
Robert E. Healing
-2-
