PROSPECTUS Pricing Supplement No. 1832
Dated April 1, 1994 Dated April 7, 1994
PROSPECTUS SUPPLEMENT Rule 424(b)(3)-Registration Statement
No. 33-58506
Dated April 1, 1994 Rule 424(b)(3)-Registration Statement
No. 33-58508
GENERAL ELECTRIC CAPITAL CORPORATION
GLOBAL MEDIUM-TERM NOTES
(Fixed Rate Notes)
Series: A X B __ C __ Trade Date: April 7, 1994
Principal Amount (in Specified Currency): US$150,000,000
Settlement Date (Original Issue Date): April 14, 1994
If Specified Currency is other than U.S. dollars,
equivalent amount is U.S. dollars: N/A
Maturity Date: April 14, 2008 (subject to earlier redemption or
repayment on April 14, 1998 as described under "Additional
Terms" below).
U.S. dollars, equivalent amount in U.S. dollars: N/A
Agent's Discount or Commission: .150%
Price to Public (Issue Price): 100.00%
Net Proceeds to Issuer (in Specified Currency): US$149,775,000
Interest Rate:
Interest Rate Per Annum: 6.65% for the period from the Original
Issue Date specified above up to but excluding April 14,
1998; thereafter, 8.00% per annum up to the Maturity Date.
See "Additional Terms-Interest" below.
Interest Payment Period:
__ Annual X Semi-Annual __ Monthly __ Quarterly
Interest Payment Dates if other than as set forth in
the Prospectus Supplement: April 14 and October 14 of each year,
commencing on October 14, 1994.
CAPITALIZED TERMS USED IN THIS PRICING SUPPLEMENT WHICH ARE DEFINED
IN THE ACCOMPANYING PROSPECTUS SUPPLEMENT SHALL HAVE THE MEANINGS
ASSIGNED TO THEM IN THE PROSPECTUS SUPPLEMENT.
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(Fixed Rate Notes)
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Pricing Supplement No. 1832
Dated April 7, 1994
Rule 424(b)(3)-Registration Statement
No. 33-58506
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Repayment, Redemption and Acceleration:
See "Additional Terms" below.
Original Issue Discount:
Amount of OID: N/A
Interest Accrual Date: N/A
Yield to Maturity: N/A
Initial Accrual Period OID: N/A
Dual Currency Notes:
Face Amount Currency: N/A
Option Value Calculation Agent: N/A
Optional Payment Currency:
Option Election Date(s): N/A
Designated Exchange Rate: N/A
Amortizing Notes:
Amortization Schedule: N/A
Form and Denomination:
The Notes will be issued in the form of a permanent registered
global note deposited with or on behalf of the Depository Trust
Company (the "Depositary"). See "Description of Notes-General" in
the accompanying Prospectus Supplement.
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(Fixed Rate Notes)
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Pricing Supplement No. 1832
Dated April 7, 1994
Rule 424(b)(3)-Registration Statement
No. 33-58506
Rule 424(b)(3)-Registration Statement
No. 33-58508
Additional Terms:
The following description of the particular terms of the Notes
offered hereby supplements the description of the general terms and
provisions set forth in the Prospectus and the Prospectus
Supplement dated April 1, 1994, to which description reference is
hereby made. Capitalized terms used in this Pricing Supplement
which are defined in the Prospectus or the Prospectus Supplement
referred to above shall have the meanings assigned to them therein.
General
The Note will mature on April 14, 2008 (the "Maturity Date") and
will be limited to $150,000,000 aggregate principal amount. The
rate of interest on the Notes from April 14, 1994 to but excluding
April 14, 1998 will be 6.65% per annum and, thereafter, the rate of
interest will be 8.00% per annum. Each Note will bear interest
from April 14, 1994 or from the most recent Interest Payment Date
(as defined below) to which interest has been paid, payable on
October 14 and April 14 in each year (each such date being referred
to herein as an "Interest Payment Date"), commencing October 14,
1994, and on the Maturity Date, to the person in whose name such
Note is registered at the close of business on the Regular Record
Date next preceding such Interest Payment Date; provided, however,
that interest payable on the Maturity Date will be payable to the
person to whom principal is payable.
Election to Continue to Hold Notes; Repayment
Unless the holder of a Note makes a written election to continue
to hold its Note, or any portion thereof which is a multiple of
$1,000, such Note will be repaid on April 14, 1998 (as used
hereunder with respect to the election to continue to hold, the
"Repayment Date"). Notwithstanding an election to continue to hold
a Note by the holder thereof, a Note may be purchased on April 14,
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(Fixed Rate Notes)
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Pricing Supplement No. 1832
Dated April 7, 1994
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No. 33-58506
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No. 33-58508
1998 by the Company as described under "Redemption by the Company"
below. The holder of a Note will, therefore, only continue to hold
its Note after the Repayment Date if (i) the holder elects to
continue to hold such Note and (ii) such Note is not redeemed by
the Company.
In order for the holder's election to continue to hold a Note to
be effective, the Company must receive at the office of The Chase
Manhattan Bank (National Association)(the "Paying Agent"), during
the period commencing 60 days prior to the Repayment Date and
ending on the close of business 30 calendar days prior to the
Repayment Date (or, if such date is not a Business Day, the next
succeeding Business Day) a telegram, facsimile transmissions or
letter from a member of a national securities exchange or from a
member of the National Association of Securities Dealers, Inc. or
a commercial bank or a trust company in the United States setting
forth (a) the name, address and telephone number of the holder of
such Note, (b) the principal amount of such Note and the amount of
such Note the holder is electing to continue to hold and (c) a
statement that the election to continue to hold is being exercised
thereby. Owners of beneficial interest in the Global Note can only
elect to continue to hold such interests through Participants (as
defined below) in the Depositary as described below. The election
to continue to hold a Note by the holder thereof will be
irrevocable. Accrued interest payable on the Repayment Date on the
Notes to be repaid by the Company will be paid to the Depositary,
as registered holder on the preceding Regular Record Date, and will
be credited to the account of Participants in the Depositary in
proportion to the respective holdings of the Notes. Notes acquired
by the Company upon redemption or repayment as described above will
be cancelled and will thereupon cease to be outstanding under the
Indenture.
All questions as to the validity, eligibility (including time of
receipt) and acceptance of any election to continue to hold a Note
will be determined by the Paying Agent, whose determination will be
final and binding.
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(Fixed Rate Notes)
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Pricing Supplement No. 1832
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No. 33-58506
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No. 33-58508
The Company will comply with any applicable tender offer rules
under the Securities Exchange Act of 1934 in connection with the
election of the holders of the Notes to continue to hold the Notes
after the Repayment Date.
As long as the Notes are represented by a Global Note, the
Depositary's nominee will be the holder of the Notes and therefore
will be the only entity that can elect to continue to hold Notes.
Accordingly, owners of beneficial interests in a Global Note must
make an election to continue to hold such interests through
procedures of the depositary and not by directly notifying the
Paying Agent. Notice by the Depositary's participating
organizations (the "Participants") or indirect participants or by
owners of beneficial interest in a Global Note held through such
Participants or indirect participants of the exercise of the
election to continue to hold beneficial interests in Notes
represented by a Global Note must be transmitted to the depositary
in accordance with its procedures on a form required by the
Depositary and provided to Participants. The Trustee and the
Paying Agent are only required to treat the registered owners of
the Global Note as the legal owner of the Global Note for all
purposes under the Indenture. In order to ensure that the
Depositary's nominee will timely elect to continue to hold a
particular Global Note, the beneficial owner of such Note must
instruct the broker or other Participant or indirect participant
through which it holds an interest in such Note to notify the
Depositary of its desire to elect to continue to hold such interest
in sufficient time under the Depositary's procedures to ensure that
the broker or other Participant or indirect participant may timely
deliver notice to the Depositary. Different firms have different
cut-off times for accepting instructions from their customers and,
accordingly, each beneficial owner should consult the broker or
other Participant or indirect participant through which it holds an
interest in a Note in order to ascertain the cut off time by which
such an instruction must be given in order for timely notice to be
delivered tot he depositary. The Company will not be liable for
any delay in the delivery to the Paying Agent of notices of
election to continue to hold Notes.
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(Fixed Rate Notes)
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Pricing Supplement No. 1832
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No. 33-58506
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No. 33-58508
Redemption by the Company
The Notes may be redeemed at the option of the Company on April
14, 1998 (as used hereunder with respect to the option of the
Company to redeem, the "Redemption Date") at a price equal to 100%
of the principal amount thereof, together with accrued interest to,
but not including, the Redemption Date. Notice of redemption shall
be provided by mailing a notice of such redemption to each holder
by first class mail, postage prepaid, at least 30 and not more than
60 calendar days prior to the Redemption Date. The election by a
holder to continue to hold the Notes is subject to the Company's
right to redeem Notes on the Redemption Date. Because of the
existence of the option to redeem by the Company, it is unlikely
that a holder of Notes who has made a written election to continue
to hold the Notes (as described above) will be able to continue to
hold the Notes after the Redemption Date if market conditions make
the yield on the Notes unattractive to the Company.
Certain United States Tax Considerations:
The following discussion supplements, and should be read in
conjunction with, the statements contained in the Prospectus
Supplement dated April 1, 1994 under the caption "United States Tax
Considerations."
Payment of Interest
Under the OID Regulations, an issuer will be treated as
exercising an option provided by a debt instrument to accelerate
the maturity of the instrument if such exercise would lower the
instrument's overall yield to maturity. The option of the Company
to redeem the Notes on the Redemption Date would permit the Company
to accelerate the maturity of the Notes and thus lower their
overall yield. The Company therefore intends, for purposes of
determining its deductible interest expense and reporting interest
income to U.S. Holders, to treat the Notes as subject to the deemed
exercise rule of the OID Regulations. On this basis, the Notes
would be presumed to mature on the Redemption Date and the stated
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(Fixed Rate Notes)
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Pricing Supplement No. 1832
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No. 33-58506
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No. 33-58508
interest on the Notes would be includible in income of the U.S.
Holder in accordance with its regular method of accounting. The
Notes thus would not be treated as issued with OID. If the Company
does not, in fact, exercise its option to redeem the Notes on the
Redemption Date, and a U.S. Holder makes an election to continue to
hold its Note, such U.S. Holder's Note would be treated as reissued
on the Redemption Date for its adjusted issue price, which would
be, for an initial U.S. Holder, the Note's stated offering price.
The reissued Note would also not have OID, and thus the stated
interest on the Notes would be includible in the income of the U.S.
Holder in accordance with its regular method of accounting.
Plan of Distribution:
J.P. Morgan Securities Inc. (the "Agent") is acting as agent in
connection with the distribution of the Notes.
