PROSPECTUS Pricing Supplement No. 2904
Dated January 10, 1995 Dated October 10, 1996
PROSPECTUS SUPPLEMENT Rule 424(b)(3)-Registration
Statement No. 33-60723
Dated January 25, 1995
GENERAL ELECTRIC CAPITAL CORPORATION
GLOBAL MEDIUM-TERM NOTES, SERIES A
(Redeemable Step Up Coupon Notes)
Principal Amount: US$20,000,000
Trade Date: October 10, 1996
Settlement Date (Original Issue Date): October 16, 1996
Maturity Date: October 17, 2011 (unless earlier redeemed as
described under "Additional Terms--Optional Redemption" below.)
Price to Public (Issue Price): 100.00%
Agent's Discount or Commission: 0.125%
Net Proceeds to Issuer (in Specified Currency): US$19,975,000
Interest:
Interest Rate: The Notes will pay interest at the rate of 7.25%
per annum for the period from the Original Issue Date up to but
excluding the Interest Payment Date scheduled to occur on
October 16, 1997; thereafter, the interest rate on the Notes
will reset annually on each October 16 in accordance with the
schedule set forth under "Additional Terms--Interest" below.
Interest Payment Period:
__ Annual X Semi-Annual __ Monthly __ Quarterly
Interest Payment Dates: October 16 and April 16 of each year,
commencing April 16, 1997, and on the Maturity Date (with
respect to the period from and including April 16, 2011 to but
excluding October 17, 2011), unless earlier redeemed. See
"Additional Terms--Interest" below.
Repayment, Redemption and Acceleration:
Initial Redemption Date: October 16, 1997 (See "Additional
Terms--Redemption" below)
Initial Redemption Percentage: 100%
Optional Repayment Date: Not applicable ("N/A")
POTENTIAL PURCHASERS OF THE NOTES ARE URGED TO READ THIS PRICING
SUPPLEMENT THOROUGHLY TOGETHER WITH THE ACCOMPANYING PROSPECTUS
DATED JANUARY 10, 1995 AND PROSPECTUS SUPPLEMENT DATED JANUARY 25,
1995. SEE "CERTAIN INVESTMENT CONSIDERATIONS"
HEREIN.
CAPITALIZED TERMS USED IN THIS PRICING SUPPLEMENT WHICH ARE DEFINED
IN THE PROSPECTUS SUPPLEMENT SHALL HAVE THE MEANINGS ASSIGNED TO
THEM IN THE PROSPECTUS SUPPLEMENT
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Pricing Supplement No. 2904
Dated October 10, 1996
Rule 424(b)(3)-Registration Statement
No. 33-60723
Form of Notes:
X DTC registered __ non-DTC registered
The Notes will be available in denominations of $1,000 and
increments of $1,000 in excess thereof.
Original Issue Discount
Amount of OID: N/A
Yield to Maturity: N/A
Interest Accrual Date: N/A
Initial Accrual Period OID: N/A
Amortizing Notes:
Amortization Schedule: N/A
Dual Currency Notes:
Face Amount Currency: N/A
Optional Payment Currency: N/A
Designated Exchange Rate: N/A
Indexed Notes:
Currency Base Rate: N/A
Additional Terms:
Interest.
Interest on the Notes will accrue from October 16, 1996 and will
be payable in U.S. dollars semi-annually on October 16 and April
16 of each year, commencing April 16, 1997 and on the Maturity
Date (with respect to the period from and including April 16,
2011 to but excluding October 17, 2011) or date of earlier
redemption (each, an "Interest Payment Date"). Interest will
accrue from and including each Interest Payment Date to but
excluding the next succeeding Interest Payment Date. In the
event an Interest Payment Date falls on a day other than a
Business Day, interest will be paid on the next succeeding
Business Day and no interest on such payment shall accrue for
the period from and after such Interest Payment Date to such
next succeeding Business Day. The interest rate on the Notes
will be equal to 7.25% per annum from and including the Original
Issue Date up to but excluding October 16, 1997. Thereafter,
the interest rate will be subject to adjustment annually on each
October 16 in accordance with the following schedule:
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Pricing Supplement No. 2904
Dated October 10, 1996
Rule 424(b)(3)-Registration Statement
No. 33-60723
Interest Period Interest Rate
(per annum)
October 16, 1997 to October 15, 1998 7.300%
October 16, 1998 to October 15, 1999 7.350%
October 16, 1999 to October 15, 2000 7.400%
October 16, 2000 to October 15, 2001 7.450%
October 16, 2001 to October 15, 2002 7.500%
October 16, 2002 to October 15, 2003 7.550%
October 16, 2003 to October 15, 2004 7.600%
October 16, 2004 to October 15, 2005 7.650%
October 16, 2005 to October 15, 2006 7.700%
October 16, 2006 to October 15, 2007 7.750%
October 16, 2007 to October 15, 2008 7.800%
October 16, 2008 to October 15, 2009 8.000%
October 16, 2009 to October 15, 2010 8.500%
October 16, 2010 to October 16, 2011 9.000%
Optional Redemption.
The Company may at its option elect to redeem the Notes in whole
on October 16, 1997 or on any Interest Payment Date thereafter
(each such date, an "Optional Redemption Date") at 100% of their
principal amount plus accrued interest to but excluding the date
of redemption (the "Redemption Date"). In the event the Company
elects to redeem the Notes, notice will be given to registered
holders not more than 60 nor less than 30 days prior to the
Redemption Date.
Certain Covenants of the Company.
As of August 1, 1996, the Company entered into a supplemental
indenture with The Chase Manhattan Bank, as trustee, eliminating
the covenants of the Company described in the Prospectus under
the caption "Certain Covenants of the Company". Consequently,
the information under such caption is not applicable to the
Notes.
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Pricing Supplement No. 2904
Dated October 10, 1996
Rule 424(b)(3)-Registration Statement
No. 33-60723
Certain Investment Considerations:
Prospective purchasers of the Notes should be aware that the
Notes will pay interest at different fixed rates each year
through the Maturity Date unless earlier redeemed by the
Company. Prospective purchasers should also be aware that the
Company has the option to redeem the Notes on any Optional
Redemption Date and will be likely to elect to redeem the Notes
in the event prevailing market interest rates are lower than the
then-current interest rate on the Notes.
Additional Information:
General.
At June 29, 1996, the Company had outstanding indebtedness
totalling $112.517 billion, consisting of notes payable within
one year, senior notes payable after one year and subordinated
notes payable after one year. The total amount of outstanding
indebtedness at June 29, 1996 excluding subordinated notes
payable after one year was equal to $111.820 billion.
Consolidated Ratio of Earning to Fixed Charges.
The information contained in the Prospectus under the caption
"Consolidated Ratio of Earnings to Fixed Charges" is hereby
amended in its entirety, as follows:
Year Ended December Six Months Ended
1991 1992 1993 1994 1995 June 29, 1996
1.34 1.44 1.62 1.63 1.51 1.52
For purposes of computing the consolidated ratio of earnings to
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 rentals, which the Company
believes is a reasonable approximation of the interest factor of
such rentals.
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Pricing Supplement No. 2904
Dated October 10, 1996
Rule 424(b)(3)-Registration Statement
No. 33-60723
Documents Incorporated by Reference.
The information contained in the Prospectus in the first
paragraph of text under the caption "Documents Incorporated by
Reference" is hereby amended in its entirety, as follows: There
is hereby incorporated in the Prospectus by reference the
Company's Annual Report on Form 10-K for the year ended December
31, 1995, the Company's Quarterly Reports on Form 10-Q for the
quarters ended March 31, 1996 and June 29, 1996 and the
Company's Form 8-K dated June 28, 1996 heretofore filed with the
Securities and Exchange Commission pursuant to the 1934 Act, to
which reference is hereby made.
Plan of Distribution:
The Notes are being purchased by Goldman, Sachs & Co.
(hereinafter referred to as the "Underwriter"), as principal, at
the Issue Price of 100% of the aggregate principal amount of the
Notes less an underwriting discount equal to 0.125% of the
aggregate principal amount of the Notes.
The Company has agreed to indemnify the Underwriter against and
contribute toward certain liabilities, including liability under
the Securities Act of 1933, as amended.
