PROSPECTUS Pricing Supplement No. 2997
Dated January 10, 1995 Dated June 2, 1997
PROSPECTUS SUPPLEMENT Rule 424(b)(3)-Registration
Dated January 25, 1995 Statement No. 33-60723
GENERAL ELECTRIC CAPITAL CORPORATION
GLOBAL MEDIUM-TERM NOTES, SERIES A
(Redeemable Step Up Coupon Notes)
Principal Amount: US$25,000,000
Trade Date: June 2, 1997
Settlement Date
(Original Issue Date): June 5, 1997
Maturity Date: June 5, 2012 (unless earlier redeemed
as described under "Additional Terms-
-Optional Redemption" below.)
Price to Public
(Issue Price): 100.00%
Agent's Discount
or Commission: 0.00%
Net Proceeds to Issuer
(in Specified Currency): US$25,000,000
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
June 5, 1998; thereafter, the
interest rate on the Notes will reset
annually on each June 5 in accordance
with the schedule set forth under
"Additional Terms--Interest" below.
Interest Payment
Period: ___ Annual X Semi-Annual
___ Monthly ___ Quarterly
Interest Payment Dates: June 5 and December 5 of each year,
commencing December 5, 1997, unless
earlier redeemed. See "Additional
terms--Interest" below.
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. 2997
Dated June 2, 1997
Rule 424(b)(3)-Registration
Statement No. 33-60723
Repayment, Redemption and Acceleration:
Initial Redemption Date: June 5, 1998 (See "Additional Terms-
Redemption" below)
Initial Redemption Percentage: 100%
Optional Repayment Date: Not applicable ("N/A")
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 June 5, 1997 and will be
payable in U.S. dollars semi-annually on June 5 and December 5
of each year, commencing December 5, 1997 (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
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Pricing Supplement No. 2997
Dated June 2, 1997
Rule 424(b)(3)-Registration
Statement No. 33-60723
including the Original Issue Date up to but excluding June 5,
1998. Thereafter, the interest rate will be subject to
adjustment annually on each March 13 in accordance with the
following schedule:
Interest Period Interest Rate
June 5, 1998 to June 4, 1999 7.300% per annum
June 5, 1999 to June 4, 2000 7.350% per annum
June 5, 2000 to June 4, 2001 7.400% per annum
June 5, 2001 to June 4, 2002 7.450% per annum
June 5, 2002 to June 4, 2003 7.500% per annum
June 5, 2003 to June 4, 2004 7.550% per annum
June 5, 2004 to June 4, 2005 7.600% per annum
June 5, 2005 to June 4, 2006 7.650% per annum
June 5, 2006 to June 4, 2007 7.700% per annum
June 5, 2007 to June 4, 2008 7.750% per annum
June 5, 2008 to June 4, 2009 8.000% per annum
June 5, 2009 to June 4, 2010 8.500% per annum
June 5, 2010 to June 4, 2011 9.000% per annum
June 5, 2011 to June 4, 2012 10.000% per annum
Optional Redemption.
The Company may at its option elect to redeem the Notes in whole
on June 5, 1998 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.
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.
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Pricing Supplement No. 2997
Dated June 2, 1997
Rule 424(b)(3)-Registration
Statement No. 33-60723
Additional Information:
General.
At March 29, 1997, the Company had outstanding indebtedness
totalling $119.663 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 March 29, 1997 excluding subordinated notes
payable after one year was equal to $118.966 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 31, Three Months Ended
1992 1993 1994 1995 1996 March 29, 1997
1.44 1.62 1.63 1.51 1.53 1.56
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.
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, 1996, and the Company's Quarterly Report on Form 10-Q for
the quarter ended March 29, 1997 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 Smith Barney Inc. (hereinafter
referred to as the "Underwriter"), as principal, at the Issue
Price of 100% 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.
