PROSPECTUS Pricing Supplement No. 2996
Dated January 10, 1995 Dated May 28, 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 Fixed Rate Notes)
Trade Date: May 28, 1997
Settlement Date (Original Issue Date): June 2, 1997
Maturity Date: June 4, 2012 (subject to earlier redemption, as set forth under
"Additional Terms- Redemption")
Principal Amount (in Specified Currency): US$20,000,000
Price to Public (Issue Price): 100.00%
Agent's Discount
or Commission: 0.125%
Net Proceeds to Issuer: US$19,975,000
Interest Rate Per Annum: 7.45%
Interest Payment Date(s):
| | March 15 and September 15 of each year
|x| Other: Monthly on the 4th day of each month, commencing on
July 4, 1997 (with respect to the period from and
including June 2, 1997 to but excluding July 4, 1997)
(each period from and including an Interest Payment Date
or the Original Issue Date, as the case may be, to but
excluding the next succeeding Interest Payment Date is
referred to herein as an "Interest Period")
Form of Notes:
|x| DTC registered |_| non-DTC registered
Repayment, Redemption and Acceleration
Initial Redemption Date: June 4, 1998, and thereafter on any Interest Payment
Date (See "Additional Terms--Redemption" below)
Initial Redemption Percentage: 100%
Optional Repayment Date: Not applicable ("N/A")
Annual Redemption Percentage Reduction: N/A
Modified Payment Upon Acceleration: N/A
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.
<PAGE>
(Fixed Rate Notes)
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Pricing Supplement No. 2996
Dated May 28, 1997
Rule 424(b)(3)-Registration Statement No. 33-60723
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
Option Value Calculation Agent: N/A
Option Election Date(s): N/A
Indexed Notes:
Currency Base Rate: N/A
Determination Agent: N/A
Additional Terms:
Interest.
Accrued interest on the Notes for the Interest Period commencing on the
Original Issue Date (the "Initial Interest Period") shall be calculated as
described in the Prospectus Supplement under the caption "Interest and
Interest Rates-Fixed Rate Notes." Accrued interest on the Notes for each
subsequent Interest Period shall be calculated and paid based on the number
of days in such Period divided by 360 (the number of days in such Period to
be calculated on the basis of a year of 360 days consisting of twelve
30-day months). As a result, the amount payable on each Interest Payment
Date (other than the Interest Payment Date relating to the Initial Interest
Period) will remain constant irrespective of the actual number of days that
have elapsed since the preceding Interest Payment Date.
Optional Redemption.
The Company may at its option elect to redeem the Notes in whole on June 4,
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.
<PAGE>
(Fixed Rate Notes)
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Pricing Supplement No. 2996
Dated May 28, 1997
Rule 424(b)(3)-Registration Statement No. 33-60723
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.
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:
<TABLE>
<CAPTION>
Year Ended December 31, Three Months Ended
-----------------------------------------------
1992 1993 1994 1995 1996 March 29, 1997
---- ---- ---- ---- ---- --------------
<C> <C> <C> <C> <C> <C>
1.44 1.62 1.63 1.51 1.53 1.56
</TABLE>
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.
<PAGE>
(Fixed Rate Notes)
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Pricing Supplement No. 2996
Dated May 28, 1997
Rule 424(b)(3)-Registration Statement No. 33-60723
Plan of Distribution:
The Notes are being purchased by Goldman, Sachs & Co. (the "Underwriter"),
as principal, at the Issue Price of 100.00% of the aggregate principal
amount less an underwriting discount equal to 0.125%.
The Company has agreed to indemnify the Underwriter against certain
liabilities, including liabilities under the Securities Act of 1933, as
amended.
