PROSPECTUS Pricing Supplement No. 2962
Dated January 10, 1995 Dated January 30, 1997
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$25,000,000
Trade Date: January 30, 1997
Settlement Date (Original Issue Date): February 4, 1997
Maturity Date: February 6, 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
February 4, 1998; thereafter, the interest rate on the Notes
will reset annually on each February 4 in accordance with the
schedule set forth under "Additional Terms--Interest" below.
Interest Payment Period:
__ Annual __ Semi-Annual X Monthly __ Quarterly
Interest Payment Dates: The 4th of each month, commencing on
March 4, 1997, and ending on the Maturity Date (with respect to
the period from and including January 4, 2012 to but excluding
February 6, 2012), 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. 2962
Dated January 30, 1997
Rule 424(b)(3)-Registration Statement
No. 33-60723
Repayment, Redemption and Acceleration:
Initial Redemption Date: February 4, 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
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Pricing Supplement No. 2962
Dated January 30, 1997
Rule 424(b)(3)-Registration Statement
No. 33-60723
Repayment, Redemption and Acceleration:
Additional Terms:
Interest.
Interest on the Notes will accrue from February 4, 1997 and will
be payable in U.S. dollars on the 4th of each month, commencing
on March 4, 1997 and on the Maturity Date (with respect to the
period from and including January 4, 2012 to but excluding
February 6, 2012) 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
February 4, 1998. Thereafter, the interest rate will be subject
to adjustment annually on each February 4 in accordance with the
following schedule:
Interest Period Interest Rate
(per annum)
February 4, 1998 to February 3, 1999 7.300%
February 4, 1999 to February 3, 2000 7.350%
February 4, 2000 to February 3, 2001 7.400%
February 4, 2001 to February 3, 2002 7.450%
February 4, 2002 to February 3, 2003 7.500%
February 4, 2003 to February 3, 2004 7.550%
February 4, 2004 to February 3, 2005 7.600%
February 4, 2005 to February 3, 2006 7.650%
February 4, 2006 to February 3, 2007 7.700%
February 4, 2007 to February 3, 2008 7.750%
February 4, 2008 to February 3, 2009 8.000%
February 4, 2009 to February 3, 2010 8.500%
February 4, 2010 to February 3, 2011 9.000%
February 4, 2011 to February 5, 2012 10.000%
Optional Redemption.
The Company may at its option elect to redeem the Notes in whole
on February 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.
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Pricing Supplement No. 2962
Dated January 30, 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.
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 September 28, 1996, the Company had outstanding indebtedness
totalling $114.704 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 September 28, 1996 excluding subordinated notes
payable after one year was equal to $114.007 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 Nine Months Ended
1991 1992 1993 1994 1995 September 28, 1996
1.34 1.44 1.62 1.63 1.51 1.56
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Pricing Supplement No. 2962
Dated January 30, 1997
Rule 424(b)(3)-Registration Statement
No. 33-60723
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, 1995, the Company's Quarterly Reports on Form 10-Q for the
quarters ended March 30, 1996, June 29, 1996 and September 28,
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 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.
