PROSPECTUS Pricing Supplement No. 2942
Dated January 10, 1995 Dated January 8, 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$20,000,000
Trade Date: January 8, 1997
Settlement Date
(Original Issue
Date): January 13, 1997
Maturity Date: January 13, 2012 (unless earlier redeemed as
described under "Additional Terms--Optional
Redemption" below.)
Price to Public
(Issue Price): The Notes are being purchased by the
Underwriter at 100.00% of their principal
amount and will be sold at varying prices to be
determined at the time of sale. For further
information with respect to any discounts,
commissions or profits on resales of Notes that
may be deemed underwriting discounts or
commissions, see "Plan of Distribution" below.
Agent's Discount
or Commission: The Notes will be sold at varying prices to be
determined by the Underwriter at the time of
each sale.
Net Proceeds to Issuer
(in Specified Currency): US$20,000,000
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
January 13, 1998; thereafter, the interest rate
on the Notes will reset annually on each
January 13 in accordance with the schedule set
forth under "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. 2942
Dated January 8, 1997
Rule 424(b)(3)-Registration
Statement No. 33-60723
Interest Payment Period:
___ Annual X Semi-Annual ___ Monthly ___ Quarterly
Interest Payment Dates:
January 13 and July 13 of each year, commencing July 13, 1997,
unless earlier redeemed. See "Additional Terms--Interest"
below.
Repayment, Redemption and Acceleration:
Initial Redemption Date: January 13, 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 January 13, 1997 and will
be payable in U.S. dollars semi-annually on January 13 and July
13 of each year, commencing July 13, 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
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Pricing Supplement No. 2942
Dated January 8, 1997
Rule 424(b)(3)-Registration
Statement No. 33-60723
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 January
13, 1998. Thereafter, the interest rate will be subject to
adjustment annually on each January 13 in accordance with the
following schedule:
Interest Period Interest Rate
January 13, 1998 to January 12, 1999 7.300% per annum
January 13, 1999 to January 12, 2000 7.350% per annum
January 13, 2000 to January 12, 2001 7.400% per annum
January 13, 2001 to January 12, 2002 7.450% per annum
January 13, 2002 to January 12, 2003 7.500% per annum
January 13, 2003 to January 12, 2004 7.550% per annum
January 13, 2004 to January 12, 2005 7.600% per annum
January 13, 2005 to January 12, 2006 7.650% per annum
January 13, 2006 to January 12, 2007 7.700% per annum
January 13, 2007 to January 12, 2008 7.750% per annum
January 13, 2008 to January 12, 2009 8.000% per annum
January 13, 2009 to January 12, 2010 8.500% per annum
January 13, 2010 to January 12, 2011 9.000% per annum
January 13, 2011 to January 12, 2012 10.000% per annum
Optional Redemption.
The Company may at its option elect to redeem the Notes in whole
on January 13, 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.
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Pricing Supplement No. 2942
Dated January 8, 1997
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 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
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. 2942
Dated January 8, 1997
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, 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 Bear, Stearns & Co. Inc.
(hereinafter referred to as the "Underwriter"), as principal, at
the Issue Price of 100% of the aggregate principal amount of the
Notes. The Underwriter has advised the Company that the
Underwriter proposes to offer the Notes from time to time for
sale in negotiated transactions or otherwise, at prices
determined at the time of sale.
The Company has agreed to indemnify the Underwriter against and
contribute toward certain liabilities, including liability under
the Securities Act of 1933, as amended.
