GE Completes $1.95 Billion Debt-for-Equity Exchange

Paul, Weiss advised General Electric Company (GE) in the disposition of $1.95 billion of shares of common stock of GE HealthCare Technologies Inc. The disposition took place through a debt-for-equity exchange in which GE borrowed a term loan from affiliates of Morgan Stanley & Co. LLC and subsequently exchanged that debt for 25 million shares of GE HealthCare common stock. Morgan Stanley then completed a secondary public offering of the common stock at a price of $78 per share. GE HealthCare did not receive any proceeds from the debt-for-equity exchange or the offering.

Evercore ISI, Morgan Stanley, BofA Securities, Citigroup and Goldman Sachs & Co. LLC served as the lead joint bookrunning managers for the offering. BNP PARIBAS, Credit Agricole CIB, J.P. Morgan, Mizuho, MUFG and SOCIETE GENERALE also served as joint bookrunning managers for the offering.

The Paul, Weiss team included, among others, corporate partners John Kennedy, Christodoulos Kaoutzanis and Steven Williams; tax partners Jeffrey Samuels and Brian Krause and counsel Alyssa Wolpin; executive compensation partner Jean McLoughlin and counsel Jordan Salzman; intellectual property partner Jonathan Ashtor and counsel Marisa Geiger; and environmental counsel William O’Brien.