General Electric Company entered into a senior unsecured back-up revolving syndicated credit facility extended by 32 banks at an initial aggregate principal commitment amount of $15 billion (the “Senior Unsecured Credit Facility”). According to documents filed with the SEC, JPMorgan Chase Bank served as administrative agent for the financing.

As previously announced, the Senior Unsecured Credit Facility refinances GE’s prior $20 billion back-up revolving syndicated credit facility that was scheduled to mature in May 2021. The closing of the new Senior Unsecured Credit Facility terminated the prior $20 billion back-up revolving syndicated credit facility. The closing also terminated GE’s revolving syndicated credit facility that was scheduled to mature in December 2020, which had an aggregate revolving commitment amount of approximately $4 billion following the sale of the BioPharma business within our Healthcare segment.

The Senior Unsecured Credit Facility matures on April 17, 2023, and any borrowings under the Senior Unsecured Credit Facility may, at the election of GE, be prepaid prior to such date, in whole or in part, without premium or penalty. Extensions of credit under the Senior Unsecured Credit Facility may be utilized by GE for general corporate purposes. The Senior Unsecured Credit Facility, which includes a net debt-to-EBITDA financial covenant, is attached as Exhibit 10 and incorporated by reference herein. As of the date hereof, GE has made no borrowings under the Senior Unsecured Credit Facility.