June 8, 2020 / 8:57 PM / a month ago

GE reopens parts of prior debt offerings to raise $3 billion

FILE PHOTO: The General Electric Co. logo is seen on the company's corporate headquarters building in Boston, Massachusetts, U.S. July 23, 2019. REUTERS/Alwyn Scott

(Reuters) - General Electric Co (GE.N) said on Monday it reopened portions of its prior debt offerings for $3 billion in total proceeds to boost its cash reserves amid the coronavirus crisis.

The company said the reopening was in response to a reverse inquiry from a long-term strategic investor seeking to buy the company’s debt.

GE said it expects to use these proceeds to reduce shorter-duration debt and the deal is expected to be leverage neutral over time.

Reporting by Ankit Ajmera in Bengaluru; Editing by Anil D'Silva

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