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GE cuts some debt using proceeds from sale of biopharma business

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General Electric Co said on Monday it used part of the US$20 billion in proceeds from the sale of its biopharma business to cut debt.

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 ScottThe U.S. industrial conglomerate last week pulled its full-year forecast due to the uncertainties created by the coronavirus outbreak, but backed its first-quarter industrial free cash flow expectation of near-negative US$2 billion.

GE, which makes jet engines, power plants and other industrial equipment, last month sold its biopharma business to Danaher Corp to focus on its core aviation and power businesses.GE held cash, cash equivalents, and restricted cash of more than US$47 billion as of March 31. The company said that it was launching a strategic debt issuance to fund an immediate tender for GE bonds maturing through 2024, and has also refinanced a back-up credit facility that expires in 2021.

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