GE proposes to buy back debt of up to $ 5 billion

General Electric Co.

GE, + 1.07%

Thursday announced a public takeover bid aimed at buying back up to $ 5 billion of its existing debt. The buyback includes up to $ 2.5 billion of US dollar denominated debt and up to $ 2.5 billion of debt denominated in euros. The industrial conglomerate said it would continue to evaluate potential deleveraging actions, including pension funding and repayment of GE's intercompany loans to GE Capital. Dollar denominated debt that is the subject of the NCIB includes 2,700% Notes due 2022, 3.375% Notes to 2024, 4.125% to 2042 Notes and 4.500% Notes. at 2044. GE's share, up 0.6% in pre-trade trading, has lost 9.0% in the last three months, but has risen 28.6% since the beginning of the year. year, while the Dow Jones Industrial Average index

DJIA, + 0.41%

was 4.4% in the last three months and grew 16.3% this year.