GECC SERIES A FIXED RATE PRICING SUPPLEMENT
PROSPECTUS |
Pricing Supplement No. 3935 |
Dated November 21, 2002 |
Dated August 12, 2003 |
PROSPECTUS SUPPLEMENT |
Rule 424(b)(3)-Registration Statement |
Dated November 22, 2002 |
Nos. 333-100527 |
GENERAL ELECTRIC CAPITAL CORPORATION
GLOBAL MEDIUM-TERM NOTES, SERIES A
(Fixed Rate Notes)
Trade Date: August 12, 2003
Settlement Date (Original Issue Date): August 19, 2003
Maturity Date: August 15, 2007
Principal Amount (in Specified Currency): US$ 800,000,000
Price to Public (Issue Price): 99.941%
Agent's Discount or Commission: 0.2750%
Net Proceeds to Issuer: US$ 797,328,000
Interest Rate Per Annum: 3.50%
Interest Payment Date(s):
X February 15 and August 15 of each year commencing February 15, 2004 (with respect to the period from and including August 19, 2003 to but excluding February 15, 2004) and ending on the Maturity Date
___ Other:
Clearance and Settlement:
_X_ DTC only
DTC global (including through its indirect participants Euroclear and Clearstream, Luxembourg as described under "Global Clearance and Settlement Procedures" in the accompanying Prospectus Supplement)
___ DTC and Euroclear/Clearstream, Luxembourg (as described under "Description of Notes General - Special Provisions Relating to Certain Foreign Currency Notes" in the accompanying Prospectus Supplement).
___ Euroclear and Clearstream, Luxembourg only
CAPITALIZED TERMS USED IN THIS PRICING SUPPLEMENT WHICH ARE DEFINED IN THE PROSPECTUS SUPPLEMENT SHALL HAVE THE MEANINGS ASSIGNED TO THEM IN THE PROSPECTUS SUPPLEMENT.
(Fixed Rate) |
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Pricing Supplement No. 3935 |
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Dated August 12, 2003 |
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Rule 424(b)(3)-Registration Statement |
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Nos. 333-100527 |
CUSIP: 36962GD68
ISIN: Not Applicable
Common Code: Not Applicable
Repayment, Redemption and Acceleration
Optional Repayment Date(s): N/A
Initial Redemption Date: N/A
Initial Redemption Percentage: N/A
Annual Redemption Percentage Reduction: N/A
Modified Payment Upon Acceleration: N/A
Original Issue Discount:
Amount of OID: N/A
Yield to Maturity: N/A
Interest Accrual Date: N/A
Initial Accrual Period OID: N/A
Amortizing Notes:
Amortization Schedule: N/A
Dual Currency Notes:
Face Amount Currency: N/A
Optional Payment Currency: N/A
Designated Exchange Rate: N/A
Option Value Calculation Agent: N/A
Option Election Date(s): N/A
Indexed Notes:
Currency Base Rate: N/A
Determination Agent: N/A
Listing:
___ Listed on the Luxembourg Exchange
_X__ Not listed on the Luxembourg Exchange
(Fixed Rate) |
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Pricing Supplement No. 3935 |
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Dated August 12, 2003 |
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Rule 424(b)(3)-Registration Statement |
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Nos. 333-100527 |
Additional Information:
General.
At June 30, 2003, the Company had outstanding indebtedness totaling $284.519 billion, consisting of notes payable within one year, senior notes payable after one year and subordinated notes payable after one year. The total amount of outstanding indebtedness at June 30, 2003, excluding subordinated notes payable after one year was equal to $283.635 billion.
Consolidated Ratio of Earnings to Fixed Charges.
Year Ended December 31, |
Six Months ended June 30, 2003 |
||||
1998 |
1999 |
2000 |
2001 |
2002 |
|
1.50 |
1.60 |
1.52 |
1.72 |
1.65 |
1.76 |
For purposes of computing the consolidated ratio of earnings to fixed charges, earnings consist of net earnings adjusted for the provision for income taxes, minority interest and fixed charges. Fixed charges consist of interest and discount on all indebtedness and one-third of rentals, which the Company believes is a reasonable approximation of the interest factor of such rentals.
Plan of Distribution:
The Notes are being purchased by Lehman Brothers Inc. (the "Underwriter"), as principal, at 99.941% of the aggregate principal amount less an underwriting discount equal to 0.2750% of the principal amount of the Notes.
The Company has agreed to indemnify the Underwriter against certain liabilities, including liabilities under the Securities Act of 1933, as amended.
(Fixed Rate) |
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Pricing Supplement No. 3935 |
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Dated August 12, 2003 |
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Rule 424(b)(3)-Registration Statement |
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Nos. 333-100527 |
US$ 800,000,000
GENERAL ELECTRIC CAPITAL CORPORATION
Global Medium-Term Notes, Series A
TERMS AGREEMENT
August 12, 2003
GENERAL ELECTRIC CAPITAL CORPORATION
201 High Ridge Road
Stamford, CT 06927
Attention: Senior Vice President - Corporate Treasury and
Global Funding Operation
Re: Second Amended and Restated U.S. Distribution Agreement
dated as of April 16, 2002 as amended on November 22, 2002
("U.S. Distribution Agreement")
The undersigned (the "Agent") agrees to purchase the principal amount of Global Medium-Term Notes, Series A (Trade No. 3935), having the following terms:
Maturity Date: August 15, 2007
Principal Amount: US$ 800,000,000
Issue Price: 99.941%
Settlement Date: August 19, 2003
Place of Delivery: Lehman Brothers Inc., 745 Seventh Avenue, 28th Floor,
New York, New York 10019
Issue Date: August 19, 2003
Specified Currency: United States Dollars
Interest Rate: 3.50%
Interest Payments: Semi-Annually, on February 15 and August 15 of each year, commencing February 15, 2004.
Redemption at the option of the Company: None
Repayment at the option of the holder: None
Discount/Commissions: 0.2750%
Terms used but not defined herein shall have the meaning assigned to them in the U.S. Distribution Agreement.
To the extent that Lehman Brothers Inc. is not named as an Agent in the U.S. Distribution Agreement, they are hereby appointed as an Agent thereunder with respect to this transaction.
The certificate referred to in Section 5(b) of the U.S. Distribution Agreement, the opinion referred to in Section 5(a)(i) of the U.S. Distribution Agreement and the accountants letter referred to in Section 5(c) of the U.S. Distribution Agreement will be required.
LEHMAN BROTHERS INC.
By:
Title:
Accepted:
GENERAL ELECTRIC CAPITAL CORPORATION
By:
Dennis R. Sweeney
Vice President
GENERAL ELECTRIC CAPITAL CORPORATION
Executive Officer's Certificate
I, Dennis R. Sweeney, Vice President of General Electric Capital Corporation, a Delaware corporation (the "Company"), DO HEREBY CERTIFY pursuant to Section 5(b) of the Second Amended and Restated U.S. Distribution Agreement dated as of April 16, 2002, as amended on November 22, 2002, among the Company and the Agents named therein, relating to Global Medium-Term Notes, Series A and the related Terms Agreement dated as of August 12, 2003 between the Company and Lehman Brothers Inc. that:
The representations and warranties of the Company contained in the Distribution Agreement are true and correct on and as of the date hereof, as if made on and as of such date and the Company has complied with all agreements and satisfied all conditions on its part to be performed or satisfied under the Distribution Agreement at or prior to the date hereof; and
No stop order suspending the effectiveness of the Registration Statement is in effect, and, to the best of my knowledge, no proceedings for such purpose are pending before or threatened by the Securities and Exchange Commission, and there has been no material adverse change in the condition of the Company and its subsidiaries, taken as a whole, from that set forth in the Registration Statement, the Prospectus, the Prospectus Supplement, and the Pricing Supplement.
Capitalized terms used in this certificate have the meanings ascribed to them in the Distribution Agreement referred to above.
IN WITNESS WHEREOF, I have signed this certificate as of this 19th day of August, 2003.
GENERAL ELECTRIC CAPITAL
CORPORATION
By:
Dennis R. Sweeney
Vice President
EMTN CLOSING DOCUMENTS
GENERAL ELECTRIC CAPITAL CORPORATION
Assistant Secretary's Certificate
I, Alan M. Green, Assistant Secretary of General Electric Capital Corporation, a Delaware corporation (the "Company"), hereby certify that:
(a) No amendment or other document relating to or affecting the Organization Certificate of the Company has been filed in the office of the Secretary of the State of Delaware since January 27, 2003, and no action has been taken by the Company or its stockholders, directors or officers in contemplation of the filing of any amendment or other document relating to or affecting the Organization Certificate of the Company or in contemplation of the liquidation or dissolution of the Company or threatening its corporate existence;
(b) Attached hereto as Annex A is a true and correct copy of the By-Laws of the Company as in full force and effect at all times since September 19, 2002 to and including the date hereof;
(c) Attached hereto as Annex B are true copies of the draft resolutions duly adopted by the Board of Directors of the Company at a meeting held on March 20, 2003; such resolutions have not been amended, modified or rescinded and remain in full force; and such resolutions are the only resolutions adopted by the Company's Board of Directors or any committee thereof relating to the Company's 3.50% Notes due August 15, 2007;
(d) Each person who, as an officer or attorney-in-fact of the Company, signed the (i) Second Amended and Restated U.S. Distribution Agreement (ii) the Notes; (iii) the Terms Agreement, or any other document delivered in connection with the issuance, offering or sale of the Notes as contemplated by the Terms Agreement, was at the time of such signing and delivery duly elected or appointed, qualified and acting as such officer or duly appointed and acting as such attorney-in-fact, and the signatures of such persons appearing on such documents are their genuine signatures ; and
(e) Other than the Company's Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on August 1, 2003 was filed, through the date hereof, there have been no reports (other than reports relating to securities of issuers other than the Company) filed by the Company pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934, as amended (the "1934 Act"), or proxy statements or information statements filed by the Company pursuant to Section 14 of the 1934 Act.
IN WITNESS WHEREOF, I have hereunto signed my name as of August 19, 2003.
______________________________
Alan M. Green
Assistant Secretary
Alan M. Green
General Electric Capital CorporationGeneral Counsel Treasury Operation 201 High Ridge Road
and Assistant Secretary Stamford, CT 06927-9400
203-961-5077, Dial Comm 8*228-5077
FAX 203-357-3490, Dial Comm 8*228-3490
Internet:alan.green1@ge.com
August 19, 2003
Lehman Brothers Inc.
787 Seventh Avenue
New York, New York 10013
Re: US$ 800,000,000, 3.50% Rate Notes Due August 15, 2007
Ladies and Gentlemen:
I am General Counsel - Treasury Operations and Assistant Secretary of General Electric Capital Corporation, a Delaware corporation (the "Company"), and have been asked to provide this opinion letter in connection with (i) the issuance by the Company of US$ US$ 800,000,000 of its Global Medium-Term Notes, Series A, described in the Pricing Supplement referred to below (the "Notes") under a Third Amended and Restated Indenture dated as of February 27, 1997 between the Company and JPMorgan Chase Bank (formerly known as The Chase Manhattan Bank), as trustee, as supplemented a First Supplemental Indenture dated as of May 3, 1999, a Second Supplemental Indenture dated as of July 2, 2001 and a Third Supplemental Indenture dated as of November 22, 2002 (collectively, the "Indenture"), (ii) the sale and delivery of the Notes to you pursuant to (a) the Second Amended and Restated U.S. Distribution Agreement dated as of April 16, 2002, as amended on November 22, 2002 (collectively, the "Distribution Agreement"), between the Company and the Agents named therein, and (b) the Terms Agreement dated as of August 12, 2003 , (the "Terms Agreement") between the Company and the Agents, in connection with the purchase from the Company by the Agents of the Notes. I have also acted as counsel for the Company with respect to the Registration Statement on Form S-3 (File No. 333-100527) and all amendments thereto (as so amended, the "Registration Statement").
I have also reviewed, as counsel for the Company, in connection with the preparation and filing with the Securities and Exchange Commission under Rule 424(b) of the Securities and Exchange Act of 1933 (the "1933 Act"): (i) the prospectus dated November 21, 2002, which is herein called the "Basic Prospectus," (ii) a prospectus supplement dated November 22, 2002 (the "Prospectus Supplement") relating to the Global Medium-Term Notes, Series A and (iii) the Pricing Supplement No. 3935 dated August 12, 2003 (the "Pricing Supplement") relating to the Notes.
The Basic Prospectus, as supplemented by the Prospectus Supplement and the Pricing Supplement, is herein called the "Prospectus", and references in this letter to the Registration Statement or the Prospectus as amended or supplemented and to amendments and supplements include all amendments and supplements relating to the Registration Statement, the Basic Prospectus, the Prospectus Supplement and the Pricing Supplement to the date hereof except for supplements relating only to securities other than the Notes.
I have also examined such other documents, certificates and instruments and have made such investigation as I have deemed appropriate in order to give the opinions expressed herein.
Based upon the foregoing, it is my opinion that:
Based upon my participation in the preparation of the Registration Statement, the Prospectus, the Prospectus Supplement and the Pricing Supplement and any amendments and supplements thereto (including documents incorporated by reference) and examination and discussion of the contents thereof, but without independent check or verification except with respect to the summary of the provisions of the Indenture and the Notes to which my opinion in paragraph 7 relates, I believe that (except for the financial statements and schedules and other financial and statistical material included therein or omitted therefrom, as to which I express no belief) the Registration Statement, at the time they became effective, did not contain an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading, and the Prospectus does not contain any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading.
My opinions in paragraphs 3, 4 and 5, insofar as they relate to enforceability, are subject to the effect of any applicable bankruptcy, insolvency, reorganization, moratorium or similar laws affecting creditors rights generally and to the effect of general equitable principles (regardless of whether the issue of enforceability is considered in a proceeding in equity or at law).
I am furnishing this opinion to you solely for your benefit in connection with the transaction herein contemplated, and this opinion is not to be used, circulated, quoted or otherwise referred to for any other purpose, or relied upon by, or delivered to, any other person, without my prior written approval in each instance. My opinion is limited to the laws of the State of New York, the General Corporation Law of the State of Delaware and the federal law of the United States.
Very truly yours,
Alan M. Green
General Electric Capital Corporation
Officers' Certificate
with respect to
Global Medium-Term Notes, Series A
Trade No. 3935
The undersigned officers of General Electric Capital Corporation (the "Company"), pursuant to authority delegated to them by resolutions of the Board of Directors of the Company adopted on March 20, 2003 (the "Resolutions") and for the purpose of establishing certain terms for Global Medium Term Notes, Series A, Trade No.: 3935 (the "Notes") to be issued pursuant to the provisions of the Third Amended and Restated Indenture dated as of February 27, 1997, between the Company and JPMorgan Chase Bank as successor trustee, as supplemented by the First Supplemental Indenture dated as of May 3, 1999, the Second Supplemental Indenture dated as of July 2, 2001 and the Third Supplemental Indenture dated as of November 22, 2002, hereby certify that, pursuant to the Resolutions, the terms of the Notes and of the sale thereof, as set forth on the Schedule annexed hereto, have been approved by the undersigned.
GENERAL ELECTRIC CAPITAL
CORPORATION
By:______________________________
Vice Chairman and Chief Financial Officer
By:______________________________________
Senior Vice President - Corporate Treasury
and Global Funding Operation
Dated: August 12, 2003
SCHEDULE
Agent: Lehman Brothers Inc.
Trade No. 3935
Method of Sale: Underwritten
Certain Terms of the Notes:
Principal Amount of Notes: US$ 800,000,000
DTC Registered: Yes X No _____
Maturity Date: August 15, 2007
Interest Rate: 3.50% per annum
Payment Frequency: Semi-Annually on each February 15 and August 15 of each year commencing, February 15, 2004.
First Interest Payment Date: February 15, 2004
Issue Price: 99.941% of the principal amount of the Notes
Commissions: 0.2750% of the principal amount of the Notes
Closing Date: August 19, 2003
g
GE CapitalLisa R. King
General Electric Capital CorporationParalegal 201 High Ridge Road
Treasury Operation Stamford, CT 06927-9400
203-961-5078, Dial Comm 8*228-5078
FAX 203-357-3490, Dial Comm 8*228-3490
Internet:.lisa.king@gecapital.com
August 12, 2003
To: Martin Goldberg
Lehman Brothers Inc.
From: Lisa King
Paralegal Treasury Operations
RE: GENERAL ELECTRIC CAPITAL CORPORATION
US$ 800,000,0003.50% Fixed Rate Notes Due August 19, 2007
Enclosed please find two original copies of the Terms Agreement for the above -mentioned transaction. Please sign the two copies, keep one original for your files and return the other to my attention as soon as possible.
In addition, please also find two originals of each of the following closing documents:
The comfort letter will be sent directly from KPMG by Laura Thom.
Please give me a call at (203) 961-5078 should you have any questions.
Enclosures