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GE Announces Filing Of Registration Statement For IPO Of Its North American Retail Finance Business

GE [NYSE: GE] announced today that it has filed a registration statement with the Securities and Exchange Commission for the initial public offering (IPO) of its North American Retail Finance business. As previously announced, the IPO is the first step in a planned staged exit from that business. GE currently expects to complete the IPO later in 2014. After completion of the IPO, GE Capital Retail Finance will operate under its new name, “Synchrony Financial,” and the registration statement has been filed under that name.

GE currently is targeting to complete its exit from the Retail Finance business through a split-off transaction in 2015. GE may also decide to exit by selling or otherwise distributing or disposing of all or a portion of its remaining interest in the business. The completion of the IPO and GE’s exit from the business are subject to market conditions and receipt of regulatory and tax reviews and approvals, which could delay the IPO or GE's exit from the business.

The joint book-running managers for the IPO are Goldman, Sachs & Co., J.P. Morgan, Citigroup, Morgan Stanley, Barclays, BofA Merrill Lynch, Credit Suisse and Deutsche Bank Securities. The offering will be made only by means of a prospectus. When available, copies of the preliminary prospectus and final prospectus relating to the offering may be obtained from:

  • Goldman, Sachs & Co., 200 West Street, New York, NY 10282, facsimile: 212-902-9316, Attention: Prospectus Department, or by calling 866-471-2526 or emailing prospectus-ny@ny.email.gs.com;
  • J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, Attention: Prospectus Department, or by calling 866-803-9204;
  • Citigroup Global Markets Inc., c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, or by calling 800-831-9146; or
  • Morgan Stanley & Co. LLC, 180 Varick Street, 2nd Floor, New York, NY 10014, Attention: Morgan Stanley Prospectus Department, or by calling 866-718-1649 or emailing prospectus@morganstanley.com.

A registration statement relating to Synchrony Financial’s common stock has been filed with the Securities and Exchange Commission but has not yet become effective. These securities may not be sold, nor may offers to buy be accepted, prior to the time the registration statement becomes effective. We intend to file amendments to the registration statement with the SEC as the process proceeds.

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