GE seeks to raise $3 billion

One-time industrial behemoth looks to boost its cash reserves amid the coronavirus crisis

General Electric Co 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.

GE BETTING ON OFFSHORE WIND POWER

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GE GENERAL ELECTRIC CO. 13.38 -0.15 -1.11%

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.

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

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