Simpson Thacher Represents Citibank in GE Healthcare's Planned Spin-off from General Electric Company
11.15.22
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The Firm recently represented Citibank, N.A., as administrative agent and lender in connection with GE Healthcare Holding LLC's ("GEHC") new (i) $2.5 billion five-year revolving credit facility; (ii) $1.0 billion 364-day revolving facility; and (iii) $2.0 billion three-year term loan credit facility in connection with its planned spin-off from General Electric Company ("GE") (NYSE: GE). GEHC will convert into a corporation and be renamed GE HealthCare Technologies Inc. prior to the completion of the spin-off. Following the spin-off, GEHC will become an independent, publicly traded company.
GE is the world’s Digital Industrial Company, transforming industry with software-defined machines and solutions that are connected, responsive and predictive. GE is organized around a global exchange of knowledge, the “GE Store,” through which each business shares and accesses the same technology, markets, structure and intellect.
The Simpson Thacher team included Mike Vernace, Anita Wu and Chandler Mores (Credit); and Sophie Staples and Michael Mann (Tax).