GE Global Looks To De-List Notes From NYSE
NU Online News Service, March 19, 4:03 p.m. EST?GE Global Insurance Holding Corp. said it has submitted filings to the Securities and Exchange Commission to cease its reporting obligations as a separate entity and de-list its 7 percent notes from the New York Stock Exchange.[@@]
If the application for de-listing is approved, the insurer, based in Overland Park, Kan., said that debt holders and the investing public would receive information on GE Global through the reporting of GE Capital Services, its parent company. GE Capital Services is a wholly-owned subsidiary of the General Electric Company.
GE Global said it is taking the action to simplify and streamline its reporting. It added that the current number of GE Global's debt holders of record falls below the minimum SEC thresholds required for ongoing reporting.
John Novaria, a company spokesman, said the threshold is 300 and the number does not exceed 100 for any groups in the notes purchased.
According to the company's 10K filing, total value of the 239 notes comes to under $1.7 billion.
GE Global Insurance Holding Corporation is the holding corporation for GE's Employers Reinsurance Corporation.
Mr. Novaria said the company hopes the de-listing application will be completed some time this spring.
More information on ERC is available at www.ercgroup.com.
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
