GE reopens parts of prior debt offerings to raise $3 billion

General Electric Co (GE.N) 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.

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.

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