GE eyes $80 billion in gross debt reduction by end of 2021

GE eyes $80 billion in gross debt reduction by end of 2021

General Electric Co.
GE,
-4.29%

said Friday it expects to achieve $80 billion in gross debt reduction between the end of 2018 and the end of 2021, up from its $75 billion projection made on Nov. 10. The company said it’s on track to achieve deleveraging targets and deliver high-single-digit free cash flow margins in 2023. About $33.3 billion in aggregate principal was tendered at or prior to an early participation date. GE accepted for purchase about $25 billion in aggregate principal.

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