GE CEO Culp says completion of GECAS, AerCap deal is a 'debt story today'

Shares of General Electric Co. GE, -0.37% gained 0.4% successful premarket trading Monday, aft the concern conglomerate said that the woody to harvester its GE Capital Aviation Services concern with AerCap Holdings N.V. AER, -3.01% has been completed. GE said it received a full of much than $30 cardinal successful proceeds aft the woody closed, including $23 cardinal successful nett currency and 111.5 cardinal shares, oregon 46% ownership of the combined company, which has a marketplace worth of astir $6.6 billion. "This is simply a indebtedness communicative today," said GE Chief Executive Larry Culp. "The currency proceeds enactment america successful a presumption to person reduced our indebtedness by astir $75 cardinal since the extremity of 2018, and we summation a meaningful involvement successful AerCap that we volition monetize arsenic the aviation manufacture recovers." GE's banal has rallied 21.4% twelvemonth to day done Friday, portion the S&P 500 SPX, +0.19% has climbed 22.6%.