GE Aims to Slash Debt by 35% by 2023
General Electric's (NYSE: GE) $30 billion deal to sell its GECAS aircraft financing arm to AerCap Holdings (NYSE: AER) is a key milestone in the industrial conglomerate's effort to get its balance sheet under control, the company's chief financial officer said on Wednesday, giving GE "multiple paths" to bring down its debt.
Speaking at a Bank of America conference, GE chief financial officer Carolina Dybeck Happe said the company expects to have gross debt of about $70 billion once the GECAS deal closes, down from $104 billion at year's end. The company wants to bring that $70 billion figure down by about 35% to $45 billion by 2023, largely by cutting its roughly $43 billion in borrowings nearly in half.
Image source: General Electric Aviation.
Source Fool.com
