General Electric Co. is increasing the size of a previously announced tender offer as the company continues to clean up its debt-laden balance sheet.

GE is now looking to buy back $7 billion of bonds, up from as much as $4.865 billion when the transaction was announced last month, according to a statement Tuesday. The increase targets three sets of GE Capital notes and four at the parent level.

The move advances CEO Larry Culp's push to slash GE's bloated debt load, one of his top priorities since taking the helm of the industrial giant in 2018. When completed, GE will have eliminated some $50 billion in gross debt since then. Interest and other financial charges cost the company $3.27 billion last year.

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