Baker Hughes Company just issued more than $9 billion in debt to finance its acquisition of Chart Industries Inc.
The acquisition was announced last summer in which Baker Hughes agreed to acquire all of the outstanding chares of chart’s common stock in an deal valued at $13.6 billion. Chart is a global leader in the design, engineering and manufacturing of process technologies and equipment for gas and liquid molecule handling across a broad range of industrial and energy end markets. It operates 65 manufacturing locations with over 50 service centers globally.
Baker Hughes used five tranches of $6.5 billion in senior unsecured notes as well as four tranches of $3 billion in Euros to help finance the purchase.
- $500 million 4.050% Senior Notes due 2029
- $1.25 billion 4.350% Senior Notes due 2031
- $750 million 4.650% Senior Notes due 2033
- $2 billion 5.000% Senior Notes due 2036
- $2 billion 5.850% Senior Notes due 2056
- €600 million 3.226% Senior Notes due 2030
- €900 million 3.812% Senior Notes due 2034
- €750 million 4.193% Senior Notes due 2038
- €750 million 4.737% Senior Notes due 2046
When the acquisition was announced in July 2025, Baker Hughes Chairman and CEO Lorenzo Simonelli issued a statement, “This acquisition is a milestone for Baker Hughes and a testament to our strong financial execution and strategic focus as we continue to define our position as a leading energy and industrial technology company. We know Chart well, having worked alongside them on many critical energy infrastructure projects.”
The notes were issued by Baker Hughes’ wholly owned subsidiary, Baker Hughes Holdings LLC and by BHH LLC’s wholly owned subsidiary Baker Hughes Holdings Co-Obligor, Inc., and are fully and unconditionally guaranteed on a senior unsecured basis by Baker Hughes.
The notes are subject to a special mandatory redemption (at a price equal to 101% of the aggregate principal amount of such series of notes) under certain circumstances if the Chart acquisition is not consummated.
Goldman Sachs & Co. LLC and Morgan Stanley & Co. LLC acted as joint global coordinators and joint book-running managers for the U.S. dollar offering, and Goldman Sachs & Co. LLC and Morgan Stanley & Co. International plc acted as joint global coordinators and joint book-running managers for the euro offering.
Citigroup Global Markets Inc., Deutsche Bank Securities Inc. and J.P. Morgan Securities LLC acted as joint book-running managers for the U.S. dollar offering, and Citigroup Global Markets Limited, Deutsche Bank AG, London Branch and J.P. Morgan Securities plc acted as joint book-running managers for the euro offering.