Baker Hughes Successfully Prices $6.5 Billion and €3 Billion Offerings of Senior Notes

Rhea-AI Summary

Baker Hughes (NASDAQ: BKR) priced a combined $6.5 billion and €3 billion offering of senior unsecured notes across nine tranches to be issued by Baker Hughes Holdings LLC and its co-obligor, fully guaranteed by Baker Hughes. The proceeds are intended to fund part of the cash consideration for the proposed acquisition of Chart Industries.

The offerings are expected to close on March 11, 2026 and include U.S. and euro tranches with maturities from 2029 to 2056 and 2030 to 2046 respectively.

Positive

• Proceeds of $6.5B and €3B to fund Chart acquisition cash consideration
• Nine-tranche structure spans short- to long-term maturities (2029–2056 / 2030–2046)
• Notes fully guaranteed by Baker Hughes, supporting credit profile for investors
• Special mandatory redemption at 101% protects investors if acquisition fails

Negative

• Transaction ties funding to proposed Chart acquisition, creating conditionality until closing
• Special mandatory redemption may increase near-term cash obligations if acquisition is not completed

News Market Reaction – BKR

-0.63%

1 alert

-0.63% News Effect

On the day this news was published, BKR declined 0.63%, reflecting a mild negative market reaction.

Data tracked by StockTitan Argus on the day of publication.

Key Figures

USD notes size: $6.5 billion EUR notes size: €3 billion 2029 notes coupon: 4.050% +5 more

8 metrics

USD notes size $6.5 billion Total U.S. dollar senior notes offering

EUR notes size €3 billion Total euro senior notes offering

2029 notes coupon 4.050% $500 million Senior Notes due 2029

2031 notes coupon 4.350% $1.25 billion Senior Notes due 2031

2036 notes coupon 5.000% $2 billion Senior Notes due 2036

2056 notes coupon 5.850% $2 billion Senior Notes due 2056

2030 EUR notes coupon 3.226% €600 million Senior Notes due 2030

Special redemption price 101% Mandatory redemption of notes if Chart acquisition not completed

Market Reality Check

Price: $55.90 Vol: Volume 6,404,727 is below...

normal vol

$55.90 Last Close

Volume Volume 6,404,727 is below 20-day average 8,960,686 (relative volume 0.71x). normal

Technical Price 60.19 is trading above 200-day MA at 47.05, indicating a pre-existing uptrend.

Peers on Argus

BKR fell 1.13% while key peers SLB, FTI, HAL, TS and NOV also declined between a...

BKR fell 1.13% while key peers SLB, FTI, HAL, TS and NOV also declined between about -0.67% and -2.87%, suggesting broader sector softness even though the momentum scanner did not flag a coordinated move.

Historical Context

5 past events · Latest: Feb 24 (Positive)

Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Feb 24	AI power order	Positive	+1.6%	Large generator and power commitment supporting AI data center growth.
Feb 11	Data center turbines	Positive	+3.5%	Gas turbine order to support up to 250 MW of data center power.
Feb 05	Dividend declaration	Positive	+2.7%	Quarterly cash dividend of $0.23 per share to shareholders.
Feb 05	Chemicals agreement	Positive	-3.1%	Multiyear preferred provider deal with Marathon Petroleum refineries.
Jan 28	Clean ammonia project	Positive	+0.2%	Multiple orders supporting low‑carbon ammonia and CO₂ sequestration project.

Pattern Detected

Positive commercial wins have often seen supportive price reactions, with one notable divergence.

Recent Company History

Over recent months, Baker Hughes has announced several commercial wins and shareholder returns. Orders tied to AI and data center power, including a 1.21 GW generator commitment and up to 250 MW of U.S. data center capacity, saw positive price reactions after Feb 11 and Feb 24 news. A quarterly dividend of $0.23 per share on Feb 5 also coincided with a gain. One multiyear chemicals agreement on Feb 5 drew a negative move, while low‑carbon ammonia project awards on Jan 28 had a modest positive impact. Today’s debt financing ties into this broader expansion strategy.

Market Pulse Summary

This announcement details sizeable U.S. dollar and euro senior unsecured note offerings totaling $6....

Analysis

This announcement details sizeable U.S. dollar and euro senior unsecured note offerings totaling $6.5 billion and €3 billion to fund part of the proposed Chart Industries acquisition. The tranches span maturities from 2029 to 2056 with fixed coupons and include a special mandatory redemption at 101% of principal if the acquisition is not completed. Investors may track closing of the offerings, progress on the Chart transaction, and any updates in subsequent SEC filings and prospectus supplements.

Key Terms

senior unsecured notes, special mandatory redemption, shelf registration statement, prospectus supplement, +2 more

6 terms

senior unsecured notes financial

"debt offering consisting of five tranches of senior unsecured notes and a €3 billion"

Senior unsecured notes are a type of loan a company borrows from investors, promising to pay back with interest. They are called "unsecured" because they aren’t backed by specific assets like buildings or equipment, but "senior" because they are paid back before other debts if the company gets into trouble. Investors see them as a relatively safer way for companies to raise money.

special mandatory redemption financial

"The notes will be subject to a special mandatory redemption (at a price equal to 101%"

A special mandatory redemption is a contractual obligation that forces a company to repay certain debt or preferred shares early when a specific trigger event occurs (for example, a change in tax law, regulatory change, or sale). For investors it matters because it ends the expected income stream and returns principal at a pre-set price, potentially altering returns, tax outcomes and a company’s cash needs — like a lender calling a loan back when rules change.

shelf registration statement regulatory

"pursuant to an effective shelf registration statement and prospectus and related"

A shelf registration statement is a document a company files with regulators that allows it to sell shares or bonds quickly when it’s a good time to raise money. It’s like having a pre-approved plan ready so the company can act fast without going through lengthy paperwork each time they want to sell, making fundraising more flexible.

prospectus supplement regulatory

"Copies of the prospectus supplement and related prospectus for the U.S. dollar offering"

A prospectus supplement is an additional document provided alongside a company's main offering details, offering updated or extra information about a specific financial product being sold. It helps investors understand the latest terms, risks, and details of the investment, similar to how an update or revision clarifies or expands on original instructions, ensuring they have current and complete information before making a decision.

book-running managers financial

"are acting as joint global coordinators and joint book-running managers for the U.S."

Book-running managers are the main banks or financial firms that organize and oversee a company's sale of new stocks or bonds. They help set the price, decide how many to sell, and coordinate the process to make sure everything runs smoothly. Their role is important because they guide the company through the complex process of raising money from investors.

U.S. Securities and Exchange Commission regulatory

"preliminary prospectus supplements filed by the Issuers with the U.S. Securities and Exchange Commission"

The U.S. Securities and Exchange Commission is a government agency responsible for overseeing the stock market and protecting investors. It sets rules to ensure that companies share truthful information and that trading is fair, helping to maintain trust in the financial system. This oversight is important because it helps prevent fraud and ensures that investors can make informed decisions.

AI-generated analysis. Not financial advice.

HOUSTON and LONDON, March 05, 2026 (GLOBE NEWSWIRE) -- Baker Hughes Company (NASDAQ: BKR) (“Baker Hughes” or the “Company”) today successfully priced a $6.5 billion debt offering consisting of five tranches of senior unsecured notes and a €3 billion debt offering consisting of four tranches of senior unsecured notes (collectively, the “notes”):

• $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
  
  

The notes will be issued by Baker Hughes’ wholly owned subsidiary, Baker Hughes Holdings LLC (“BHH LLC”) and by BHH LLC’s wholly owned subsidiary Baker Hughes Holdings Co-Obligor, Inc. (“Co-Obligor” and, together with BHH LLC, the “Issuers”), and will be fully and unconditionally guaranteed on a senior unsecured basis by Baker Hughes.

Baker Hughes intends to use the net proceeds of the offerings to fund a portion of the cash consideration for Baker Hughes’ proposed acquisition of all outstanding shares of common stock of Chart Industries, Inc. (the “Chart acquisition”). The notes will be 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.

The notes offerings are expected to close on March 11, 2026, subject to satisfaction of customary closing conditions.

Goldman Sachs & Co. LLC and Morgan Stanley & Co. LLC are acting 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 are acting 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 are acting 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 are acting as joint book-running managers for the euro offering.

BofA Securities, Inc., Barclays Capital Inc., HSBC Securities (USA) Inc., MUFG Securities Americas Inc. and UniCredit Capital Markets LLC are acting as passive book-running managers for the U.S. dollar offering. BNP Paribas Securities Corp., SG Americas Securities, LLC and Standard Chartered Bank are acting as senior co-managers for the U.S. dollar offering. Intesa Sanpaolo IMI Securities Corp., RBC Capital Markets, LLC, BBVA Securities Inc., Academy Securities, Inc., Siebert Williams Shank & Co., LLC, The Standard Bank of South Africa Limited and Loop Capital Markets LLC are acting as co-managers for the U.S. dollar offering.

Merrill Lynch International, Barclays Bank PLC, HSBC Bank plc, MUFG Securities EMEA plc and UniCredit Bank GmbH are acting as passive book-running managers for the euro offering. BNP PARIBAS, Société Générale and Standard Chartered Bank are acting as senior co-managers for the euro offering. Intesa Sanpaolo IMI Securities Corp., RBC Europe Limited, Banco Bilbao Vizcaya Argentaria, S.A., Academy Securities, Inc., Siebert Williams Shank & Co., LLC, The Standard Bank of South Africa Limited and Loop Capital Markets LLC are acting as co-managers for the euro offering.

The notes offerings are being made pursuant to an effective shelf registration statement and prospectus and related preliminary prospectus supplements filed by the Issuers with the U.S. Securities and Exchange Commission (the “SEC”). Before investing, potential investors should read the prospectus and the related preliminary prospectus supplements, the shelf registration statement and other documents that Baker Hughes has filed with the SEC for more complete information about Baker Hughes and these offerings.

Copies of the prospectus supplement and related prospectus for the U.S. dollar offering can be obtained from Goldman Sachs & Co. LLC at 1-866-471-2526, Morgan Stanley & Co. LLC at 1-866-718-1649, Citigroup Global Markets Inc. at 1-800-831-9146, Deutsche Bank Securities Inc. at 1-800-503-4611 or J.P. Morgan Securities LLC at 1-212-834-4533.

Copies of the prospectus supplement and related prospectus for the euro offering can be obtained from Goldman Sachs & Co. LLC at 1-866-471-2526, Morgan Stanley & Co. International plc at 1-866-718-1649, Citigroup Global Markets Limited at 1-800-831-9146, Deutsche Bank AG, London Branch at 1-800-503-4611 or J.P. Morgan Securities plc (for non-U.S. investors) at 44 207 134 2468 or J.P. Morgan Securities LLC (for U.S. investors) at 1-212-834-4533.

This news release does not constitute an offer to sell or the solicitation of an offer to buy any securities, including the notes. There shall not be any sale of the securities described herein in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or other jurisdiction.

Forward-Looking Statements

This news release (and oral statements made regarding the subjects of this release) may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, (each a "forward-looking statement"). Forward-looking statements concern future circumstances and results and other statements that are not historical facts and are sometimes identified by the words "may," "will," "should," "potential," "intend," "expect," "would," "seek," "anticipate," "estimate," "overestimate," "underestimate," "believe," "could," "project," "predict," "continue," "target," "goal" or other similar words or expressions. There are many risks and uncertainties that could cause actual results to differ materially from our forward-looking statements. These forward-looking statements are also affected by the risk factors described in the Baker Hughes’ annual report on Form 10-K and those set forth from time to time in other filings with the SEC. The documents are available through the SEC's Electronic Data Gathering and Analysis Retrieval system at: www.sec.gov. The Company undertakes no obligation to publicly update or revise any forward-looking statement, except as required by law. Readers are cautioned not to place undue reliance on any of these forward-looking statements.

The Company’s expectations regarding its business outlook and business plans; the business plans of its customers; oil and natural gas market conditions; cost and availability of resources; economic, legal and regulatory conditions, and other matters are only our forecasts regarding these matters.

About Baker Hughes:

Baker Hughes (Nasdaq: BKR) is an energy technology company that provides solutions to energy and industrial customers worldwide. Built on a century of experience and conducting business in over 120 countries, our innovative technologies and services are taking energy forward – making it safer, cleaner and more efficient for people and the planet. Visit us at bakerhughes.com.

For more information, please contact:

Investor Relations

Chase Mulvehill
+1 346-297-2561
investor.relations@bakerhughes.com

Media Relations

Adrienne M. Lynch
+1 713-906-8407
adrienne.lynch@bakerhughes.com

FAQ

What senior notes did Baker Hughes (BKR) price on March 5, 2026?

Baker Hughes priced $6.5 billion and €3 billion of senior unsecured notes across nine tranches. According to Baker Hughes, the U.S. dollar tranches range from 2029 to 2056 and the euro tranches range from 2030 to 2046.

How will Baker Hughes (BKR) use proceeds from the $6.5B and €3B offerings?

The company intends to use net proceeds to fund part of the cash consideration for the proposed Chart acquisition. According to Baker Hughes, proceeds are earmarked specifically for a portion of the acquisition's cash payment.

When are the Baker Hughes (BKR) note offerings expected to close and what conditions apply?

The offerings are expected to close on March 11, 2026, subject to customary closing conditions. According to Baker Hughes, closing remains conditional on standard deal and regulatory closing steps.

What investor protections are included if the Chart acquisition is not completed for Baker Hughes (BKR)?

The notes are subject to a special mandatory redemption at 101% of principal under certain circumstances if the acquisition fails. According to Baker Hughes, this redemption feature applies to affected series of notes.

Who are the lead managers for Baker Hughes' (BKR) U.S. dollar and euro offerings?

Goldman Sachs and Morgan Stanley acted as joint global coordinators and joint book-running managers for both the U.S. dollar and euro offerings. According to Baker Hughes, multiple banks also served as book-runners, co-managers, and passive managers.