Baker Hughes Co 8-K

What Happened

• Baker Hughes Company (BHC) and its primary operating subsidiary Baker Hughes Holdings LLC (the Issuers) entered underwriting agreements on March 5, 2026 and issued the offerings by March 11, 2026 for multi‑currency senior notes. The Issuers sold €3.0 billion of euro‑denominated notes and $6.5 billion of U.S. dollar‑denominated notes across multiple maturities and coupon rates. The notes are fully and unconditionally guaranteed by BHC and were issued under the Issuers’ shelf registration.
• The net proceeds, together with cash on hand and possible borrowings under an existing term loan, are intended to fund part of the cash portion of Baker Hughes’ pending acquisition of Chart Industries, pay related transaction fees and expenses, and to repay Chart’s outstanding indebtedness.

Key Details

• EUR Notes (issued under an underwriting agreement dated March 5, 2026): €600M 3.226% due 2030; €900M 3.812% due 2034; €750M 4.193% due 2038; €750M 4.737% due 2046 (total €3.0B).
• USD Notes (issued under an underwriting agreement dated March 5, 2026): $500M 4.050% due 2029; $1.25B 4.350% due 2031; $750M 4.650% due 2033; $2.0B 5.000% due 2036; $2.0B 5.850% due 2056 (total $6.5B).
• Notes issued under the Base Indenture with supplemental indentures (Eighth and Ninth) dated March 11, 2026; BHC guarantees the debt.
• Underwriters include major global banks (Goldman Sachs, Morgan Stanley, Citi, Deutsche Bank, J.P. Morgan). Some underwriters/affiliates are also lenders/agents on Baker Hughes’ prior term loan and bridge commitments and will receive related compensation.

Why It Matters

• This raises substantial long‑term debt—€3.0B and $6.5B—that will affect Baker Hughes’ capital structure and future interest expense. The financing is explicitly tied to closing the Chart Industries acquisition and to refinancing Chart’s existing debt.
• For investors, the deal signals the company’s plan to use debt financing (in addition to cash on hand and a term loan) to fund a major acquisition; watch for changes in leverage and credit metrics when Baker Hughes reports subsequent filings and financial updates. Press releases announcing pricing (March 5) and closing (March 11) were filed with the 8‑K.