New Issue: Baker Hughes sells $500 million 4.486% 10-year notes at 387.5 bps over Treasuries

By Cristal Cody

Tupelo, Miss., April 28 – Baker Hughes Holdings LLC and co-issuer Baker Hughes Co-Obligor, Inc. priced $500 million of 4.486% 10-year senior notes (A3/A-) on Tuesday at par to yield a spread of Treasuries plus 387.5 basis points, according to a market source and an FWP filing with the Securities and Exchange Commission.

Initial price talk was in the Treasuries plus 450 bps area.

J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, BofA Securities, Inc., Citigroup Global Markets Inc., HSBC Securities (USA) Inc., Barclays, Deutsche Bank Securities Inc. and UniCredit Capital Markets LLC were the bookrunners.

Proceeds will be used for general corporate purposes, including to repay debt.

Baker Hughes is an oilfield services company based in Houston.

Issuers:	Baker Hughes Holdings LLC/Baker Hughes Co-Obligor, Inc.
Amount:	$500 million
Description:	Senior notes
Maturity:	May 1, 2030
Bookrunners:	J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, BofA Securities, Inc., Citigroup Global Markets Inc., HSBC Securities (USA) Inc., Barclays, Deutsche Bank Securities Inc. and UniCredit Capital Markets LLC
Co-managers:	BNP Paribas Securities Corp., SG Americas Securities, LLC and Standard Chartered Bank
Coupon:	4.486%
Price:	Par
Yield:	4.486%
Spread:	Treasuries plus 387.5 bps
Call features:	Make-whole call before Feb. 1, 2030 at Treasuries plus 50 bps; thereafter at par
Trade date:	April 28
Settlement date:	May 1
Ratings:	Moody’s: A3
	S&P: A-
Distribution:	SEC registered
Price guidance:	Treasuries plus 450 bps area

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