Published on 4/28/2020 in the Prospect News Investment Grade Daily.
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
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.