Reoffer: 4yr: MS+70bp / 100 / 3.226% 8yr: MS+105bp / 100 / 3.812% 12yr: MS+125bp / 100 / 4.193% 20yr: MS+165bp / 100 / 4.737%
Benchmark: 4yr: OBL 2.5% 10-29 @ 100.420 / B+85.1bp / HR 108% 8yr: DBR 2.2 02-34 @ 96.320 / B+109.1bp / HR 98% 12yr: DBR 4 01-37 @ 109.960 / B+128bp / HR 95% 20yr: DBR 2.5% 07-44 @ 89.130 / B+143.8bp / HR 101%
TOE: 4yr: 16:12 UKT / 17:12 CET 8yr: 16:10 UKT / 17:10 CET 12yr: 16:08 UKT / 17:08 CET 20yr: 16:06 UKT / 17:06 CET
FTT: 07:45 UKT (06-Mar-26)
Launched: 4yr: €600m @ MS+70bp 8yr: €900m @ MS+105bp 12yr: €750m @ MS+125bp 20yr: €750m @ MS+165bp
Guidance: 4yr: MS+75bp (+/-5bp) 8yr: MS+110bp (+/-5bp) 12yr: MS+130bp (+/-5bp) 20yr: MS+170bp (+/-5bp)
IPTs: 4yr: MS+105a 8yr: MS+140a 12yr: MS+160/165bp 20yr: MS+200/205bp
Issuer: Baker Hughes Holdings LLC / Baker Hughes Co-Obligor, Inc.
Guarantor: Baker Hughes Company
Issuer LEI: 549300XU3XH6F05YEQ93
Bond Ticker: BHI
Issuer Ratings: A3 Stable (Moody's) / A NW (S&P)
Expected Issue Ratings: A3 (Moody's) / A (S&P)
Format/Docs: SEC Registered / Senior Unsecured / Nasdaq Bond Exchange / New York Law
Total Size: €3bn
Size:
4yr: €600m
8yr: €900m
12yr: €750m
20yr: €750m
Maturity Date:
4yr: 11-Mar-30
8yr: 11-Mar-34
12yr: 11-Mar-38
20yr: 11-Mar-46
Reoffer:
4yr: 100 / MS+70bp / 3.226%
8yr: 100 / MS+105bp / 3.812%
12yr: 100 / MS+125bp / 4.193%
20yr: 100 / MS+165bp / 4.737%
Benchmark:
4yr: 85.1bp vs OBL 2.5% 10-29 @ 100.420 / HR 108%
8yr: 109.1bp vs DBR 2.2 02-34 @ 96.320 / HR 98%
12yr: 128bp vs DBR 4 01-37 @ 109.960 / HR 95%
20yr: 143.8bp vs DBR 2.5% 07-44 @ 89.130 / HR 101%
Coupon:
4yr: 3.226% Fixed; Annual; ACT/ACT (ICMA)
8yr: 3.812% Fixed; Annual; ACT/ACT (ICMA)
12yr: 4.193% Fixed; Annual; ACT/ACT (ICMA)
20yr: 4.737% Fixed; Annual; ACT/ACT (ICMA)
ISIN:
4yr: XS3303589983
8yr: XS3303590056
12yr: XS3303590130
20yr: XS3303590213
Common Code:
4yr: 330358998
8yr: 330359005
12yr: 330359013
20yr: 330359021
CUSIP:
4yr: 05724BAE9
8yr: 05724BAF6
12yr: 05724BAG4
20yr: 05724BAH2
Optional Redemption:
4yr: 1 month par call / MWC (B+15bp) / Tax Call
8yr: 2 month par call / MWC (B+20bp) / Tax Call
12yr: 3 month par call / MWC (B+20bp) / Tax Call
20yr: 6 month par call / MWC (B+25bp) / Tax Call
TOE:
4yr: 16:12 UKT / 17:12 CET
8yr: 16:10 UKT / 17:10 CET
12yr: 16:08 UKT / 17:08 CET
20yr: 16:06 UKT / 17:06 CET
B&D and Docs: Morgan Stanley
Special Mandatory Redemption: The notes are subject to mandatory redemption equal to 101% of the aggregate principal amount of the notes plus accrued and unpaid interest, if any, to, but excluding, the Special Mandatory Redemption Date if • the Chart Merger is not consummated on or before the later of (x) 28-Jul-26 and (y) five business days after the Outside Date (as defined in the Merger Agreement); • the Merger Agreement is terminated prior to the Outside Date; or • Baker Hughes notifies the Trustee that it will not pursue consummation of the Chart Merger (any such event, a "Special Mandatory Redemption Event")
Denominations: €100,000 x €1,000
Settlement: 11-Mar-26 (T+4)
Use of Proceeds: The Issuer intends to use the net proceeds of this offering to fund part of the cash portion of the merger consideration for the Chart Merger, to pay related transaction fees and expenses and to repay Chart's outstanding indebtedness. Pending such uses, the net proceeds from this offering shall be invested in marketable securities.
Clearing: Clearstream, Euroclear
Joint Global Coordinators and Joint Book-Running Managers: Goldman Sachs & Co. LLC, Morgan Stanley
Joint Book-Running Managers: Citigroup, Deutsche Bank, Goldman Sachs & Co. LLC, J.P. Morgan, Morgan Stanley
Selling Restrictions: As per the Issuer's Preliminary Prospectus Supplement dated 04-Mar-26
Guarantor(s)
Baker Hughes Co
Use of Proceeds
The Issuer intends to use the net proceeds of this offering to fund part of the cash portion of the merger consideration for the Chart Merger, to pay related transaction fees and expenses and to repay Chart’s outstanding indebtedness. Pending such uses, the net proceeds from this offering shall be invested in marketable securities.