Baker Hughes Raises $9.5 Billion in Dual-Currency Debt Offerings to Fund Chart Industries Acquisition

Event summary

  • Baker Hughes raised $6.5 billion and €3 billion in senior unsecured notes across nine tranches, due between 2029 and 2056.
  • Proceeds will fund part of the cash consideration for the acquisition of Chart Industries, Inc.
  • The notes are issued by Baker Hughes’ subsidiaries and guaranteed by Baker Hughes.
  • The offerings are expected to close on March 11, 2026, subject to customary closing conditions.
  • Goldman Sachs and Morgan Stanley acted as joint global coordinators and joint book-running managers for both offerings.

The big picture

Baker Hughes' $9.5 billion debt offering underscores its aggressive strategy to expand through acquisitions, particularly in the energy technology sector. The move comes amid a wave of consolidation in the industry, as companies seek to bolster their capabilities in response to evolving energy demands and regulatory pressures. The scale of the offering highlights Baker Hughes' commitment to the Chart Industries deal, which is poised to reshape its portfolio and market positioning.

What we're watching

Acquisition Completion
Whether Baker Hughes can successfully close the Chart Industries acquisition and the impact of the mandatory redemption clause on the notes if the deal falls through.
Debt Management
How Baker Hughes will manage the increased debt load and its potential effects on the company's financial flexibility and credit rating.
Market Reactions
The market's response to the debt offering and the acquisition, particularly in terms of Baker Hughes' stock performance and investor sentiment.