By Andrea Heisinger
New York, Aug. 10 - Oilfield services company Baker Hughes Inc. priced an upsized $750 million of 3.2% 10-year senior notes on Wednesday at a spread of Treasuries plus 108 basis points, an informed source said.
The deal size was increased from $500 million at the launch, the source said.
The notes (A2/A/) were sold at 99.796 to yield 3.224%. There is a make-whole call at Treasuries plus 15 bps.
The securities were priced under Rule 144A and Regulation S.
Bank of America Merrill Lynch and J.P. Morgan Securities LLC were the bookrunners.
Proceeds are being used to redeem outstanding 6.5% notes due 2013 of which $500 million is outstanding. Any remainder will be used for general corporate purposes.
The issuer is based in Houston.
| Issuer: | Baker Hughes Inc.
|
| Issue: | Senior notes
|
| Amount: | $750 million, increased from $500 million
|
| Maturity: | Aug. 15, 2021
|
| Bookrunners: | Bank of America Merrill Lynch, J.P. Morgan Securities LLC
|
| Coupon: | 3.2%
|
| Price: | 99.796
|
| Yield: | 3.224%
|
| Spread: | Treasuries plus 108 bps
|
| Call: | Make-whole at Treasuries plus 15 bps
|
| Distribution: | Rule 144A and Regulation S
|
| Trade date: | Aug. 10
|
| Settlement date: | Aug. 15
|
| Ratings: | Moody's: A2
|
| Standard & Poor's: A
|
© 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.
