Baker Hughes issues €3B senior notes in euros and USD tranche on March 5…
Baker Hughes issued €3 billion in senior notes on March 5, 2026, consisting of four euro-denominated tranches: €600 million of 3.226% notes due 2030, €900 million of 3.812% notes due 2034, €750 million of 4.193% notes due 2038, and €750 million of 4.737% notes due 2046. The notes were issued by Baker Hughes Holdings LLC and Baker Hughes Co-Obligor, Inc. through underwriting agreements with Goldman Sachs, Morgan Stanley, and other underwriters.
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Our Take
→Baker Hughes taps the European debt market with €3B across four tranches extending to 2046 — a rarity for U.S. oilfield services companies whose capital needs typically skew shorter-term and dollar-denominated. The dual-currency structure (EUR notes plus a USD tranche) suggests hedging future international capital expenditures while locking in sub-5% rates across 20-year paper — aggressive duration for a cyclical energy infrastructure play.
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