Baker Hughes Co. is planning to raise about $10 billion from a cross-border bond sale to help fund its acquisition of Chart Industries Inc., according to people with knowledge of the matter. Baker Hughes agreed to buy industrial-equipment maker Chart Industries for about $9.6 billion in July, expanding its reach into liquefied natural gas (LNG), data centers, and other technologies. Proceeds from the bond sale would replace a 364-day loan facility of as much as $14.9 billion inked last year to help finance the acquisition.
The oilfield-services firm has mandated banks led by Goldman Sachs Group Inc. and Morgan Stanley to arrange calls with investors today, one of the people said. An offering of euro- and- dollar- denominated bonds may follow, the person added.
The planned debt sale would be among the largest to test demand for high-grade bonds since issuance ground to a halt earlier this week following the U.S.–Israeli attack on Iran. Today, as credit markets show further signs of stabilizing, a handful of borrowers are resuming debt offerings. Eaton Corp Plc, for example, is looking to raise about $8 billion from a deal that's also tied to acquisition financing.
The Baker Hughes bond may be sold as soon as this week, but the timing could change, the people added. A representative for Baker Hughes didn't respond to a request for comment, while those for Goldman Sachs and Morgan Stanley declined to comment.
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