Energy services company Baker Hughes is moving forward with plans to issue roughly $10 billion in bonds across international markets to support its major acquisition of Chart Industries, according to a Wednesday report from Bloomberg News citing informed sources.
The oilfield services giant announced last year its intention to purchase Chart Industries through a $13.6 billion cash transaction. This acquisition would expand Baker Hughes’ reach into industrial technology that serves the liquefied natural gas sector and data center operations.
According to Bloomberg’s reporting, Baker Hughes has selected Goldman Sachs Group and Morgan Stanley to lead a team of banks in organizing investor meetings scheduled for Wednesday.
The news outlet indicated that the company may subsequently launch bond offerings in both euro and dollar currencies.
Money raised through the bond issuance would substitute for a short-term lending arrangement worth up to $14.9 billion that was established last year to support the Chart Industries purchase, the report stated.
When contacted by Reuters for comment, Baker Hughes and Morgan Stanley did not provide immediate responses, while Goldman Sachs chose not to comment on the matter.
