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Baker Hughes Announces Expiration & Results of Any and All Tender Offers
Source: www.gulfoilandgas.com 12/11/2017, Location: North America
Oil & Gas Companies

Baker Hughes, a GE company (NYSE: BHGE) (“BHGE”) announced today that the previously announced cash tender offers (the “Any and All Tender Offers”) by its subsidiary, Baker Hughes, a GE company, LLC (“BHGE LLC”) to purchase any and all of its or its subsidiaries’ outstanding 6.000% Senior Notes due 2018 (the “6.000% 2018 Notes”) and 7.500% Senior Notes due 2018 (the “7.500% 2018 Notes” and, together with the 6.000% 2018 Notes, the “Any and All Notes”) expired at 5:00 p.m., New York City time, on December 8, 2017.

According to information provided by D.F. King & Co., Inc., the tender and information agent for the Any and All Tender Offers, $24,920,000 aggregate principal amount of the 6.000% 2018 Notes and $79,805,000 aggregate principal amount of the 7.500% 2018 Notes were validly tendered prior to or at the expiration of the Any and All Tender Offers and not validly withdrawn. This amount does not include any amount of the Any and All Notes tendered pursuant to the guaranteed delivery procedures described in the Offer to Purchase, dated December 4, 2017 (the “Offer to Purchase”). The Any and All Tender Offers were made pursuant to the Offer to Purchase.

The conditions to the Any and All Tender Offers have been satisfied and BHGE LLC accepted for purchase today, December 11, 2017, all Any and All Notes that were validly tendered prior to the expiration of the Any and All Tender Offers and not validly withdrawn. BHGE LLC paid the applicable total consideration for each $1,000 principal amount of Any and All Notes tendered and accepted for payment, plus accrued and unpaid interest up to, but not including, today, December 11, 2017, the settlement date of the Any and All Tender Offers.

BHGE LLC funded the purchase of the Any and All Notes with part of the proceeds from the issuance of BHGE LLC’s 2.773% senior notes due 2022, 3.337% senior notes due 2027 and 4.080% senior notes due 2047, which was completed today, December 11, 2017.

BHGE LLC intends to redeem (or cause the applicable issuer to redeem) any remaining Any and All Notes not purchased in the Any and All Tender Offers in accordance with the relevant indentures. This press release does not constitute a notice of redemption of the Any and All Notes.

In addition to the Any and All Tender Offers, BHGE previously announced BHGE LLC’s pending tender offers to purchase for cash (the “Maximum Tender Offers,” and, together with the Any and All Tender Offers, the “Tender Offers”) up to $175 million in aggregate purchase price of BHGE LLC’s or its subsidiaries’ outstanding 8.550% debentures due 2024 and 6.875% notes due 2029 (together with the Any and All Notes, the “Securities”). Holders are urged to read the Offer to Purchase carefully before making any decision with respect to Tender Offers.

BHGE LLC has retained Morgan Stanley & Co. LLC and Barclays Capital Inc. to serve as dealer managers for the Tender Offers. D.F. King & Co., Inc. has been retained to serve as the information agent and the depositary for the Tender Offers.


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