Halliburton raising $7.5B to pay for Baker Hughes acquisition

Halliburton announced Thursday the pricing of an offering of $7.5 billion aggregate principal amount of senior notes. The notes are being issued in five tranches, and the offering is expected to close on November 13, 2015.

The world’s second largest oilfield services provider intends to use the net proceeds of the offering for financing a part of its pending $35 billion acquisition of Baker Hughes.

“In the event that the Baker Hughes acquisition is not consummated, Halliburton intends to use the net proceeds from the sale of the 2025 notes, the 2035 notes and the 2045 notes for general corporate purposes,” Halliburton said in a statement.

The company further said that the 2020 notes and the 2022 notes will be subject to a special mandatory redemption if the Baker Hughes acquisition is not consummated.

“Pending the application of the net proceeds to finance the Baker Hughes acquisition, Halliburton may temporarily invest the net proceeds in cash equivalents or short-term investments,” the company added.

 

 

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