Baker Hughes has sold $500 million of 6.50% Senior Notes that will mature November 15, 2013, and $750 million of 7.50% Senior Notes that will mature November 15, 2018.
The Company expects to use a portion of the net proceeds to repay the Company's outstanding 6.25% notes, which mature on January 15, 2009, and its outstanding 6.00% notes, which mature on February 15, 2009. The Company will use the remaining net proceeds from the offering for general corporate purposes, which could include repaying outstanding commercial paper and funding on-going operations, business acquisitions and repurchases of the Company's common stock.
Interest is payable May 15 and November 15 of each year. The first interest payment will be made on May 15, 2009, and will consist of interest from closing to that date. The offering is expected to close on October 28, 2008.
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