Baker Hughes, a GE company, entered into a credit agreement with JPMorgan Chase Bank as administrative agent.

According to a related 8-K filing the new credit agreement has a term of five years and provides for an aggregate principal amount of $3 billion.

The revolving loans will bear interest at a rate per annum based upon, depending on the type of loan, the Eurodollar rate or the alternative base rate, plus in each case, a ratings-based margin.

The unpaid principal amount of each loan matures on December 10, 2024, and accrued interest on each loan is payable in arrears on each applicable interest payment date.
On December 10, 2019, in connection with BHGE’s entry into the new credit agreement, the company terminated its existing five-year committed $3 billion revolving credit agreement dated as of July 3, 2017 with its lender group and JPMorgan as administrative agent.

JPMorgan Chase Bank, Citigroup Global Markets, UniCredit Bank, New York Branch, Barclays Bank, Deutsche Bank Securities, HSBC Bank USA, Bank of America Securities, and Morgan Stanley Senior Funding served as
joint bookrunners and joint lead arrangers.