Baker Hughes Files New $2 Billion Shelf Registration (BHI)

Baker Hughes Inc. (NYSE: BHI) has just filed a new shelf registration statement with the SEC  to sell up to $2 billion in mixed securities.  As with most shelf registrations, no underwriters were named and no terms were set.

The “up to $2 billion” can be any combination of common stock, preferred stock, debt securities, and warrants.   The full shelf registration is here.

There does not appear to be a specific set use of the proceeds here, but there is the “general corporate purposes” description.  The company noted acquisitions, working capital, capital expenditures, repayment of debt, and repurchases and redemption of securities.

We had speculated long ago about a filing from Baker Hughes that perhaps it was ready to use an older shelf registration to raise acquisition funds.  Unfortunately, that shelf either expired or was removed.  In short, this may be nothing short of a replacement shelf registration.

Jon C. Ogg
May 8, 2009