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Baker Hughes, a GE company Announces Early Tender Results of Maximum Tender Offers by Baker Hughes, a GE company, LLC

LONDON & HOUSTON–(BUSINESS WIRE)–Baker Hughes, a GE company (NYSE: BHGE) (“BHGE”) announced today the
early tender results of the previously announced cash tender offers (the
“Maximum Tender Offers”) by its subsidiary, Baker Hughes, a GE company,
LLC (“BHGE LLC”) to purchase up to $175 million (the “Aggregate Maximum
Purchase Price”) in aggregate purchase price of the outstanding
(i) 8.550% Debentures due 2024 (the “2024 Notes”) and (ii) 6.875% Notes
due 2029 (the “2029 Notes” and, together with the 2024 Notes, the
“Securities”). The terms and conditions of the Maximum Tender Offers are
described in the Offer to Purchase, dated December 4, 2017 (the “Offer
to Purchase”), and remain unchanged.

According to information provided by D.F. King & Co., Inc., the tender
and information agent for the Maximum Tender Offers, approximately $68.5
million in combined aggregate principal amount of the Securities listed
in the table below were validly tendered and not validly withdrawn prior
to or at 5:00 p.m., New York City time, on December 15, 2017 (the “Early
Tender Date”).

Aggregate Principal Amount

Outstanding Prior to Maximum

Acceptance

Aggregate Principal

Title of Security CUSIP Number

Tender Offers

Priority Level

Amount Tendered((c))

8.550% Debentures 957674 AD6

$112,944,000

1

$6,117,000

due 2024((a))
6.875% Notes 057224 AK3

$305,788,000

2

$62,386,000

due 2029((b))

_________________

(a) The 2024 Notes were issued by Western Atlas Inc., a subsidiary of
BHGE LLC, as ultimate successor to BJ Services Company. On July 3,
2017, BHGE LLC, Baker Hughes Co-Obligor, Inc. (“Co-Obligor”), Baker
Hughes Oilfield Operations, LLC and Baker Hughes International
Branches, LLC became co-obligors of the 2024 Notes.
(b) The 2029 Notes were issued by Baker Hughes Incorporated (“BHI”). On
July 3, 2017, BHGE LLC, as successor to BHI, and the Co-Obligor
became co-obligors of the 2029 Notes.
(c) As of the Early Tender Date.

The principal amount of each series of Securities listed in the table
above ultimately accepted for purchase will depend upon the
determination of the consideration to be paid in the Maximum Tender
Offers for each series of Securities validly tendered and accepted for
purchase as described in the Offer to Purchase (the “Total
Consideration”), at 11:00 a.m., New York City time, on December 18,
2017, and will be subject to the Aggregate Maximum Purchase Price, the
application of the Acceptance Priority Levels (as set forth in the table
above) and proration. The aggregate purchase price for the Securities
includes the applicable Total Consideration and excludes accrued and
unpaid interest from and including the last interest payment date
applicable to the relevant series of Securities up to, but not
including, the applicable settlement date of the Securities accepted for
purchase (“Accrued Interest”) and excludes fees and expenses related to
the Maximum Tender Offers.

The settlement date for the Securities validly tendered and accepted for
payment on the Early Tender Date is expected to be December 19, 2017,
the second business day after the Early Tender Date. Securities not
accepted for purchase will be promptly credited to the account of the
registered holder of such Securities with The Depository Trust Company
and otherwise returned in accordance with the Offer to Purchase.

Holders of Securities validly tendered and not validly withdrawn prior
to or at the Early Tender Date will be eligible to receive the
applicable Total Consideration, which includes an early tender premium
of $50 per $1,000 principal amount of Securities validly tendered and
not validly withdrawn by such holders and accepted for purchase by BHGE
LLC. All payments for Securities purchased in connection with the Early
Tender Date will also include Accrued Interest. In accordance with the
terms of the Maximum Tender Offers, the withdrawal deadline was 5:00
p.m., New York City time, on December 15, 2017. As a result, tendered
Securities may no longer be withdrawn, except in certain limited
circumstances where additional withdrawal rights are required by law (as
determined by BHGE LLC).

The Maximum Tender Offers will expire at 12:00 midnight, New York City
time, on January 2, 2018 (one minute after 11:59 p.m., New York City
time, on January 2, 2018), unless extended or earlier terminated.

BHGE LLC is funding the purchase of Securities accepted for purchase
pursuant to the Maximum Tender Offers 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 on
December 11, 2017.

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 Maximum Tender Offers.

Questions regarding the Maximum Tender Offers may be directed to: Morgan
Stanley & Co. LLC at (800) 624-1808 (toll free) or (212) 761-1057 or
Barclays Capital Inc. at (800) 438-3242 (toll free) or (212) 528-7581.
The Offer to Purchase may be accessed at the following link: http://www.dfking.com/bhge
or obtained from D.F. King & Co., Inc., free of charge, by calling
toll-free at (866) 796-7179 (bankers and brokers can call collect at
212-269-5550) or by e-mail at [email protected]

This news release shall not be construed as an offer to purchase
or sell or a solicitation of an offer to purchase or sell any of the
Securities or any other securities. BHGE LLC, subject to
applicable law, may amend, extend or terminate the Maximum Tender Offers
and may postpone the acceptance for purchase of, and payment for, the
Securities so tendered. The Maximum Tender Offers are not
being made in any jurisdiction in which the making or acceptance thereof
would not be in compliance with the securities, blue sky or other laws
of such jurisdiction. None of BHGE, BHGE LLC, the dealer
managers, the information agent or the depositary makes any
recommendations as to whether holders of the Securities should tender
their Securities pursuant to the Maximum Tender Offers.

Forward-Looking Statements

This news release may contain forward-looking statements (each a
“forward-looking statement”). The words “anticipate,” “believe,”
“ensure,” “expect,” “if,” “intend,” “estimate,” “project,” “foresee,”
“forecasts,” “predict,” “outlook,” “aim,” “will,” “could,” “should,”
“potential,” “would,” “may,” “probable,” “likely,” and similar
expressions, and the negative thereof, are intended to identify
forward-looking statements. There are many risks and uncertainties that
could cause actual results to differ materially from our forward-looking
statements. These forward-looking statements are also affected by the
risk factors described in BHGE’s Registration Statement on Form S-4
(File No. 333-216991), filed by BHGE with the Securities and Exchange
Commission (“SEC”) and declared effective on May 30, 2017; BHGE’s
subsequent quarterly reports on Form 10-Q for the quarterly periods
ended June 30, 2017 and September 30, 2017; BHGE LLC’s quarterly report
on Form 10-Q for the quarterly period ended September 30, 2017; and
those set forth from time to time in other filings with the SEC by BHGE
and BHGE LLC. The documents are available through BHGE’s website or
through the SEC’s Electronic Data Gathering and Analysis Retrieval
(“EDGAR”) system at: www.sec.gov.
We undertake no obligation to publicly update or revise any
forward-looking statement.

About Baker Hughes, a GE company

Baker Hughes, a GE company (NYSE: BHGE) is a fullstream provider of
integrated oilfield products, services and digital solutions. We deploy
minds and machines to enhance customer productivity, safety and
environmental stewardship, while minimizing costs and risks at every
step of the energy value chain. With operations in over 120 countries,
we infuse over a century of experience with the spirit of a startup –
inventing smarter ways to bring energy to the world.

Contacts

Baker Hughes, a GE company
Investor Contact:
Philipp Mueller,
+1 281-809-9088
[email protected]
Media
Contacts:
Stephanie Cathcart, +1 202-549-6462
[email protected]
or
Melanie
Kania, +1 713-439-8303
[email protected]