Chart Industries Completes Merger; Shareholders Receive $210/Share
Chart Industries Inc. announced the completion of its merger, effective immediately. Each share of Chart common stock was converted into the right to receive $210.00 in cash. Various equity awards, including options, restricted stock units, and performance stock units, were converted into cash or Baker Hughes equity awards based on specific terms. The merger consideration was funded through a combination of cash on hand, proceeds from senior notes totaling $6.5 billion and €3.0 billion, and term loan borrowings. Additionally, Chart's outstanding $1,457,043,000 aggregate principal amount of 7.500% Senior Secured Notes due 2030 and $510,000,000 aggregate principal amount of 9.500% Senior Notes due 2031 were redeemed and their indentures satisfied.
Key Highlights
- Chart common stock converted to $210.00 cash per share at Effective Time.
- Options with exercise price less than $210.00 converted to cash difference.
- Restricted stock units granted before Merger Agreement converted to $210.00 cash.
- Restricted stock units granted after Merger Agreement converted to Baker Hughes RSUs.
- Pro-rata performance stock units converted to cash; remaining to time-based cash awards.
- Merger funded by cash on hand, $6.5B and €3.0B senior notes, and term loans.
- $1,457,043,000 aggregate principal of 7.500% Senior Secured Notes due 2030 redeemed.
- $510,000,000 aggregate principal of 9.500% Senior Notes due 2031 redeemed.
Price Impact
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