According to an 8-K SEC filing, Baker Hughes entered into a new credit agreement among the company, as borrower, JPMorgan Chase Bank, N.A., as administrative agent, Citibank, N.A., as syndication agent, and other agents and lenders. Other agents and lender include: The Bank of Tokyo-Mitsubishi UFJ, Ltd., DNB Bank ASA, New York Branch, Goldman Sachs Bank USA, HSBC Bank USA, National Association and Wells Fargo Bank, National Association acted as documentation agents, JPMorgan Chase Bank, N.A. and Citigroup Global Markets Inc. acted as co-lead arrangers and joint bookrunners and The Bank of Tokyo-Mitsubishi UFJ, Ltd., DNB Markets, Inc., Goldman Sachs Bank USA, HSBC Bank USA, National Association, and Wells Fargo Securities, LLC acted as co-arrangers and joint bookrunners. The 2016 Credit Agreement is a five-year committed $2.5 billion revolving credit facility that expires in July 2021. If drawn, proceeds from the 2016 Credit Agreement are expected to be used for general corporate purposes.

The 2016 Credit Agreement contains certain covenants, which, among other things, require the maintenance of a total debt to total capitalization ratio, restrict certain merger transactions or the sale of all or substantially all of the assets of the Company or a significant subsidiary of the company and limit the amount of subsidiary indebtedness. Upon the occurrence of certain events of default, the company’s obligations under the 2016 Credit Agreement may be accelerated. Such events of default include payment defaults to lenders under the 2016 Credit Agreement, covenant defaults and other customary defaults. To the extent the company has outstanding commercial paper, its aggregate ability to borrow under the 2016 Credit Agreement is reduced. As of July 14, 2016, the Company had no direct borrowings under the 2016 Credit Agreement and no commercial paper outstanding.

Baker Hughes is a leading supplier of oilfield services, products, technology and systems to the worldwide oil and natural gas industry. The company's 39,000 employees today work in more than 80 countries helping customers find, evaluate, drill, produce, transport and process hydrocarbon resources.