By Andrea Heisinger
New York, Nov. 20 - Airgas, Inc. gave full terms of its $250 million sale of 2.9% 10-year senior notes that priced on Monday in an FWP filing with the Securities and Exchange Commission on Tuesday.
The notes (Baa2/BBB/) were priced at 99.889 to yield 2.913% with a spread of Treasuries plus 130 basis points.
Pricing was in line with guidance in the 130 bps over Treasuries area.
There is a make-whole call at Treasuries plus 20 bps until Aug. 15, 2022, with a par call after that date. The sale features a change-of-control put feature at 101%.
Bank of America Merrill Lynch, Goldman Sachs & Co. and Wells Fargo Securities LLC were the bookrunners.
Lead managers were SunTrust Robinson Humphrey Inc. and U.S. Bancorp Investments Inc.
Proceeds will be used for general corporate purposes, including acquisitions, to repay commercial paper debt and to repurchase shares under a common stock repurchase program.
Airgas was last in the U.S. bond market with a $250 million sale of five-year paper on May 31, 2011.
The maker of specialty and industrial gases is based in Radnor, Pa.
| Issuer: | Airgas, Inc.
|
| Issue: | Senior notes
|
| Amount: | $250 million
|
| Maturity: | Nov. 15, 2022
|
| Bookrunners: | Bank of America Merrill Lynch, Goldman Sachs & Co., Wells Fargo Securities LLC
|
| Lead managers: | SunTrust Robinson Humphrey Inc., U.S. Bancorp Investments Inc.
|
| Co-managers: | Credit Agricole Securities (USA) Inc., SMBC Nikko Capital Markets Ltd., Mitsubishi UFJ Securities (USA) Inc., Mizuho Securities USA Inc., RBS Securities Inc., HSBC Securities (USA) Inc., PNC Capital Markets LLC, Santander Investment Securities Inc.
|
| Coupon: | 2.9%
|
| Price: | 99.889
|
| Yield: | 2.913%
|
| Spread: | Treasuries plus 130 bps
|
| Call: | Make-whole at Treasuries plus 20 bps to Aug. 15, 2022, par call after
|
| Change-of-control put: | 101%
|
| Trade date: | Nov. 19
|
| Settlement date: | Nov. 26
|
| Ratings: | Moody's: Baa2
|
| Standard & Poor's: BBB
|
| Price talk: | 130 bps area
|
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