By Andrea Heisinger
New York, May 31 - Airgas, Inc. sold $250 million of 2.95% five-year senior notes on Tuesday at a spread of 130 basis points over Treasuries, a market source said.
The deal was sold at the tight end of guidance in the 135 bps area, plus or minus 5 bps.
The notes (Baa2/BBB) were priced at 99.86 to yield 2.98%.
They have a make-whole call at 20 bps over Treasuries and feature a change-of-control put at 101.
Bookrunners were Bank of America Merrill Lynch, Goldman Sachs & Co. and Wells Fargo Securities LLC.
SunTrust Robinson Humphrey Inc. and U.S. Bancorp Investments Inc. were lead managers.
Co-managers were Credit Agricole CIB, SMBC Nikko, HSBC Securities (USA) Inc., Mitsubishi UFJ Securities International plc, Mizuho Securities USA Inc., PNC Capital Markets LLC, RBS Securities Inc. and Santander Investment Securities Inc.
Proceeds are going for general corporate purposes, including funding acquisitions, repayment of credit facility debt and the repurchase of shares.
The maker of specialty and industrial gases is based in Radnor, Pa.
| Issuer: | Airgas, Inc.
|
| Issue: | Senior notes
|
| Amount: | $250 million
|
| Maturity: | June 15, 2016
|
| 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 CIB, SMBC Nikko, HSBC Securities (USA) Inc., Mitsubishi UFJ Securities International plc, Mizuho Securities USA Inc., PNC Capital Markets LLC, RBS Securities Inc., Santander Investment Securities Inc.
|
| Coupon: | 2.95%
|
| Price: | 99.86
|
| Yield: | 2.98%
|
| Spread: | Treasuries plus 130 bps
|
| Call: | Make-whole at Treasuries plus 20 bps
|
| Change-of-control put: | 101
|
| Trade date: | May 31
|
| Settlement date: | June 3
|
| Ratings: | Moody's: Baa2
|
| Standard & Poor's: BBB
|
| Price talk: | 135 bps area, plus or minus 5 bps
|
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