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Air Liquide starts cash tender offers for two series of notes
Chicago, March 15 – Air Liquide Finance started cash tender offers for two series of notes on Wednesday, according to a press release.
For the first series, the company is offering to buy up to $350 million of its $1.25 billion outstanding 2.5% notes due 2026 (Cusips: 00913RAD8, F0183JHQ7) for a purchase price that will reference the 4.625% U.S. Treasury due March 15, 2026 and a fixed spread of 35 basis points.
Air Liquide is offering to buy up to $100 million of the $750 million outstanding 3.5% notes due 2046 (Cusips: 00913RAE6, F0183JHR5) for a purchase price that will use the 3.875% U.S. Treasury due Feb. 15, 2043 and a fixed spread of 95 bps.
The maximum amounts may be adjusted so that the aggregate maximum principal amount will be up to $500 million.
The tender considerations, when calculated, will include a $50 early tender payment that will not be paid to noteholders who tender notes after the early deadline.
Pricing will be determined at 10 a.m. ET on March 29.
Interest will also be paid to the applicable settlement date.
The early deadline is 5 p.m. ET on March 28, also the withdrawal deadline.
The offers expire at 11:59 p.m. ET on April 11.
Early settlement is expected for March 31 and final settlement is planned for April 14.
BofA Securities Europe SA (980 387-3907, 888 292-0070, +33 1 87 70 10 57, DG.LM-EMEA@bofa.com), Citigroup Global Markets Ltd. (212 723-6106, 800 558-3745, +44 20 7986 8969, liabilitymanagement.europe@citi.com) and Natixis Securities Americas LLC (212 698-3108, +33 1 58 55 05 65, liability.management-corporate@natixis.com) are the dealer managers.
Global Bondholder Services Corp. is the information and tender agent (212 430-3774, 855 654-2015, contact@gbsc-usa.com). The tender offers website is https://www.gbsc-usa.com/airliquide.
Air Liquide is a Paris-based multinational company that supplies industrial gasses and services to industries, including medical, chemical and electronic manufacturers.
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