Air Liquide Finance prices, gives early results of tenders for two series of notes, ups cap

By Mary-Katherine Stinson

Lexington, Ky., March 29 – Air Liquide Finance announced the pricing and early results of its cash tender offers for two series of notes and also amended the offers, according to a press release.

As of 5 p.m. ET on March 28, which was the early tender time, $314,214,000 in total principal amount of the $1.25 billion outstanding 2.5% notes due 2026 (Cusips: 00913RAD8, F0183JHQ7) and $67,679,000 in total principal amount of the $750 million outstanding 3.5% notes due 2046 (Cusips: 00913RAE6, F0183JHR5) were validly tendered and accepted for purchase with no proration.

The company also announced it would increase the tender cap for the 2026 notes to $400 million. Originally, the company was offering to buy only up to $350 million of 2026 notes.

The total consideration per $1,000 principal amount was set at $943.56 for the 2026 notes and $807.49 for the 2046 notes.

The total considerations include the early tender payment of $50 per $1,000 principal amount of notes that offeror announced will now apply to all notes tendered to the expiration of the offer, which is 11:59 p.m. ET on April 11.

Pricing was determined at 10 a.m. ET on March 29.The purchase price for the 2026 notes used the 4.625% U.S. Treasury due March 15, 2026 and a fixed spread of 35 basis points. The purchase price for the 2046 notes used the 3.875% U.S. Treasury due Feb. 15, 2043 and a fixed spread of 95 bps.

Interest will also be paid to the applicable settlement date.

March 28 was 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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