Air Liquide Finance sees $800,000 more 2.5% note tenders by deadline

By Wendy Van Sickle

Columbus, Ohio, April 12 – Air Liquide Finance announced the final results of its cash tender offers for two series of notes, according to a press release.

After the early deadline, but prior to the final expiration, 11:59 p.m. ET on April 11, the company took in additional tenders of $800,000 principal amount of the 2.5% notes due 2026 (Cusips: 00913RAD8, F0183JHQ7). It took in no additional tenders of the 3.5% notes due 2046 (Cusips: 00913RAE6, F0183JHR5).

As previously reported, 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 and $67,679,000 in total principal amount of the $750 million outstanding 3.5% notes had been validly tendered and accepted for purchase with no proration.

The company previously 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 2.5% notes due in 2026.

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 an early tender payment of $50 per $1,000 principal amount of notes that the offeror previously announced would apply to all notes tendered to the expiration of the offer.

Pricing was determined at 10 a.m. ET on March 29. The purchase price for the 2026 notes used the 4.625% U.S. Treasuries 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. Treasuries 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.

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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