Air Liquide offers to buy up to €300 million of notes from three series

By Marisa Wong

Los Angeles, Nov. 6 – Air Liquide Finance launched a cash tender offer for three series of its notes guaranteed by L’Air Liquide SA, subject to an aggregate maximum acceptance amount of €300 million principal amount, according to a press release.

The company is offering to purchase notes from the following series:

• €500 million 1.875% notes due June 5, 2024 (ISIN: FR0011951771) at 99.1;

• €500 million 0.75% notes due June 13, 2024 (ISIN: FR0013182839) at 98.45; and

• €500 million 1% notes due April 2, 2025 (ISIN: FR0013505559) at a price to be calculated based on the interpolated mid-swap rate minus a spread of 30 basis points.

The company will also pay accrued interest in addition to the tender consideration.

The tender offer will be open from Nov. 6 to 10 a.m. ET on Nov. 13.

Final results will be announced on Nov. 14, right after pricing for the 2025 notes is determined.

Barclays Bank Ireland plc, Credit Industriel et Commercial SA and Intesa Sanpaolo SpA are acting as dealer managers.

Air Liquide is a Paris-based multinational company that supplies industrial gases and services to industries, including medical, chemical and electronic manufacturers.

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