Air Liquide sets maximum acceptance amount of cash tender offer

By Mary-Katherine Stinson

Lexington, Ky., Nov. 14 – Air Liquide Finance announced the indicative series acceptance amounts in its 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.

As previously reported, the company was 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 is still planning to accept up to a maximum of €300 million across all the series.

The indicative series acceptance amounts are, respectively, €59.2 million for the June 5, 2024 notes, €48.6 million for the June 13, 2024 notes and €128.4 million for the April 2, 2025 notes.

The tendered notes will not be prorated.

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

The tender offer was 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.

The settlement date will be Nov. 16.

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

BNP Paribas is the tender agent and information agent.

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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