Issue of Renminbi denominated bonds for an amount of RMB 1,750 million

Air Liquide Finance issued today its first Chinese Renminbi denominated bonds for a total amount of RMB 1,750 million, equivalent to €195 million. The bonds, fully guaranteed by L’Air Liquide SA, are rated “A” by Standard & Poor’s, and were placed with institutional investors, mainly in Asia.

Characteristics of the bonds:

Amount: RMB 1,750 million

Maturity: September 19, 2016

Coupon: 3.00 %

Air Liquide is the first French company to issue Renminbi denominated bonds.

Air Liquide has obtained the approval from the People's Bank of China, the central bank of People’s Republic of China, to repatriate the funds into mainland China. Therefore, the bond proceeds will contribute to the financing of the development of Air Liquide’s activities in China, by diversifying the Group’s funding sources at attractive market conditions. Today, Air Liquide employs 3,500 people in China and operates more than 40 plants in various industrial areas.

The success of this bond issue demonstrates the high level of international investor confidence in Air Liquide’s solid financial position. At a time when the Group has a strong portfolio of investment opportunities, especially in Asia, this transaction enables the company to continue to grow over the long term.