USD 700 million US Private Placement issue

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Air Liquide Finance successfully completed a US Private Placement with more than 20 investors on 29 June 2012. New senior unsecured notes were issued, for a total amount of USD 700 million, equivalent to approximately € 560 million. The proceeds of the notes will be settled between July 2012 and September 2012.

The notes will be issued in three series:

Amount Tenor Rate
$400 million 10 year term due in 2022 3.11%
$200 million 12 year term due in 2024 3.26%
$100 million 15 year term due in 2027 3.46%

 

These notes, fully guaranteed by L’Air Liquide SA, will provide the refinancing for the last series of a Private Placement previously issued by American Air Liquide, Inc. in 2004 maturing in August 2012.

The Air Liquide Group entered the US in 1916 and now employs about 5,000 employees in over 200 locations, to customers in the Large Industries, Industrial Merchant, Electronics and Healthcare markets.

The success of this US Private Placement demonstrates the high level of confidence of US investors in Air Liquide’s solid financial position. This transaction contributes to the diversification of the Group’s investor base and benefits from attractive market conditions as reference rates are close to historical low levels. It will contribute to the financing of the development of the Group’s business in the US and enables it to continue to grow over the long term.

Main characteristics of the US Private Placement

  • Issuer: Air Liquide Finance
  • Guarantor: L’Air Liquide SA
  • Format: Fixed rate, repayment at maturity
  • Amount: USD 700 million
  • Maturity: 2022, 2024 and 2027
  • Coupon: 3.11%, 3.26% and 3.46%