Access to different debt markets
Air Liquide diversifies its financing sources by accessing various debt markets. In the long run, the Group funds itself with bond issues, usually through its Euro Medium-Term Notes programme (EMTN), targeting European, American, as well as Chinese markets. Over the short term, Air Liquide has recourse to Negotiable European Commercial Paper (formerly Billet de Tresorerie) and US Commercial Paper. The Group has also access to a Syndicated Credit Facility and several bilateral credit facilities with the Group’s core banking partners for general corporate purposes.
EMTN: European Medium Term Notes
- Download the first supplement of the latest Debt issuance programme prospectus dated September 6, 2023
- Download the latest Debt Issuance programme prospectus dated May 11, 2023
- Download all documents incorporated by reference to the Debt Issuance programme prospectus
- Download the Guarantee of L'Air Liquide S.A. dated May 11, 2022
Short term programs
- Download the Negotiable European Commercial Paper (NEU CP) Programme of L'Air Liquide S.A. (available in French only)
- Download the Negotiable European Commercial Paper (NEU CP) Programme of Air Liquide Finance (available in French only)
- US Commercial Paper Programme
Syndicated credit facility
Air Liquide’s policy requires that confirmed credit lines back all commercial paper issues.
For this reason, the Group holds a 2.5 billion euros syndicated credit facility with its core banking partners, maturing in 2025.
Bilateral credit facilities
Air Liquide has also contracted bilateral credit facilities with its core banking partners. As of June 30 2023, the total amount of undrawn committed credit lines reached 3.7 billion euros including the Syndicated Credit Facility.
Prudent liquidity management
As of June 30, 2023