Air Liquide diversifies its financing sources by accessing various debt markets. In the long run, the Group funds itself with bond issues, usually though 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.
Air Liquide’s policy requires that confirmed credit lines back all commercial paper issues.
For this reason, the Group holds a2.5 billion euros syndicated credit facility, with a residual maturity of four years and a one-year option to extend, negotiated with its core banking partners in December 2020.
Bilateral credit facilities
Air Liquide has also contracted bilateral credit facilities with its core banking partners. As of December 31 2020, the total amount of undrawn committed credit lines reached 3.6 billion euros including the Syndicated Credit Facility.