By Andrea Heisinger
New York, Sept. 27 - Airgas, Inc. priced $250 million of 3.25% five-year senior notes on Monday to yield Treasuries plus 200 basis points, a source who worked on the trade said late in the afternoon.
The notes (Baa3/BBB/) priced at 99.849 to yield 3.283%.
The notes have a make-whole call at Treasuries plus 30 bps before one month prior to maturity and are callable afterward at par. There is a change-of-control put at 101%.
Bank of America Merrill Lynch, Goldman Sachs & Co. and Wells Fargo Securities LLC were the bookrunners.
Lead managers were SunTrust Robinson Humphrey Inc. and U.S. Bancorp Investments.
Credit Agricole CIB, Daiwa Capital Markets, Mitsubishi UFJ Securities, Mizuho Securities USA Inc., PNC Capital Markets and Santander were the co-managers.
Proceeds are going to repay debt under a new senior credit facility.
The industrial, medical and specialty gases company is based in Radnor, Pa.
| Issuer: | Airgas, Inc.
|
| Issue: | Senior unsecured notes
|
| Amount: | $250 million
|
| Maturity: | Oct. 1, 2015
|
| Bookrunners: | Bank of America Merrill Lynch, Goldman Sachs & Co., Wells Fargo Securities LLC
|
| Lead managers: | SunTrust Robinson Humphrey Inc., U.S. Bancorp Investments
|
| Co-managers: | Credit Agricole CIB, Daiwa Capital Markets, Mitsubishi UFJ Securities, Mizuho Securities USA Inc., PNC Capital Markets, Santander
|
| Coupon: | 3.25%
|
| Price: | 99.849
|
| Yield: | 3.283%
|
| Spread: | Treasuries plus 200 bps
|
| Call: | Make-whole at Treasuries plus 30 bps before one month prior to maturity, then at par
|
| Change-of-control put: | 101%
|
| Trade date: | Sept. 27
|
| Settlement date: | Sept. 30
|
| Ratings: | Moody's: Baa3
|
| Standard & Poor's: BBB
|
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