Airgas gets $450 million amended and restated credit facility

By Sara Rosenberg

New York, Jan. 14 - Airgas Inc. closed on a $450 million five-year senior unsecured amended and restated credit facility, according to a company news release.

The facility, which carries an interest rate of Libor plus 95 basis points, consists of a $308 million revolving credit facility, a C$50 million revolver and a $100 million term loan.

The company's initial borrowings under the credit facility total $299 million.

Proceeds were used to replace the company's previous $463 million credit facility due July 2006 with an interest rate of Libor plus 200 basis points, the release said.

In addition to reduced pricing, the company also gained more covenant flexibility with regards to acquisitions and making restricted payments.

"Last November, we said we were looking to refinance our credit facility and the savings have come in as expected," senior vice president and chief financial officer Roger Millay said in the release. "Additionally, we have increased our flexibility to take actions that maximize shareholder value."

Airgas is a Radnor, Pa., distributor of industrial, medical and specialty gases, welding, safety and related products.

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