L’Air Liquide will refinance bridge loan used to buy Airgas with bonds

By Angela McDaniels

Tacoma, Wash., May 23 – L’Air Liquide, SA plans to issue dollar and euro long-term bonds to refinance the bridge loan it used to acquire Airgas, Inc., according to an 8-K filing with the Securities and Exchange Commission.

Air Liquide management will hold a capital markets day for investors and analysts on July 6 in London.

In addition to the bonds, the company will use a capital increase in the range of €3 billion to €3.5 billion to refinance the bridge loan.

BNP Paribas is the agent for the bridge loan, which was entered into Dec. 17.

L’Air Liquide paid about $10.4 billion for Airgas, or $143.00 per share.

In addition, on Monday Airgas terminated its Nov. 18, 2014 credit agreement with Bank of America, NA as administrative agent. The company will pay roughly $71.5 million to satisfy its outstanding obligations under the credit agreement. This amount will not include any material prepayment penalties or break fees.

L'Air Liquide is a Paris-based company that supplies oxygen, nitrogen, hydrogen and other gases. Airgas is a maker of specialty and industrial gases based in Radnor, Pa.

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