Air Liquide completes the refinancing of its Airgas acquisition with a successful capital increase of 3.3 billion euros

October 7, 2016

Air Liquide completes the refinancing of the Airgas acquisition in 3 steps:

  • A 3 billion euro bond issue placed on June 6, 2016
  • A 3.3 billion euro share capital increase with preferential subscription rights for existing shareholders (the “Rights Issue”), launched on September 13, 2016, the results of which are communicated today
  • A 4.5 billion US dollar bond issue placed on September 22, 2016

Air Liquide (the “Company”) announces today it has completed the refinancing of the acquisition of Airgas, one of the main industrial gases and related products and services suppliers in the US.

The final gross proceeds of the Rights Issue, which was the 2nd step of the refinancing, amount to 3,283 million euros and will result in the issuance of 43,202,209 new shares (the “New Shares”).

Following the subscription period, which ended on September 28, 2016, total subscription orders amounted to approximately 6.3 billion euros, representing a total subscription rate of 191.2%:

  • 40,334,395 New Shares were subscribed on an irreducible basis;
  • 42,266,306 New Shares were requested on a reducible basis and will only be satisfied with respect to 2,867,814 New Shares.

Commenting on the success of this refinancing, Benoît Potier, Chairman and CEO of Air Liquide, said: We are delighted by the success of this capital increase, which allows us to complete the refinancing of our acquisition of Airgas within a very short timeframe. In less than one year, we were able to complete the entire acquisition and refinancing processes. The integration of Airgas, which was initiated right after closing, is proceeding according to our plan.
We would like to thank our shareholders, both individual and institutional, for their ongoing support.

Settlement, delivery and start of trading on Euronext Paris (Segment A) of the New Shares will take place on October 11, 2016. The New Shares, which will carry dividend rights and will entitle their holders to any dividends declared by the Company from the date of issue, will be, as from their issue date, fully fungible with the Company’s existing shares and will be traded under the same ISIN code as the Company’s existing shares, ISIN code FR0000120073. As from October 11, 2016, the share capital of L’Air Liquide SA will amount to €2,138,509,373.00, consisting of 388,819,886 shares.

Note: The English version of this press release may differ from the French version for regulatory reasons.

These materials and the information contained herein do not constitute an offer to sell or subscribe, nor the solicitation of an order to purchase or subscribe, securities in any country other than France.

These materials are not an offer of securities for sale nor the solicitation of an offer to purchase securities in the United States of America or any other jurisdiction. The securities referred to herein may not be offered or sold in the United States of America absent registration or an exemption from registration under the U.S. Securities Act of 1933, as amended. Air Liquide does not intend to register any portion of the planned offer in the United States of America or to conduct a public offering of securities in the United States of America.

This document does not contain or constitute an invitation, inducement or solicitation to invest.

This document does not constitute a prospectus within the meaning of Directive 2003/71/EC of the European Parliament and the Council of 4 November 2003, as amended (the “Prospectus Directive”).

With respect to the Member States of the European Economic Area (each a “Relevant Member State”), no action has been undertaken or will be undertaken to make an offer to the public of the securities requiring a publication of a prospectus in any Relevant Member State, other than France. As a result, the new or existing securities of Air Liquide may not be offered and will not be offered in any Relevant Member State other than France, except (i) to any legal entity which is a qualified investor as defined under the Prospectus Directive, (ii) to fewer than 150, natural or legal persons (other than qualified investors as defined in the Prospectus Directive) as permitted under the Prospectus Directive; or (iii) in any other circumstances not requiring Air Liquide to publish a prospectus as provided under Article 3(2) of the Prospectus Directive and/or regulations applicable in the Relevant Member State.

For the purposes of this provision, an “offer to the public” in relation to the new or existing securities of Air Liquide in any Relevant Member State means the communication in any form and by any means of sufficient information on the terms of the offer and the new or existing securities of Air Liquide to be offered so as to enable an investor to decide to purchase the new or existing securities shares of Air Liquide, as the same may be varied in that Member State by any measure implementing the Prospectus Directive in that Member State.

This press release is directed only at and is for distribution only to persons who (i) are outside the United Kingdom, (ii) are “investment professionals” falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (as amended) (the “Order”), (iii) are persons falling within Article 49(2)(a) to (d) (“high net worth companies, unincorporated associations etc.”) of the Order or (iv) are other persons to whom an invitation or inducement to engage in investment activity (within the meaning of the Financial Services and Markets Act 2000) in connection with the issue or sale of any securities may otherwise lawfully be communicated or caused to be communicated (all such persons in (i), (ii), (iii) and (iv) together being referred to as “Relevant Persons”). This press release is directed only at Relevant Persons and must not be acted on or relied on by persons who are not Relevant Persons. Any investment or investment activity to which this press release relates is available only to Relevant Persons and will be engaged in only with Relevant Persons.

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