After the June 2010 transaction, Air Liquide closed today its second Bond Exchange Offer, this time targeting three bonds issued by L’Air Liquide S.A. maturing respectively in March 2013, June 2014 and June 2015, for a new bond maturing in October 2018.
The Exchange Offer was a real success, replacing €104 million of 5% March 2013 bonds, €165 million of 4.75% June 2014 bonds and €144 million of 4.375% June 2015 bonds by a new €456.75 million 8-year issue paying a 2.908% coupon.
The new bond, issued as part of the €6 billion Euro Medium Term Note (EMTN) program, is rated “A” by Standard & Poor’s, in line with the Group’s credit rating of “A/stable outlook”.
The Exchange Offer perfectly meets the Group’s objectives of extending the average maturity of its debt while benefiting from particularly favorable long-term debt market conditions.
The success of this second transaction, after the Air Liquide Finance November 2012 Bond Exchange Offer executed in June 2010, demonstrates the level of investor confidence in Air Liquide’s financial stability.
At a time when the Group has a strong portfolio of investment opportunities, this transaction provides the flexibility to continue its long-term growth.
Main characteristics of the bond issue
- Amount: €456.75 million
- Issuer: L’Air Liquide S.A.
- Maturity: October 12, 2018
- Coupon: 2.908%
- Format: fixed rate, repayment at maturity
- Rating: A (Standard & Poor’s)