Air Liquide: Success of Bond Exchange Offer


The Group closes Bond Exchange Offer on Air Liquide Finance’s November 2012 bonds.
The Exchange Offer, launched on 26th May, successfully replaced €331m of bonds maturing in November 2012 and paid a 6.125% coupon, by a new 10 year issue paying a 3.889% coupon. Due to the favourable conditions of this transaction, Air Liquide has elected to increase the size of the new issue to €500m.
The Exchange Offer coincides with the Group’s objective to extend the average maturity of its debt by reducing the 2012 maturity in favour of 2020, while benefiting from an ambient long-term debt market.
Similarly, the new bond issued off the €6bn Euro Medium Term Note (EMTN) program, is rated ‘A’ by Standard & Poor’s. This corresponds to Air Liquide’s favorable overall credit rating of ‘A / stable outlook’.

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