Both Air Liquide and Airgas have announced bond deals today – to the sum of 500m each.
Air Liquide’s €500m Eurobond, that is set to mature on June 3 2025, has a fixed rate format with repayment due at maturity.
This transaction, issued under the group’s €9bn Euro Medium Term Note (EMTN) programme, allows the issue of a bond with a 10-year maturity. This recent transaction brings the total outstanding amount of bonds issued to this day to approximately €6.2bn, with an average maturity of six years.
Proceeds from this bond will allow the group to refinance its two bonds maturing in June 2015, and to continue funding its long term profitable growth while benefiting from very attractive market conditions. The group’s capital structure remains very solid and this operation further strengthens the liquidity of the group.
Airgas, also announced today a program to repurchase up to $500m of its outstanding shares of common stock. As of May 27, 2015, Airgas had approximately 75.5 million common shares outstanding.
“Airgas is well-positioned for sustained long-term growth, and this share repurchase program reflects our confidence in the future,” said Airgas Executive Chairman Peter McCausland. “Our balance sheet is solid, and we continue to generate strong cash flow, which affords us the opportunity to not only consistently grow our dividends but also repurchase shares and realise attractive earnings per share accretion.”
Airgas may repurchase shares from time to time for cash in open market transactions or in privately-negotiated transactions in accordance with applicable federal securities laws. The company will determine the timing and the amount of any repurchases based on its evaluation of market conditions, share price, and other factors. The stock repurchase program has no pre-established closing date and may be suspended or discontinued at any time.