Air Liquide issues €456.75 million of 2.908% bonds in exchange offer

By Susanna Moon

Chicago, Oct. 6 - Air Liquide said it issued holders €456.75 million of 2.908% bonds due October 2018 in exchange for L'Air Liquide SA's €104 million of 5% bonds due March 2013, €165 million of 4.75% bonds due June 2014 and €144 million of 4.375% bonds due June 2015.

The exchange offer "meets the group's objectives of extending the average maturity of its debt while benefiting from particularly favorable long-term debt market conditions," according to a press release.

The completion of the exchange offer comes after the Air Liquide Finance November 2012 bond exchange offer, which was concluded in June.

The new bond was issued as part of the company's €6 billion euro medium-term note program and is rated A by Standard & Poor's, in line with the group's credit rating of A with a stable outlook.

The transaction provides the company the flexibility to continue its long-term growth, the company said.

The exchange offer closed Oct. 6.

Air Liquide is a Paris-based company engaged in the supply of oxygen, nitrogen, hydrogen and other gases.

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