Air Liquide plans $4.5 billion bonds to refinance Airgas acquisition

New York, Sept. 13 – Air Liquide SA said it is planning a $4.5 billion offering of dollar-denominated bonds as the final stage of a refinancing of the debt incurred in its acquisition of Airgas, Inc.

The company previously issued €3 billion of euro-denominated bonds on June 6, and on Tuesday morning it announced a €3.28 billion rights issue to shareholders.

Proceeds from the rights issue will be used to refinance the bridge loan obtained by Air Liquide in December 2015.

The company acquired Airgas for an enterprise value of $13.4 billion in a transaction that closed on May 23.

Air Liquide is a Paris-based supplier of gases, technologies and services focused on oxygen, nitrogen and hydrogen.

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