Linde signs new $1.5 billion 364-day facility

By William Gullotti

Buffalo, N.Y., Dec. 6 – Linde plc and certain subsidiaries signed a new $1.5 billion 364-day credit agreement with Bank of America, NA as administrative agent on Dec. 6, according to an 8-K filing with the Securities and Exchange Commission.

The $1.5 billion 364-day credit agreement is comparable to the one it will replace, a revolving facility that also includes commitments for swingline loans of $50 million for dollar-denominated swingline loans and €25 million for euro-denominated swingline loans.

Subject to satisfaction of certain conditions, including advance notice to the administrative agent, the entire outstanding balance of the facility may be converted into non-revolving term loans that mature one year after conversion.

As with the agreement it replaces, borrowings will bear interest at SOFR, Euribor or Sonia plus a margin ranging from 62.5 basis points to 125 bps. The commitment fee ranges from 2 bps to 10 bps. The margins and fee are likewise determined by the company’s credit ratings.

The agreement was undrawn at signing and is not subject to any financial maintenance covenants.

BofA Securities, Inc., Citibank, NA, Deutsche Bank Securities Inc., HSBC Securities (USA) Inc. and Mizuho Bank, Ltd. are the joint lead arrangers and joint bookrunners.

Citi, Deutsche Bank, HSBC and Mizuho are also acting as syndication agents.

Bank of China Ltd. Zweigniederlassung Frankfurt Am Main Frankfurt Branch, JPMorgan Chase Bank, NA, Societe Generale, Toronto-Dominion Bank, London Branch, UBS AG, Stamford Branch and Unicredit Bank AG, New York Branch are the documentation agents.

Linde is a Munich-based chemical company formed by the merger of Linde AG and Praxair.

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