By Andrea Heisinger
New York, Sept. 8 - Airgas, Inc. sold an upsized $400 million 4.5% five-year senior unsecured notes Tuesday to yield Treasuries plus 215 basis points, according to an FWP filing with the Securities and Exchange Commission.
The size was initially $300 million, a market source away from the sale said.
The notes (Baa3/BBB/) priced at 99.88 to yield 4.527%. They have a make-whole call at Treasuries plus 40 bps and feature a change-of-control put of 101%.
Bookrunners were Bank of America Merrill Lynch, Barclays Capital Inc. and J.P. Morgan Securities Inc. Lead managers were Bank of New York Mellon Capital Markets, Goldman Sachs & Co. and Wells Fargo Securities.
Co-managers were BB&T Capital Markets, Calyon Securities, RBS Securities Inc., Daiwa Securities America Inc., Mizuho Securities USA Inc. and SunTrust Robinson Humphrey Inc.
Proceeds will be used for general corporate purposes, including repayment of revolving debt under a senior credit facility.
The industrial and specialty gas maker is based in Radnor, Pa.
| Issuer: | Airgas, Inc.
|
| Issue: | Senior unsecured notes
|
| Amount: | $400 million, increased from $300 million
|
| Maturity: | Sept. 15, 2014
|
| Bookrunners: | Bank of America Merrill Lynch, Barclays Capital Inc., J.P. Morgan Securities Inc.
|
| Lead managers: | Bank of New York Mellon Capital Markets, Goldman Sachs & Co., Wells Fargo Securities
|
| Co-managers: | BB&T Capital Markets, Calyon Securities, RBS Securities Inc., Daiwa Securities America Inc., Mizuho Securities USA Inc., SunTrust Robinson Humphrey Inc.
|
| Coupon: | 4.5%
|
| Price: | 99.88
|
| Yield: | 4.527%
|
| Spread: | Treasuries plus 215 bps
|
| Call: | Make-whole at Treasuries plus 40 bps
|
| Change-of-control put: | 101%
|
| Trade date: | Sept. 8
|
| Settlement date: | Sept. 11
|
| Ratings: | Moody's: Baa3
|
| Standard & Poor's: BBB
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
