By Andrea Heisinger
New York, March 10 - Airgas, Inc. sold an upsized $300 million of 2.85% senior unsecured notes due Oct. 1, 2013 on Wednesday to yield 145 basis points over Treasuries, a market source away from the deal said.
The size was announced in a prospectus as $250 million. They were sold at the tight end of talk in the 150 bps area.
The notes (Baa3/BBB/) priced at 99.929 to yield 2.871%.
The notes have a make-whole call at Treasuries plus 25 bps and feature a change-of-control put of 101%.
Bookrunners were Bank of America Merrill Lynch, Barclays Capital Inc. and Goldman Sachs & Co.
Proceeds will be used to repay a portion of an outstanding revolving credit facility.
The industrial gases maker is based in Radnor, Pa.
| Issuer: | Airgas, Inc.
|
| Issue: | Senior unsecured notes
|
| Amount: | $300 million, increased from $250 million
|
| Maturity: | Oct. 1, 2013
|
| Bookrunners: | Bank of America Merrill Lynch, Barclays Capital Inc., Goldman Sachs & Co.
|
| Coupon: | 2.85%
|
| Price: | 99.929
|
| Yield: | 2.871%
|
| Spread: | Treasuries plus 145 bps
|
| Call: | Make-whole at Treasuries plus 25 bps
|
| Change-of-control put: | 101%
|
| Trade date: | March10
|
| Settlement date: | March 15
|
| Ratings: | Moody's: Baa3
|
| Standard & Poor's: BBB
|
| Price talk: | 150 bps area
|
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