New Issue: Airgas prices upsized $400 million 3.05% five-year notes at Treasuries plus 148 bps

By Aleesia Forni

Virginia Beach, Aug. 6 – Airgas Inc. priced an upsized $400 million of 3.05% five-year senior notes (Baa2/BBB/) at Treasuries plus 148 basis points on Thursday, according to a market source.

Pricing was at 99.808 to yield 3.092%.

The notes sold at the tight end of guidance set in the 150 bps area over Treasuries. Initial talk was in the range of 160 bps to 165 bps over Treasuries.

The bookrunners were BofA Merrill Lynch, Goldman Sachs & Co., U.S. Bancorp Investments Inc. and Wells Fargo Securities LLC.

Proceeds will be used for general corporate purposes.

The maker of specialty and industrial gases is based in Radnor, Pa.

Issuer:	Airgas Inc.
Amount:	$400 million, upsized from $350 million
Description:	Senior notes
Maturity:	Aug. 1, 2020
Bookrunners:	BofA Merrill Lynch, Goldman Sachs & Co., U.S. Bancorp Investments Inc., Wells Fargo Securities LLC
Lead managers:	HSBC Securities, MUFG
Senior co-manager:	SMBC Nikko
Co-managers:	Credit Agricole, Mizuho Securities, BB&T Capital Markets, PNC Capital Markets LLC, RBS Securities Inc.
Coupon:	3.05%
Price:	99.808
Yield:	3.092%
Spread:	Treasuries plus 148 bps
Make-whole call:	Treasuries plus 25 bps
Trade date:	Aug. 6
Settlement date:	Aug. 11
Ratings:	Moody’s: Baa2
	Standard & Poor’s: BBB
Distribution:	SEC registered
Price guidance:	Treasuries plus 150 bps area bps area, tightened from Treasuries plus 160 bps to 165 bps

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