Global law firm White & Case LLP has advised Air Liquide, on a €2.15 billion multi-tranche bond to finance its acquisition of DIG Airgas.
The first in four tranches has a principal amount of €400 million with a floating-rate, three-month Euribor plus 0.23% and will mature in 2027. The second tranche for a principal amount of €500 million has an annual coupon of 2.625% and will mature in 2029. The third tranche has a principal amount of €500 million with an annual coupon of 3.00% and will mature in 2033. The fourth tranche for a principal amount of €750 million has an annual coupon of 3.50% and will mature in 2037.
This bond offering was significantly oversubscribed by investors and the proceeds will be used to finance the acquisition of DIG Airgas or the Air Liquide’s general corporate purposes. Each of the fixed rate bonds provides for an acquisition event call option related to the DIG Airgas acquisition.
Air Liquide is a world leader in gases, technologies and services for industry and healthcare. DIG Airgas is a major and recognised player in the industrial gas industry in the South Korean market.
The White & Case team in Paris which advised on the transaction was led by partner Grégoire Karila and included associate Romain Bruno.
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