White & Case Advises Air Liquide on €2.15 Billion Bond Issue to Finance DIG Airgas Acquisition

"White & Case LLP advised Air Liquide on a €2.15 billion multi‑tranche bond issue to finance its acquisition of DIG Airgas. The offering comprised four tranches (€400m variable-rate due 2027; €500m at 2.625% due 2029; €500m at 3.00% due 2033; €750m at 3.50% due 2037), and was significantly oversubscribed."

White & Case LLP advised Air Liquide in connection with a €2.15 billion multi‑tranche bond issuance to finance the acquisition of DIG Airgas. The transaction comprised four tranches totalling €2.15 billion in principal to be used to finance the acquisition of DIG Airgas or for Air Liquide’s general corporate purposes. The first tranche is €400 million in principal, carries a variable coupon linked to 3‑month Euribor plus a margin of 0.23% and matures in 2027. The second tranche is €500 million in principal, carries a fixed annual coupon of 2.625% and matures in 2029. The third tranche is €500 million in principal, carries a fixed annual coupon of 3.00% and matures in 2033. The fourth tranche is €750 million in principal, carries a fixed annual coupon of 3.50% and matures in 2037. The offering was significantly oversubscribed by investors. Each of the fixed‑rate notes includes an early redemption option at Air Liquide’s discretion tied to the acquisition of DIG Airgas. White & Case LLP represented Air Liquide with a team composed by: Grégoire Karila, partner, Capital Markets, Paris; Romain Bruno, associate, Capital Markets.

White & Case Advises Air Liquide on €2.15 Billion Bond Issue to Finance DIG Airgas Acquisition

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