Air Liquide Said to Seek 850 Million-Euro Refinancing Credit
Air Liquide SA (AI), the world’s biggest producer of industrial gases, hired banks to arrange a credit line for at least 850 million euros ($1.2 billion) to refinance, three people with knowledge of the situation said.
BNP Paribas SA, Citigroup Inc., Credit Agricole CIB, HSBC Holdings Plc, Natixis and Societe Generale are arranging the credit line, said the people, who declined to be identified because the terms are private.
Air Liquide is offering to pay initial interest of 45 basis points more than the euro interbank offered rate for the five- year revolving credit that has two one-year extension options, said the people.
The Paris-based company agreed to pay lenders a fee once it draws funds under the credit line, said the people. A basis point is 0.01 percentage point.
Corinne Estrade-Bordry, a spokeswoman at Air Liquide, declined to comment.
The deal, which may be increased, will replace a 1.1 billion-euro revolving credit maturing next year, said the people.
Air Liquide said Aug. 1 its first-half net income rose 11 percent to 750 million euros from 676 million euros a year earlier. The company’s debt is rated A by Standard & Poor’s.
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