Crédit Agricole CIB acted as deal manager and joint bookrunner, together with BNP Paribas and Société Générale CIB, for a 10-year EUR 500 million bond exchange issue for Air Liquide.

The operation was a real success, replacing EUR 331 million of bonds maturing in November 2012 and paying a 6.125% coupon, by a new 10-year issue paying a 3.889% coupon. Given the particularly favourable conditions of this transaction, the group decided to increase the size of the new issue to EUR 500 million in a context of strong investor demand.

This bond issue will support Air Liquide extending the average maturity of its debt by reducing the 2012 maturity in favour of 2020, while benefiting from particularly favourable long-term debt market conditions.

This new deal confirms the Bank’s position as one of Air Liquide’s core banks.

Air Liquide is the world leader in gases for industry, health and the environment, and is present in over 75 countries with 42,300 employees.