Airgas Inc Selling $250 Million In Five-Year Notes
May 31 2011 - 9:55AM
Dow Jones News
Airgas Inc. (ARG), a distributor of industrial, medical and
specialty gases as well as safety products, came to market Tuesday
to sell $250 million in five-year notes.
The Radnor, Pa.-based company said it plans to use proceeds of
the sale to fund acquisitions and repay existing debt.
Earlier this month, Airgas announced intentions to buy back $300
million of common stock, with the timing of the move dependent on
market conditions and its share price. It is funding the buybacks
with its credit facilities.
Also in May, the company closed on its purchase of Pain
Enterprises Inc., a maker and distributor of dry ice and liquid
carbon dioxide.
Tuesday's bond sale is being led by Bank of America Merrill
Lynch, Goldman Sachs & Co. and Wells Fargo Securities as joint
bookrunning managers.
-By Katy Burne, Dow Jones Newswires; 212-416-3084;
katy.burne@dowjones.com
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