Obbligazione Air Liquide 3.5% ( US00913RAE62 ) in USD

Air Liquide

78.35 USD ▼

Francia

US00913RAE62 ( in USD )

3.5% per anno ( pagato 2 volte l'anno)

27/09/2046

Prospetto opuscolo dell'obbligazione Air Liquide US00913RAE62 en USD 3.5%, scadenza 27/09/2046

200 000 USD

750 000 000 USD

00913RAE6

A ( Upper medium grade - Investment-grade )

A2 ( Upper medium grade - Investment-grade )

27/03/2025 ( In 64 giorni )

Air Liquide è un'azienda multinazionale francese leader nella produzione e distribuzione di gas industriali, medicali e per l'elettronica.

The Obbligazione issued by Air Liquide ( France ) , in USD, with the ISIN code US00913RAE62, pays a coupon of 3.5% per year.
The coupons are paid 2 times per year and the Obbligazione maturity is 27/09/2046

The Obbligazione issued by Air Liquide ( France ) , in USD, with the ISIN code US00913RAE62, was rated A2 ( Upper medium grade - Investment-grade ) by Moody's credit rating agency.

The Obbligazione issued by Air Liquide ( France ) , in USD, with the ISIN code US00913RAE62, was rated A ( Upper medium grade - Investment-grade ) by Standard & Poor's ( S&P ) credit rating agency.

Pricing Term Sheet dated September 22, 2016
to the Preliminary Offering Memorandum dated September 14, 2016
Strictly Confidential
U.S.$4,500,000,000
Air Liquide Finance
U.S.$750,000,000 1.375% Notes due 2019 (the "Series 2019 Notes")
U.S.$1,000,000,000 1.750% Notes due 2021 (the "Series 2021 Notes")
U.S.$750,000,000 2.250% Notes due 2023 (the "Series 2023 Notes")
U.S.$1,250,000,000 2.500% Notes due 2026 (the "Series 2026 Notes")
U.S.$750,000,000 3.500% Notes due 2046 (the "Series 2046 Notes")
unconditionally guaranteed by
L'Air Liquide S.A.
ISSUER:
Air Liquide Finance
GUARANTOR:
L'Air Liquide S.A.
RANKING:
Senior Unsecured
OFFERING FORMAT:
Rule 144A / Regulation S
EXPECTED RATINGS*:
Moody's: A3
S&P: A-
PRINCIPAL AMOUNT:
Series 2019 Notes: U.S.$750,000,000
Series 2021 Notes: U.S.$1,000,000,000
Series 2023 Notes: U.S.$750,000,000
Series 2026 Notes: U.S.$1,250,000,000
Series 2046 Notes: U.S.$750,000,000
TRADE DATE:
September 22, 2016
EXPECTED SETTLEMENT DATE:
September 27, 2016 (T+3)
MATURITY DATE:
Series 2019 Notes: September 27, 2019
Series 2021 Notes: September 27, 2021
Series 2023 Notes: September 27, 2023
Series 2026 Notes: September 27, 2026
Series 2046 Notes: September 27, 2046
ISSUE PRICE:
Series 2019 Notes: 99.760% of Principal Amount
Series 2021 Notes: 99.463% of Principal Amount
Series 2023 Notes: 99.749% of Principal Amount

Series 2026 Notes: 99.622% of Principal Amount
Series 2046 Notes: 99.797% of Principal Amount
COUPON:
Series 2019 Notes: 1.375% per annum
Series 2021 Notes: 1.750% per annum
Series 2023 Notes: 2.250% per annum
Series 2026 Notes: 2.500% per annum
Series 2046 Notes: 3.500% per annum
INTEREST PAYMENT DATES:
March 27 and September 27, commencing on
March 27, 2017
U.S. BENCHMARK TREASURY:
Series 2019 Notes: 0.875% due September 15, 2019
Series 2021 Notes: 1.125% due August 31, 2021
Series 2023 Notes: 1.375% due August 31, 2023
Series 2026 Notes: 1.500% due August 15, 2026
Series 2046 Notes: 2.500% due May 15, 2046
U.S. BENCHMARK TREASURY PRICE
Series 2019 Notes: 99-29; 0.907%
AND YIELD:
Series 2021 Notes: 99-26¼; 1.163%
Series 2023 Notes: 99-18+; 1.439%
Series 2026 Notes: 98-31; 1.613%
Series 2046 Notes: 103-19+; 2.331%
SPREAD TO U.S. BENCHMARK
Series 2019 Notes: +55 bps
TREASURY:
Series 2021 Notes: +70 bps
Series 2023 Notes: +85 bps
Series 2026 Notes: +93 bps
Series 2046 Notes: +118 bps
YIELD TO MATURITY:
Series 2019 Notes: 1.457%
Series 2021 Notes: 1.863%
Series 2023 Notes: 2.289%
Series 2026 Notes: 2.543%
Series 2046 Notes: 3.511%
OPTIONAL REDEMPTION:
Series 2019 Notes: Prior to the Maturity Date,
make-whole call at Treasury Rate plus 10 bps.
Series 2021 Notes: Prior to August 27, 2021, make-
whole call at Treasury Rate plus 10 bps; on or after
August 27, 2021, 100% of the nominal amount plus
accrued and unpaid interest.
Series 2023 Notes: Prior to July 27, 2023, make-
whole call at Treasury Rate plus 15 bps; on or after
July 27, 2023, 100% of the nominal amount plus
accrued and unpaid interest.
Series 2026 Notes: Prior to June 27, 2026, make-
whole call at Treasury Rate plus 15 bps; on or after
June 27, 2026, 100% of the nominal amount plus
accrued and unpaid interest.

Series 2046 Notes: Prior to March 27, 2046, make-
whole call at Treasury Rate plus 20 bps; on or after
March 27, 2046, 100% of the nominal amount plus
accrued and unpaid interest.
CHANGE OF CONTROL:
101% of the nominal amount plus accrued and
unpaid interest
EARLY REDEMPTION:
Tax Reasons
DAY COUNT FRACTION:
30/360
DAY COUNT CONVENTION:
Following; Unadjusted
BUSINESS DAY:
Paris or New York City
SPECIFIED DENOMINATION:
Minimum of $200,000 and integral multiples of
$1,000 in excess thereof
LISTING:
None
RULE 144A CUSIP/ISIN:
Series 2019 Notes: 00913R AA4 / US00913RAA41
Series 2021 Notes: 00913R AB2 / US00913RAB24
Series 2023 Notes: 00913R AC0 / US00913RAC07
Series 2026 Notes: 00913R AD8 / US00913RAD89
Series 2046 Notes: 00913R AE6 / US00913RAE62
REGULATION S CUSIP/ISIN:
Series 2019 Notes: F0183J HM6 / USF0183JHM65
Series 2021 Notes: F0183J HN4 / USF0183JHN49
Series 2023 Notes: F0183J HP9 / USF0183JHP96
Series 2026 Notes: F0183J HQ7 / USF0183JHQ79
Series 2046 Notes: F0183J HR5 / USF0183JHR52
JOINT BOOK-RUNNING MANAGERS:
Barclays Capital Inc.
BNP Paribas Securities Corp.
Citigroup Global Markets Inc.
HSBC Securities (USA) Inc.
J.P. Morgan Securities LLC
MUFG Securities Americas Inc.
Credit Agricole Securities (USA) Inc.
Mizuho Securities USA Inc.
Natixis Securities Americas LLC
RBS Securities Inc.
*Note: A securities rating is not a recommendation to buy, sell or hold securities and may be
subject to suspension, revision or withdrawal at any time by the assigning rating agency.
This communication is intended for the sole use of the person to whom it is provided by the
sender. This communication does not constitute an offer to sell or the solicitation of an offer to
buy any securities in any jurisdiction to any person to whom it is unlawful to make such offer or
solicitation in such jurisdiction.

These securities have not been registered under the Securities Act of 1933, as amended, and may
only be sold to qualified institutional buyers pursuant to Rule 144A and outside the United States
solely to non-U.S. persons as defined under Regulation S.
The information in this pricing term sheet supplements the Issuer's and the Guarantor's
preliminary offering memorandum, dated September 14, 2016 (the "Preliminary Offering
Memorandum") and supersedes the information in the Preliminary Offering Memorandum to
the extent inconsistent with the information in the Preliminary Offering Memorandum. This
pricing term sheet is qualified in its entirety by reference to the Preliminary Offering
Memorandum. Terms used herein but not defined herein shall have the respective meanings as
set forth in the Preliminary Offering Memorandum.
ANY DISCLAIMERS OR OTHER NOTICES THAT MAY APPEAR BELOW ARE NOT
APPLICABLE TO THIS COMMUNICATION AND SHOULD BE DISREGARDED. SUCH
DISCLAIMERS OR OTHER NOTICES WERE AUTOMATICALLY GENERATED AS A
RESULT OF THIS COMMUNICATION BEING SENT VIA BLOOMBERG OR ANOTHER
EMAIL SYSTEM.