Airgas Inc Selling $250 Million In Five-Year Notes

Date : 05/31/2011 @ 9:55AM
Source : Dow Jones News
Stock : Airgas, Inc. (ARG)
Quote : 142.95  0.0 (0.00%) @ 2:05AM

Airgas Inc Selling $250 Million In Five-Year Notes

Airgas (NYSE:ARG)
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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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