Airgas Issues Debt In Spite of Hostile Bid (Update)

Airgas will issue $300 million in new senior debt in a public offering, the company announced today. The will carry an interest rate of 2.85% and come due in 2013. It will go towards paying down the company's current revolving credit facility, which expires in July 2011. The offering expires on March 15. The company is proceeding with a plan to refinance its credit facilities in advance of the 2011 expiration date in spite of the hostile takeover bid from Air Products, says John Rogers, senior v.p. at Moody's Investors Serice (New York). "This offering...

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