Linde PLC 8-K, filed Feb 14, 2024
Linde PLC (LIN)
About this 8-K
Linde PLC filed this 8-K on February 14, 2024.
Items reported
- Item 8.01: Other events
- Item 9.01: Financial statements and exhibits
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
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| Item 8.01. | Other Events. |
On February 14, 2024, Linde plc (the “Company”) issued €700 million aggregate principal amount of 3.000% Notes due 2028 (the “2028 Notes”), €850 million aggregate principal amount of 3.200% Notes due 2031 (the “2031 Notes”) and €700 million aggregate principal amount of 3.400% Notes due 2036 (the “2036 Notes”). The 2028 Notes, the 2031 Notes and the 2036 Notes were issued pursuant to a Subscription Agreement, dated February 12, 2024, by and among the Company, as issuer, and the financial institutions named as bookrunners and other managers therein (the “Managers”). The terms of the 2028 Notes, the 2031 Notes and the 2036 Notes are set out in the Final Terms filed as Exhibits 4.1, 4.2 and 4.3, respectively, which are incorporated herein by reference.
The net proceeds of the offering were approximately €2,238 million, after giving effect to the fees to the Managers but before other fees and expenses of the offering. Net proceeds of the offering will be used for general corporate purposes.
The 2028 Notes, the 2031 Notes and 2036 Notes have been admitted to the official list of the Luxembourg Stock Exchange and for trading on the Euro MTF market operated by the Luxembourg Stock Exchange.
The 2028 Notes, the 2031 Notes and the 2036 Notes were issued under the European debt issuance programme (the “Program”) established on May 11, 2020 by the Company, as subsequently updated on May 4, 2023, and as supplemented on February 6, 2024. Under the Program, the Company may issue unsecured notes (“Notes”) with such terms, including currency, interest rate and maturity, as agreed by the Company and the purchasers of such Notes at the time of sale and as set out in the final terms (“Final Terms”) for the relevant issue of Notes. The current Program will be valid for a period of one year from May 4, 2023 after which it will require updating prior to any further issuance of Notes. Upon occurrence of any material event concerning the Company, such as the publication of new financial information, the Program must be supplemented prior to any further issuance of Notes. The aggregate principal amount of Notes authorized under the Program to be outstanding from time to time is €10 billion (or the equivalent in other currencies).
Notes issued by the Company under the Program will be guaranteed by Linde GmbH, a wholly owned subsidiary of the Company organized under the laws of Germany, and Linde Inc., a wholly owned subsidiary of the Company organized under the laws of Delaware (such guarantees of Linde GmbH and Linde Inc. were filed as Exhibits 4.4 and 4.5, respectively, to Linde plc’s Current Report on Form 8-K dated May 26, 2020, Filing No. 001-38730, and are incorporated hereby by reference).
Pursuant to an Amended and Restated Dealer Agreement, dated May 4, 2023, by and among the Company and Deutsche Bank Aktiengesellschaft, as arranger and dealer, and the other dealers party thereto from time to time (together the “Dealers”), the Company has appointed the Dealers to subscribe and pay for Notes issued under the Program on the terms set out therein. The Company has appointed Deutsche Bank Aktiengesellschaft as fiscal agent and paying agent for any Notes issued under the Program pursuant to an Amended and Restated Fiscal Agency Agreement, dated May 4, 2023. The Fiscal Agency Agreement and the Dealer Agreement were filed as Exhibits 4.6 and Exhibit 1.1, respectively, to Linde plc’s Current Report on Form 8-K dated June 12, 2023, Filing No. 001-38730, and are incorporated herein by reference.
Notes issued under the Program by the Company will be issued pursuant to Regulation S under the U.S. Securities Act of 1933, as amended (the “Securities Act”), will not be registered under the Securities Act and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons absent registration or an applicable exemption from registration requirements under the Securities Act. This Current Report on Form 8-K shall not constitute an offer to sell, or the solicitation of an offer to buy, any securities, including any securities of the Company. The foregoing description is qualified in its entirety by reference to the exhibits filed herewith.
| Item 9.01. | Financial Statements and Exhibits. |
(d) Exhibit. The following exhibit is filed herewith:
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| LINDE PLC | ||||||
| Date: February 14, 2024 | By: | /s/ Guillermo Bichara | ||||
| Name: | Guillermo Bichara | |||||
| Title: | Executive Vice President & Chief Legal Officer | |||||
Exhibit 4.1
Linde plc
3.000% EUR 700,000,000 Unsecured Notes due 14 February 2028
Indicative Terms & Conditions
| Issuer: | Linde plc | |
| Issuer LEI: | 5299003QR1WT0EF88V51 | |
| Issuer Ratings: | A2 (stable) / A (stable) by Moody’s / S&P | |
| Issue Ratings: | A2 / A by Moody’s / S&P | |
| Form of the Notes: | Bearer form; Notes are issued as New Global Notes and are initially represented by a Temporary Global Note which is exchangeable for a Permanent Global Note | |
| Status of the Notes: | Senior, unsecured | |
| Currency: | Euro (“EUR”) | |
| Notional Amount: | EUR 700,000,000 | |
| Trade Date: | 7 February 2024 | |
| Settlement Date: | 14 February 2024 (T+5) | |
| Maturity Date: | 14 February 2028 | |
| First Coupon Date: | 14 February 2025 | |
| Term of Notes: | 4 years | |
| Spread over EUR-MS: | +35 bps | |
| EUR-MS Rate (p.a.): | 2.722% | |
| Re-offer yield (p.a.): | 3.072% | |
| Coupon (p.a.): | 3.000% per year | |
| Issue / Re-offer Price: | 99.733% of the Notional Amount | |
| Redemption: | 100% | |
| Fees: | 15.0 bps of the Notional Amount as base fee (to be deducted from the issue proceeds) (the “Base Fee”) distributed to the Bookrunners and Co-Leads | |
| 5.0 bps of the Notional Amount as discretionary fee (the “Discretionary Fee”) distributed to Citigroup, Deutsche Bank and Mizuho | ||
| All-in Price: | 99.533% of the Notional Amount incl. potential discretionary fee | |
| Net Proceeds: | EUR 696,731,000 | |
| Benchmark Bund: | DBR 0.000% due November 15, 2027 | |
| Benchmark Price: | 91.85% | |
| Re-offer spread vs. Benchmark: | +78.8 bps | |
| Business Days: | T2 plus Clearing System | |
| Interest Rate Provisions: | Act/Act (ICMA) Day Count Fraction, payable annually in arrears on 14 Feb each year | |
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| Business Day Convention: | Following unadjusted | |
| Denominations: | EUR 100,000 | |
| Tax Call: | Applicable | |
| Make-whole Call: | Applicable at the yield of the Benchmark Bund plus 15 bps | |
| 1 month Par Call: | Applicable | |
| Change of Control Put: | Holder put at par upon a change of control | |
| Clean-up Call: | Applicable (75%) | |
| Documentation: | Under Linde’s debt issuance programme dated 4 May 2023 and supplemented on 6 February 2024 | |
| Use of Proceeds: | General corporate purposes | |
| Governing Law: | German | |
| Target Market (MIFID II and UK MiFIR product governance): | Eligible counterparties and professional clients only (all distribution channels). No EEA PRIIPs or UK PRIIPs. No sales to retail in the EEA or the UK | |
| Listing: | EuroMTF of the Luxembourg Stock Exchange | |
| Selling Restrictions: | RegS and as per the base prospectus of Linde’s debt issuance programme dated 4 May 2023 and supplemented on 6 February 2024 (the “Prospectus”) | |
| Clearing System: | Clearstream Banking Luxembourg / Euroclear | |
| Security Codes: | ISIN: XS2765559799 / Common Code: 276555979 / WKN: A3LUKU | |
| Paying Agent: | Deutsche Bank | |
| Calculation Agent: | The Calculation Agent shall be an independent bank of international standing or an independent financial adviser with relevant expertise, selected by the Issuer | |
| Bookrunners: | Citigroup, Deutsche Bank, Mizuho (Actives) | |
| TD Securities (Passive) | ||
| Co-Leads: | Bank of China, BBVA, Banco Santander, BNP Paribas, Standard Chartered Bank, ANZ, BNY Mellon, Bradesco, Northern Trust, Westpac | |
| Advertisements: | This communication is not an advertisement for the purposes of Regulation (EU) 2017/1129 and underlying legislation. It is not a prospectus. The Prospectus and any supplements are available, and the final terms, when published, will be available at https://www.luxse.com/. The Prospectus and the final terms do not constitute a prospectus within the meaning of Regulation (EU) 2017/1129. | |
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Exhibit 4.2
Linde plc
3.200% EUR 850,000,000 Unsecured Notes due 14 February 2031
Indicative Terms & Conditions
| Issuer: | Linde plc | |
| Issuer LEI: | 5299003QR1WT0EF88V51 | |
| Issuer Ratings: | A2 (stable) / A (stable) by Moody’s / S&P | |
| Issue Rating: | A2 / A by Moody’s / S&P | |
| Form of the Notes: | Bearer form; Notes are issued as New Global Notes and are initially represented by a Temporary Global Note which is exchangeable for a Permanent Global Note | |
| Status of the Notes: | Senior, unsecured | |
| Currency: | Euro (“EUR”) | |
| Notional Amount: | EUR 850,000,000 | |
| Trade Date: | 7 February 2024 | |
| Settlement Date: | 14 February 2024 (T+5) | |
| Maturity Date: | 14 February 2031 | |
| First Coupon Date: | 14 February 2025 | |
| Term of Notes: | 7 years | |
| Spread over EUR-MS: | +55 bps | |
| EUR-MS Rate (p.a.): | 2.655% | |
| Re-offer yield (p.a.): | 3.205% | |
| Coupon (p.a.): | 3.200% per year | |
| Issue / Re-offer Price: | 99.969% of the Notional Amount | |
| Redemption: | 100% | |
| Fees: | 17.5 bps of the Notional Amount as base fee (to be deducted from the issue proceeds) (the “Base Fee”) distributed to the Bookrunners and Co-Leads | |
| 5.0 bps of the Notional Amount as discretionary fee (the “Discretionary Fee”) distributed to Citigroup, Deutsche Bank and Mizuho | ||
| All-in Price: | 99.744% of the Notional Amount incl. potential discretionary fee | |
| Net Proceeds: | EUR 847,824,000 | |
| Benchmark Bund: | DBR 2.400% due November 15, 2030 | |
| Benchmark Price: | 101.05% | |
| Re-offer spread vs. Benchmark: | +97.7 bps | |
| Business Days: | T2 plus Clearing System | |
| Interest Rate Provisions: | Act/Act (ICMA) Day Count Fraction, payable annually in arrears on 14 Feb each year | |
| Business Day Convention: | Following unadjusted | |
| Denominations: | EUR 100,000 | |
| Tax Call: | Applicable | |
| Make-whole Call: | Applicable at the yield of the Benchmark Bund plus 15 bps | |
| 3 month Par Call: | Applicable | |
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| Change of Control Put: | Holder put at par upon a change of control | |
| Clean-up Call: | Applicable (75%) | |
| Documentation: | Under Linde’s debt issuance programme dated 4 May 2023 and supplemented on 6 February 2024 | |
| Use of Proceeds: | General corporate purposes | |
| Governing Law: | German | |
| Target Market (MIFID II and UK MiFIR product governance): | Eligible counterparties and professional clients only (all distribution channels). No EEA PRIIPs or UK PRIIPs. No sales to retail in the EEA or the UK | |
| Listing: | EuroMTF of the Luxembourg Stock Exchange | |
| Selling Restrictions: | RegS and as per the base prospectus of Linde’s debt issuance programme dated 4 May 2023 and supplemented on 6 February 2024 (the “Prospectus”) | |
| Clearing System: | Clearstream Banking Luxembourg / Euroclear | |
| Security Codes: | ISIN: XS2765559443 / Common Code: 276555944 / WKN: A3LUKV | |
| Paying Agent: | Deutsche Bank | |
| Calculation Agent: | The Calculation Agent shall be an independent bank of international standing or an independent financial adviser with relevant expertise, selected by the Issuer | |
| Bookrunners: | Citigroup, Deutsche Bank, Mizuho (Actives) | |
| TD Securities (Passive) | ||
| Co-Leads: | Bank of China, BBVA, Banco Santander, BNP Paribas, Standard Chartered Bank, ANZ, BNY Mellon, Bradesco, Northern Trust, Westpac | |
| Advertisements: | This communication is not an advertisement for the purposes of Regulation (EU) 2017/1129 and underlying legislation. It is not a prospectus. The Prospectus and any supplements are available, and the final terms, when published, will be available at https://www.luxse.com/. The Prospectus and the final terms do not constitute a prospectus within the meaning of Regulation (EU) 2017/1129. | |
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Exhibit 4.3
Linde plc
3.400% EUR 700,000,000 Unsecured Notes due 14 February 2036
Indicative Terms & Conditions
| Issuer: | Linde plc | |
| Issuer LEI: | 5299003QR1WT0EF88V51 | |
| Issuer Ratings: | A2 (stable) / A (stable) by Moody’s / S&P | |
| Issue Rating: | A2 / A by Moody’s / S&P | |
| Form of the Notes: | Bearer form; Notes are issued as New Global Notes and are initially represented by a Temporary Global Note which is exchangeable for a Permanent Global Note | |
| Status of the Notes: | Senior, unsecured | |
| Currency: | Euro (“EUR”) | |
| Notional Amount: | EUR 700,000,000 | |
| Trade Date: | 7 February 2024 | |
| Settlement Date: | 14 February 2024 (T+5) | |
| Maturity Date: | 14 February 2036 | |
| First Coupon Date: | 14 February 2025 | |
| Term of Notes: | 12 years | |
| Spread over EUR-MS: | +75 bps | |
| EUR-MS Rate (p.a.): | 2.721% | |
| Re-offer yield (p.a.): | 3.471% | |
| Coupon (p.a.): | 3.400% per year | |
| Issue / Re-offer Price: | 99.313% of the Notional Amount | |
| Redemption: | 100% | |
| Fees: | 22.5 bps of the Notional Amount as base fee (to be deducted from the issue proceeds) (the “Base Fee”) distributed to the Bookrunners and Co-Leads | |
| 5.0 bps of the Notional Amount as discretionary fee (the “Discretionary Fee”) distributed to Citigroup, Deutsche Bank and Mizuho | ||
| All-in Price: | 99.038% of the Notional Amount incl. potential discretionary fee | |
| Net Proceeds: | EUR 693,266,000 | |
| Benchmark Bund: | DBR 0.000% due May 15, 2035 | |
| Benchmark Price: | 76.72% | |
| Re-offer spread vs. Benchmark: | +109.0 bps | |
| Business Days: | T2 plus Clearing System | |
| Interest Rate Provisions: | Act/Act (ICMA) Day Count Fraction, payable annually in arrears on 14 Feb each year | |
| Business Day Convention: | Following unadjusted | |
| Denominations: | EUR 100,000 | |
| Tax Call: | Applicable | |
| Make-whole Call: | Applicable at the yield of the Benchmark Bund plus 20 bps | |
| 3 month Par Call: | Applicable | |
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| Change of Control Put: | Holder put at par upon a change of control | |
| Clean-up Call: | Applicable (75%) | |
| Documentation: | Under Linde’s debt issuance programme dated 4 May 2023 and supplemented on 6 February 2024 | |
| Use of Proceeds: | General corporate purposes | |
| Governing Law: | German | |
| Target Market (MIFID II and UK MiFIR product governance): | Eligible counterparties and professional clients only (all distribution channels). No EEA PRIIPs or UK PRIIPs. No sales to retail in the EEA or the UK | |
| Listing: | EuroMTF of the Luxembourg Stock Exchange | |
| Selling Restrictions: | RegS and as per the base prospectus of Linde’s debt issuance programme dated 4 May 2023 and supplemented on 6 February 2024 (the “Prospectus”) | |
| Clearing System: | Clearstream Banking Luxembourg / Euroclear | |
| Security Codes: | ISIN: XS2765558635 / Common Code: 276555863 / WKN: A3LUKW | |
| Paying Agent: | Deutsche Bank | |
| Calculation Agent: | The Calculation Agent shall be an independent bank of international standing or an independent financial adviser with relevant expertise, selected by the Issuer | |
| Bookrunners: | Citigroup, Deutsche Bank, Mizuho (Actives) | |
| TD Securities (Passive) | ||
| Co-Leads: | Bank of China, BBVA, Banco Santander, BNP Paribas, Standard Chartered Bank, ANZ, BNY Mellon, Bradesco, Northern Trust, Westpac | |
| Advertisements: | This communication is not an advertisement for the purposes of Regulation (EU) 2017/1129 and underlying legislation. It is not a prospectus. The Prospectus and any supplements are available, and the final terms, when published, will be available at https://www.luxse.com/. The Prospectus and the final terms do not constitute a prospectus within the meaning of Regulation (EU) 2017/1129. | |
Important Notice
The Notes may not be suitable for all investors. Before proceeding with any investment in the Notes, potential investors should determine, without reliance upon any of the Managers, the economic risks and merits, as well as the legal, tax, regulatory and accounting characteristics and consequences, of such an investment, and that they are able to assume these risks. Investors should conduct their own analysis, using such assumptions as they deem appropriate in making an investment decision. By accepting receipt of this Termsheet the recipients will be deemed to represent that they possess, either individually or through their advisers, sufficient investment expertise to understand the risks involved in any purchase or sale of the Notes.
This Termsheet is not an offer to sell Notes and not soliciting an offer to buy the securities in any jurisdiction where the offer or sale is not permitted or to any person or entity to whom it is unlawful to make a sale. In particular, the Notes may not be offered to the public in a Member State of the European Economic Area prior to the publication of the Final Terms in accordance with the Prospectus Regulation or any relevant implementing measure, except pursuant to an exemption from, or in a transaction not subject to, the prospectus requirements of the Prospectus Regulation and/or any relevant implementing measures, in particular to qualified investors within the meaning of the Prospectus Regulation.
The Notes have not been, and will not be, registered under the U.S. Securities Act of 1933 or the securities laws of any state of the U.S. or the securities laws of any other jurisdiction and the Notes may not be offered or sold within the U.S. or to, or for the account or benefit of, U.S. persons (as defined in regulations under the Securities Act), except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and applicable state or local securities laws.
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