- Investor Relations
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Conservative and diversified financing strategy
Linde has a broad range of financing tools at its disposal to take advantage of the international capital markets i.e. a syndicated credit facility, senior bonds, a Medium-Term-Note Programme and a Euro Commercial Paper Programme. Capital market financing plays a central role in the funding strategy of the Group.
In January 2017, Linde placed EUR 1 bn senior notes with a 5-year maturity. The bond, with a coupon of 0.250%, was priced at 22 basis points over Euro-MidSwaps. The proceeds from the transaction were used for general corporate purposes and the refinancing of debt maturities. With this bond issue Linde has raised long-term funds at record low interest rate levels.
In addition to benchmark bond issues, Linde has always complemented its capital market activities by opportunistic Medium-Term-Note funding and tapping new capital markets. In 2003, Linde was the first non-financial company to place a hybrid (subordinated) bond with institutional investors followed by two further hybrid (subordinated) bonds (EUR 700 m and GBP 250 m) in 2006.
Safeguarding the Group´s liquidity situation
The liquidity of the Group is guaranteed by a currently undrawn EUR 2.5 bn revolving credit facility maturing in 2020. It is a syndicated facility which has been arranged with 33 German and international financial institutions and was signed in July 2013. This backstop facility contains no financial covenants.