Global law firm White & Case LLP has advised Air Liquide on the US law aspects of its €3.3 billion rights issue with preferential subscription rights.

Air Liquide is the world leader in gases, technologies and services for industry and health, present in 80 countries with around 68,000 employees and more than three million customers and patients. During 2015 it generated revenue of €16.4 billion.

The rights issue, which comes after a €3 billion bond issue in June 2016, is the second of a three-part plan to enable Air Liquide to refinance a bridge loan of US$ 11.6 billion related to the acquisition of Airgas, one of the main industrial gases and related products and services supplier in the US.

The White & Case team in Paris which advised on the transaction was led by partners Philippe Herbelin and Colin Chang with support from counsel Max Turner and associates Isabelle Touré-Farah and Linda Sharkey. Partner Alexandre Ippolito, with support from associate Thomas Chardenal, advised on tax aspects.