Airgas Completes Second Tranche of Receivables Securitization.Business Editors RADNOR, Pa.--(BUSINESS WIRE)--April 26, 2001 Airgas, Inc. (NYSE NYSE See: New York Stock Exchange :ARG See argument. arg - argument ) announced today the closing of the second and final tranche of a $150 million accounts receivable accounts receivable n. the amounts of money due or owed to a business or professional by customers or clients. Generally, accounts receivable refers to the total amount due and is considered in calculating the value of a business or the business' problems in paying securitization. PNC PNC Purdue University North Central (Westville, Indiana) PnC Point 'n Click PNC Police National Computer PNC People's National Congress (Guyana) PNC People's National Congress Capital Markets, Inc. is the structuring agent, and the commercial paper conduits, Market Street Funding Corporation, administered by PNC Bank, National Association, and Blue Ridge Asset Funding Corporation, administered by Wachovia Bank N.A., are providing funding. A total of $137.5 million has been advanced under this facility. Proceeds have been used to reduce debt under the company's revolving credit agreement Revolving credit agreement A legal commitment in which a bank promises to lend a customer up to a specified maximum amount during a specified period. revolving credit agreement See line of credit. . The first tranche closed December 2000. "Airgas' pool of diverse receivables makes securitization a very efficient and cost-effective form of financing," commented Roger Millay, senior vice president and chief financial officer. "This facility is a key part of Airgas' plan to diversify its sources of credit and obtain the lowest possible borrowing cost." About Airgas, Inc. Airgas, Inc. is the largest distributor of industrial, medical and specialty gases and related equipment and one of the largest distributors of safety supplies in the United States. Airgas' integrated distributor network consists of approximately 700 locations, including branches, packaged gas fill plants, distribution centers, and inbound and outbound telemarketing operations. Airgas can be visited on the Internet at www.airgas.com. Forward-looking Statements This press release contains forward-looking statements about Airgas within the meaning of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995, including statements regarding Airgas' plans to diversify its sources of credit and obtain low cost financing. These forward-looking statements involve risks and uncertainties. Factors that could cause actual results to differ materially from those predicted in any such forward-looking statements include Airgas' ability to obtain financing at favorable rates, the company's financial condition and future performance, and general economic conditions. These and other risks are detailed from time to time in Airgas' periodic reports filed with the Securities and Exchange Commission, including, but not limited to, its report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. for its fiscal year ended March 31, 2000. |
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