-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, UwjsXdDEwVe40bmBhM5ZfpQnt/CPg1Q6khGasIwyxOn+O8XA3M5GNf7antgpWp/7 AFlvEv3qIihtg5Pm87tTlA== 0000893220-06-001663.txt : 20060727 0000893220-06-001663.hdr.sgml : 20060727 20060727105503 ACCESSION NUMBER: 0000893220-06-001663 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 4 CONFORMED PERIOD OF REPORT: 20060725 ITEM INFORMATION: Entry into a Material Definitive Agreement ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20060727 DATE AS OF CHANGE: 20060727 FILER: COMPANY DATA: COMPANY CONFORMED NAME: AIRGAS INTERMOUNTAIN INC CENTRAL INDEX KEY: 0001158051 IRS NUMBER: 840590677 STATE OF INCORPORATION: DE FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 333-68722-13 FILM NUMBER: 06983372 BUSINESS ADDRESS: STREET 1: C/O AIRGASS INC STREET 2: 259 NORTH CHESTER RD STE 100 CITY: RADNOR STATE: PA ZIP: 190875283 BUSINESS PHONE: 6106875253 MAIL ADDRESS: STREET 1: C/O AIRGAS INC STREET 2: 259 NORTH RADNOR CHESTER RD STE 100 CITY: RADNOR STATE: PA ZIP: 190875283 FILER: COMPANY DATA: COMPANY CONFORMED NAME: AIRGAS GULF STATES INC CENTRAL INDEX KEY: 0001158050 IRS NUMBER: 521633106 STATE OF INCORPORATION: DE FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 333-68722-14 FILM NUMBER: 06983374 BUSINESS ADDRESS: STREET 1: C/O AIRGASS INC STREET 2: 259 NORTH CHESTER RD STE 100 CITY: RADNOR STATE: PA ZIP: 190875283 BUSINESS PHONE: 6106875253 MAIL ADDRESS: STREET 1: C/O AIRGAS INC STREET 2: 259 NORTH RADNOR CHESTER RD STE 100 CITY: RADNOR STATE: PA ZIP: 190875283 FILER: COMPANY DATA: COMPANY CONFORMED NAME: AIRGAS NORTH CENTRAL INC CENTRAL INDEX KEY: 0001158048 IRS NUMBER: 391845894 STATE OF INCORPORATION: DE FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 333-68722-21 FILM NUMBER: 06983376 BUSINESS ADDRESS: STREET 1: C/O AIRGASS INC STREET 2: 259 NORTH CHESTER RD STE 100 CITY: RADNOR STATE: PA ZIP: 190875283 BUSINESS PHONE: 6106875253 MAIL ADDRESS: STREET 1: C/O AIRGAS INC STREET 2: 259 NORTH RADNOR CHESTER RD STE 100 CITY: RADNOR STATE: PA ZIP: 190875283 FILER: COMPANY DATA: COMPANY CONFORMED NAME: AIRGAS DATA LLC CENTRAL INDEX KEY: 0001158066 IRS NUMBER: 383398137 STATE OF INCORPORATION: DE FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 333-68722-16 FILM NUMBER: 06983381 BUSINESS ADDRESS: STREET 1: C/O AIRGASS INC STREET 2: 259 NORTH CHESTER RD STE 100 CITY: RADNOR STATE: PA ZIP: 190875283 BUSINESS PHONE: 6106875253 MAIL ADDRESS: STREET 1: C/O AIRGAS INC STREET 2: 259 NORTH RADNOR CHESTER RD STE 100 CITY: RADNOR STATE: PA ZIP: 190875283 FILER: COMPANY DATA: COMPANY CONFORMED NAME: NITROUS OXIDE CORP CENTRAL INDEX KEY: 0001158060 IRS NUMBER: 232359281 STATE OF INCORPORATION: DE FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 333-68722-03 FILM NUMBER: 06983384 BUSINESS ADDRESS: STREET 1: C/O AIRGASS INC STREET 2: 259 NORTH CHESTER RD STE 100 CITY: RADNOR STATE: PA ZIP: 190875283 BUSINESS PHONE: 6106875253 MAIL ADDRESS: STREET 1: C/O AIRGAS INC STREET 2: 259 NORTH RADNOR CHESTER RD STE 100 CITY: RADNOR STATE: PA ZIP: 190875283 FILER: COMPANY DATA: COMPANY CONFORMED NAME: AIRGAS NOR PAC INC CENTRAL INDEX KEY: 0001158052 IRS NUMBER: 911428840 STATE OF INCORPORATION: DE FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 333-68722-11 FILM NUMBER: 06983371 BUSINESS ADDRESS: STREET 1: C/O AIRGASS INC STREET 2: 259 NORTH CHESTER RD STE 100 CITY: RADNOR STATE: PA ZIP: 190875283 BUSINESS PHONE: 6106875253 MAIL ADDRESS: STREET 1: C/O AIRGAS INC STREET 2: 259 NORTH RADNOR CHESTER RD STE 100 CITY: RADNOR STATE: PA ZIP: 190875283 FILER: COMPANY DATA: COMPANY CONFORMED NAME: AIRGAS MID SOUTH INC CENTRAL INDEX KEY: 0001158193 IRS NUMBER: 710775603 STATE OF INCORPORATION: DE FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 333-68722-12 FILM NUMBER: 06983373 BUSINESS ADDRESS: STREET 1: 295 NORTH RADNOR CHESTER RD STE 100 CITY: RADNOR STATE: PA ZIP: 19087 BUSINESS PHONE: 6106875253 MAIL ADDRESS: STREET 1: 295 NORTH RADNOR CHESTER RD STE 100 CITY: RADNOR STATE: PA ZIP: 19087 FILER: COMPANY DATA: COMPANY CONFORMED NAME: AIRGAS SOUTH INC CENTRAL INDEX KEY: 0001158049 IRS NUMBER: 521390683 STATE OF INCORPORATION: DE FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 333-68722-20 FILM NUMBER: 06983375 BUSINESS ADDRESS: STREET 1: C/O AIRGASS INC STREET 2: 259 NORTH CHESTER RD STE 100 CITY: RADNOR STATE: PA ZIP: 190875283 BUSINESS PHONE: 6106875253 MAIL ADDRESS: STREET 1: C/O AIRGAS INC STREET 2: 259 NORTH RADNOR CHESTER RD STE 100 CITY: RADNOR STATE: PA ZIP: 190875283 FILER: COMPANY DATA: COMPANY CONFORMED NAME: AIRGAS GREAT LAKES INC CENTRAL INDEX KEY: 0001158046 IRS NUMBER: 061463355 STATE OF INCORPORATION: DE FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 333-68722-23 FILM NUMBER: 06983378 BUSINESS ADDRESS: STREET 1: C/O AIRGASS INC STREET 2: 259 NORTH CHESTER RD STE 100 CITY: RADNOR STATE: PA ZIP: 190875283 BUSINESS PHONE: 6106875253 MAIL ADDRESS: STREET 1: C/O AIRGAS INC STREET 2: 259 NORTH RADNOR CHESTER RD STE 100 CITY: RADNOR STATE: PA ZIP: 190875283 FILER: COMPANY DATA: COMPANY CONFORMED NAME: AIRGAS SPECIALTY GASES INC CENTRAL INDEX KEY: 0001158059 IRS NUMBER: 760182866 STATE OF INCORPORATION: TX FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 333-68722-04 FILM NUMBER: 06983385 BUSINESS ADDRESS: STREET 1: C/O AIRGASS INC STREET 2: 259 NORTH CHESTER RD STE 100 CITY: RADNOR STATE: PA ZIP: 190875283 BUSINESS PHONE: 6106875253 MAIL ADDRESS: STREET 1: C/O AIRGAS INC STREET 2: 259 NORTH RADNOR CHESTER RD STE 100 CITY: RADNOR STATE: PA ZIP: 190875283 FILER: COMPANY DATA: COMPANY CONFORMED NAME: AIRGAS SAFETY INC CENTRAL INDEX KEY: 0001158056 IRS NUMBER: 232840701 STATE OF INCORPORATION: DE FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 333-68722-07 FILM NUMBER: 06983387 BUSINESS ADDRESS: STREET 1: C/O AIRGASS INC STREET 2: 259 NORTH CHESTER RD STE 100 CITY: RADNOR STATE: PA ZIP: 190875283 BUSINESS PHONE: 6106875253 MAIL ADDRESS: STREET 1: C/O AIRGAS INC STREET 2: 259 NORTH RADNOR CHESTER RD STE 100 CITY: RADNOR STATE: PA ZIP: 190875283 FILER: COMPANY DATA: COMPANY CONFORMED NAME: AIRGAS NORTHERN CALIFORNIA & NEVADA INC CENTRAL INDEX KEY: 0001158053 IRS NUMBER: 232491493 STATE OF INCORPORATION: DE FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 333-68722-10 FILM NUMBER: 06983370 BUSINESS ADDRESS: STREET 1: C/O AIRGASS INC STREET 2: 259 NORTH CHESTER RD STE 100 CITY: RADNOR STATE: PA ZIP: 190875283 BUSINESS PHONE: 6106875253 MAIL ADDRESS: STREET 1: C/O AIRGAS INC STREET 2: 259 NORTH RADNOR CHESTER RD STE 100 CITY: RADNOR STATE: PA ZIP: 190875283 FILER: COMPANY DATA: COMPANY CONFORMED NAME: AIRGAS EAST INC CENTRAL INDEX KEY: 0001158045 STANDARD INDUSTRIAL CLASSIFICATION: WHOLESALE-CHEMICALS & ALLIED PRODUCTS [5160] IRS NUMBER: 061463355 STATE OF INCORPORATION: DE FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 333-68722-24 FILM NUMBER: 06983379 BUSINESS ADDRESS: STREET 1: C/O AIRGASS INC STREET 2: 259 NORTH CHESTER RD STE 100 CITY: RADNOR STATE: PA ZIP: 190875283 BUSINESS PHONE: 6106875253 MAIL ADDRESS: STREET 1: C/O AIRGAS INC STREET 2: 259 NORTH RADNOR CHESTER RD STE 100 CITY: RADNOR STATE: PA ZIP: 190875283 FILER: COMPANY DATA: COMPANY CONFORMED NAME: AIRGAS CARBONIC INC CENTRAL INDEX KEY: 0001158058 IRS NUMBER: 582298979 STATE OF INCORPORATION: DE FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 333-68722-05 FILM NUMBER: 06983386 BUSINESS ADDRESS: STREET 1: C/O AIRGASS INC STREET 2: 259 NORTH CHESTER RD STE 100 CITY: RADNOR STATE: PA ZIP: 190875283 BUSINESS PHONE: 6106875253 MAIL ADDRESS: STREET 1: C/O AIRGAS INC STREET 2: 259 NORTH RADNOR CHESTER RD STE 100 CITY: RADNOR STATE: PA ZIP: 190875283 FILER: COMPANY DATA: COMPANY CONFORMED NAME: AIRGAS SOUTHWEST INC CENTRAL INDEX KEY: 0001158054 IRS NUMBER: 742768918 STATE OF INCORPORATION: DE FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 333-68722-09 FILM NUMBER: 06983389 BUSINESS ADDRESS: STREET 1: C/O AIRGASS INC STREET 2: 259 NORTH CHESTER RD STE 100 CITY: RADNOR STATE: PA ZIP: 190875283 BUSINESS PHONE: 6106875253 MAIL ADDRESS: STREET 1: C/O AIRGAS INC STREET 2: 259 NORTH RADNOR CHESTER RD STE 100 CITY: RADNOR STATE: PA ZIP: 190875283 FILER: COMPANY DATA: COMPANY CONFORMED NAME: AIRGAS INC CENTRAL INDEX KEY: 0000804212 STANDARD INDUSTRIAL CLASSIFICATION: WHOLESALE-INDUSTRIAL MACHINERY & EQUIPMENT [5084] IRS NUMBER: 560732648 STATE OF INCORPORATION: DE FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-09344 FILM NUMBER: 06983380 BUSINESS ADDRESS: STREET 1: 259 N. RADNOR-CHESTER ROAD STREET 2: SUITE 100 CITY: RADNOR STATE: PA ZIP: 19087 BUSINESS PHONE: 6106875253 MAIL ADDRESS: STREET 1: 259 N. RADNOR-CHESTER ROAD STREET 2: SUITE 100 CITY: RADNOR STATE: PA ZIP: 19087 FILER: COMPANY DATA: COMPANY CONFORMED NAME: AIRGAS WEST INC CENTRAL INDEX KEY: 0001158055 IRS NUMBER: 951525207 STATE OF INCORPORATION: CA FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 333-68722-08 FILM NUMBER: 06983388 BUSINESS ADDRESS: STREET 1: C/O AIRGASS INC STREET 2: 259 NORTH CHESTER RD STE 100 CITY: RADNOR STATE: PA ZIP: 190875283 BUSINESS PHONE: 6106875253 MAIL ADDRESS: STREET 1: C/O AIRGAS INC STREET 2: 259 NORTH RADNOR CHESTER RD STE 100 CITY: RADNOR STATE: PA ZIP: 190875283 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ATNL INC CENTRAL INDEX KEY: 0001158063 IRS NUMBER: 510371219 STATE OF INCORPORATION: DE FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 333-68722-19 FILM NUMBER: 06983382 BUSINESS ADDRESS: STREET 1: C/O AIRGASS INC STREET 2: 259 NORTH CHESTER RD STE 100 CITY: RADNOR STATE: PA ZIP: 190875283 BUSINESS PHONE: 6106875253 MAIL ADDRESS: STREET 1: C/O AIRGAS INC STREET 2: 259 NORTH RADNOR CHESTER RD STE 100 CITY: RADNOR STATE: PA ZIP: 190875283 FILER: COMPANY DATA: COMPANY CONFORMED NAME: RED D ARC INC CENTRAL INDEX KEY: 0001158062 IRS NUMBER: 880259460 STATE OF INCORPORATION: NV FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 333-68722-01 FILM NUMBER: 06983383 BUSINESS ADDRESS: STREET 1: C/O AIRGASS INC STREET 2: 259 NORTH CHESTER RD STE 100 CITY: RADNOR STATE: PA ZIP: 190875283 BUSINESS PHONE: 6106875253 MAIL ADDRESS: STREET 1: C/O AIRGAS INC STREET 2: 259 NORTH RADNOR CHESTER RD STE 100 CITY: RADNOR STATE: PA ZIP: 190875283 FILER: COMPANY DATA: COMPANY CONFORMED NAME: AIRGAS MID AMERICA INC CENTRAL INDEX KEY: 0001158047 IRS NUMBER: 611237230 STATE OF INCORPORATION: DE FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 333-68722-22 FILM NUMBER: 06983377 BUSINESS ADDRESS: STREET 1: C/O AIRGASS INC STREET 2: 259 NORTH CHESTER RD STE 100 CITY: RADNOR STATE: PA ZIP: 190875283 BUSINESS PHONE: 6106875253 MAIL ADDRESS: STREET 1: C/O AIRGAS INC STREET 2: 259 NORTH RADNOR CHESTER RD STE 100 CITY: RADNOR STATE: PA ZIP: 190875283 8-K 1 w23608e8vk.htm FORM 8-K AIRGAS, INC. e8vk
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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15 (d) of
the Securities Exchange Act of 1934
Date of Report (date of earliest event reported): July 25, 2006
AIRGAS, INC.
(Exact name of registrant as specified in its charter)
         
Delaware   1-9344   56-0732648
         
(State or other   (Commission File Number)   (I.R.S. Employer
jurisdiction of       Identification No.)
incorporation)        
259 North Radnor-Chester Road, Suite 100
Radnor, PA 19087-5283
 
(Address of principal executive offices)
Registrant’s telephone number, including area code: (610) 687-5253
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
o   Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425).
 
o   Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12).
 
o   Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)).
 
o   Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)).
 
 

TABLE OF CONTENTS

Item 1.01 Entry into a Material Definitive Agreement
Item 2.02 Results of Operations and Financial Condition
Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant
Item 9.01 Financial Statements and Exhibits
Signatures
Press Release dated July 25, 2006
Press Release dated July 26, 2006

Table of Contents

Item 1.01 Entry into a Material Definitive Agreement
On July 25, 2006, Airgas, Inc. (the “Company”) announced that it amended and restated its senior credit facility with a syndicate of banks, including Bank of America, N.A., as US Agent, The Bank of Nova Scotia, as Canadian Agent, JPMorgan Chase Bank, N.A., as Syndication Agent, The Bank of New York, The Bank of Tokyo- Mitsubishi UFJ, Ltd., PNC Bank, N.A., and certain other lenders. The $1.6 billion senior unsecured credit facility (the “Credit Agreement”), effective July 25, 2006, consists of a US$966 million and C$40 million (the US dollar equivalent of $34 million) revolving credit line and two deferred draw term loans totaling $600 million. The Company intends to use borrowings under the revolving credit line for working capital, acquisitions and general corporate purposes. The $100 million term loan may only be used to refinance the Company’s 7.75% medium-term notes due on September 15, 2006, and the $500 million term loan may only be used to finance certain contemplated acquisitions. If the contemplated acquisitions are not completed, the outstanding commitment for the unused portion of the $500 million term loan will expire in May 2007. The revolving credit line matures on July 25, 2011. The term loans will be payable in periodic installments from the date of drawing on the term loans through July 25, 2011.
The Credit Agreement amends and restates the credit agreement dated January 15, 2005, (the “2005 Agreement”), which would have matured on January 14, 2010 and permitted the Company to borrow up to the equivalent of $428 million. The Company’s initial borrowings under the Credit Agreement total $191 million. The current interest rate on borrowings under the Credit Agreement is LIBOR plus 75 basis points, which is down from LIBOR plus 95 basis points under the 2005 Agreement. The interest rate under the Credit Agreement may increase or decrease based on the Company’s credit rating.
The covenants under the Credit Agreement are generally similar to those in the 2005 Agreement and include certain leverage ratios, which could potentially restrict additional borrowings. The Credit Agreement also contains customary events of default, including nonpayment and breach of covenants. In the event of default, repayment of borrowings under the Credit Agreement may be accelerated.
Under the Credit Agreement, the Company’s domestic subsidiaries guarantee the U.S. borrowings and Canadian borrowings, and the Company’s foreign subsidiaries also guarantee the Canadian borrowings. The guarantees are full and unconditional and are made on a joint and several basis. The Company has pledged 100% of the stock of its domestic subsidiaries and 65% of the stock of its foreign subsidiaries as surety for its obligations under the agreement. The Credit Agreement provides for the release of the guarantees and collateral if the Company attains an investment grade credit rating and a similar release on all other debt.
The Company’s press release describing the Credit Agreement is attached as Exhibit 99.1 and is incorporated herein by reference.

 

Table of Contents

Item 2.02 Results of Operations and Financial Condition
On July 26, 2006, the Company reported its earnings for its fiscal first quarter ended June 30, 2006, as described in the press release attached as Exhibit 99.2 and incorporated herein by reference.
Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant
The information set forth under Item 1.01 above relating to the Credit Agreement is incorporated by reference into this Item 2.03.
Item 9.01 Financial Statements and Exhibits
(a) None
(b) None
(c) None
(d) Exhibits.
     99.1 — Press Release dated July 25, 2006
     99.2 — Press Release dated July 26, 2006

 

Table of Contents

Signatures
Pursuant to the requirements of the Securities and Exchange Act of 1934, the Registrant and Co-Registrants have duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
             
AIRGAS, INC.       AIRGAS EAST, INC.
         
(Registrant)
       AIRGAS GREAT LAKES, INC.
 
          AIRGAS MID AMERICA, INC.
 
          AIRGAS NORTH CENTRAL, INC.
 
          AIRGAS SOUTH, INC.
BY:
  /s/ Robert M. McLaughlin       AIRGAS GULF STATES, INC.
 
           
 
  Robert M. McLaughlin       AIRGAS MID SOUTH, INC.
 
  Vice President & Controller       AIRGAS INTERMOUNTAIN, INC.
 
          AIRGAS NORPAC, INC.
 
          AIRGAS NORTHERN CALIFORNIA & NEVADA, INC.
 
          AIRGAS SOUTHWEST, INC.
 
          AIRGAS WEST, INC.
 
          AIRGAS SAFETY, INC.
 
          AIRGAS CARBONIC, INC.
 
          AIRGAS SPECIALTY GASES, INC.
 
          NITROUS OXIDE CORP.
 
          RED-D-ARC, INC.
 
          AIRGAS DATA, LLC
         
 
 
 
(Co-Registrants) 		   
             
 
  BY:   /s/ Robert M. McLaughlin
 
Robert M. McLaughlin 		   
 
      Vice President    
         
 
  ATNL, INC.    
 
        
 
 
 
(Co-Registrant) 		   
             
 
  BY:   /s/ Melanie Andrews
 
Melanie Andrews
President 		   
DATED: July 27, 2006

 

EX-99.1 2 w23608exv99w1.htm PRESS RELEASE DATED JULY 25, 2006 exv99w1
 

Exhibit 99.1
         
(AIRGAS LOGO)
  News Release   Airgas, Inc.
259 N. Radnor-Chester Road
Suite 100
Radnor, PA 19087-5283
www.airgas.com
     
Investor Contact:   Media Contact:
Jay Worley (610) 902-6206   James Ely (610) 902-6010
jay.worley@airgas.com   jim.ely@airgas.com
For release:            Immediately
Airgas Completes New Credit Agreement
RADNOR, PA – July 25, 2006 – Airgas, Inc. (NYSE: ARG) today announced it has amended and restated its senior credit facility with a syndicate of banks. The five-year $1.6 billion senior unsecured credit facility (the “Credit Agreement”), consists of a US$966 million and C$40 million (the US dollar equivalent of $34 million) revolving credit line and a $600 million term loan. The drawing on the term loan is contingent on the maturity of $100 million of the 7.75% medium term notes on September 15, 2006, and the closing of certain acquisitions.
Airgas is currently contemplating several acquisitions, which, if completed, would be funded with the borrowings that are available under the Credit Agreement.
The Credit Agreement supersedes the credit agreement dated January 14, 2005, (the “2005 Agreement”), which would have matured in January 14, 2010 and permitted the company to borrow up to the equivalent of $428 million. The company’s initial borrowings under the Credit Agreement total $191 million. The current borrowing rate is LIBOR plus 75 basis points, down from LIBOR plus 95 basis points under the 2005 Agreement. The covenants under the new Credit Agreement are generally similar to those in the 2005 Agreement. The Company expects to file the Credit Agreement as an Exhibit to the 10-Q for the period ended September 30, 2006.

 

 

Airgas also announced that as a result of the acquisitions under consideration, it suspended the three-year share repurchase plan it initiated in November 2005. The Company will focus on using its cash flow to pay down debt, grow its dividend, and to continue investing in growth opportunities, including future acquisitions.
About Airgas, Inc.
Airgas, Inc. (NYSE: ARG), through its subsidiaries, is the largest U.S. distributor of industrial, medical, and specialty gases, and related hardgoods, such as welding equipment and supplies. Airgas is also the third-largest U.S. distributor of safety products, the largest U.S. producer of nitrous oxide and dry ice, the largest liquid carbon dioxide producer in the Southeast, and a leading distributor of process chemicals, refrigerants and ammonia products. Its 10,000 employees work in about 900 locations including branches, retail stores, gas fill plants, specialty gas labs, production facilities and distribution centers. Airgas also distributes its products and services through eBusiness, catalog and telesales channels. Its national scale and strong local presence offer a competitive edge to its diversified customer base. For more information, please visit www.airgas.com.
# # #
Forward-Looking Statement
This press release may contain statements that are forward looking, as that term is defined by the Private Securities Litigation Reform Act of 1995 or by the Securities and Exchange Commission in its rules, regulations, and releases. These statements include, but are not limited to, statements regarding: the issuance of a $600 million term loan; the maturity of the medium term notes; the successful negotiation and closing of the acquisitions currently being negotiated; the Company’s focus on using cash flow to pay down debt, increase its dividends and invest in growth opportunities, including acquisitions. The Company intends that such forward-looking statements be subject to the safe harbors created thereby. All forward-looking statements are based on current expectations regarding important risk factors and should not be regarded as a representation by the Company or any other person that the results expressed therein will be achieved. Important factors that could cause actual results to differ materially from those contained in any forward-looking statement include: the Company’s ability to identify growth opportunities, including acquisition candidates, and to implement such opportunities and consummate and successfully integrate future acquisitions; disruption to the Company’s business from integration problems associated with acquisitions; higher than estimated interest expense resulting from increases in LIBOR ; a lack of available cash flow necessary to pay future dividends, or to increase dividends; the inability to manage interest rate exposure; and other factors described in the Company’s reports, including Form 10-K dated March 31, 2006, filed by the Company with the Securities and Exchange Commission.

 

EX-99.2 3 w23608exv99w2.htm PRESS RELEASE DATED JULY 26, 2006 exv99w2
 

Exhibit 99.2
         
(AIRGAS LOGO)
  News Release   Airgas, Inc.
259 N. Radnor-Chester Road
Suite 100
Radnor, PA 19087-5283
www.airgas.com
     
Investor Contact:   Media Contact:
Jay Worley (610) 902-6206   James Ely (610) 902-6010
jay.worley@airgas.com   jim.ely@airgas.com
For release:            Immediately
Airgas Reports Continued Momentum and Record First Quarter EPS of $0.48
RADNOR, PA – July 26, 2006 — Airgas, Inc., (NYSE: ARG), the largest U.S. distributor of industrial, medical and specialty gases, welding, safety, and related products, today reported strong growth in sales and earnings for its first quarter ended June 30, 2006.
Quarterly net earnings grew 30% to $39 million, or $0.48 per diluted share, compared to $30 million, or $0.38 per diluted share, in the same period a year ago. First quarter sales grew to $773 million, up 14% over the prior year. Total same-store sales were up 9%, with hardgoods up 10% and gas and rent up 9%. Industrial production, energy, and non-residential construction continued to exhibit strong demand.
“Our solid same-store sales results show the sustained momentum we are generating through our core business and strategic product initiatives,” said Airgas Chairman and Chief Executive Officer Peter McCausland. “Acquisitions contributed nicely to our sales growth this quarter, and we expect to complete some significant acquisitions in the near future as well.”
McCausland continued, “We improved operating margins by 90 basis points year over year to 10.2%. Our results reflect not only sales growth, but also improvements in operational efficiency. We are executing well with expense and price discipline to stay ahead of the cost curve and to deliver the products and services our customers need.” He noted that the pricing actions in the first quarter took effect on June 26 in the final days of the quarter.
“Given the continued momentum in sales and earnings growth, we expect to earn $0.45 to $0.47 per diluted share in the second quarter, and we are increasing our full-year EPS guidance to $1.85 to $1.92. Our associates continue to create value in many different ways, and we are optimistic about the future.”

 

 

The current quarter marks the Company’s prospective adoption of SFAS 123R, Share-Based Payment. The accounting change increased expense by $0.02 per share in the first quarter. Also included in the first quarter is a one-time $0.02 per share benefit related to a recent change in state tax law.
The Company will conduct an earnings teleconference at 11:00 a.m. Eastern Time on Thursday, July 27. The teleconference will be available by calling (877) 704-5385. The presentation materials (this press release, slides to be presented during the Company’s teleconference, and information about how to access a live and on-demand webcast of the teleconference) are available in the “Investor Information” section under the “Company Information” heading on the Company’s Internet site at www.airgas.com. A webcast of the teleconference will be available live and on demand through August 25 at http://www.shareholder.com/arg/medialist.cfm. A replay of the teleconference will be available through August 4. To listen, call (888) 203-1112 and enter passcode 4789001.
About Airgas, Inc.
Airgas, Inc. (NYSE: ARG), through its subsidiaries, is the largest U.S. distributor of industrial, medical, and specialty gases, and hardgoods, such as welding equipment and supplies. Airgas is also the third-largest U.S. distributor of safety products, the largest U.S. producer of nitrous oxide and dry ice, the largest liquid carbon dioxide producer in the Southeast, and a leading distributor of process chemicals, refrigerants and ammonia products. Its 10,000 employees work in about 900 locations including branches, retail stores, gas fill plants, specialty gas labs, production facilities and distribution centers. Airgas also distributes its products and services through eBusiness, catalog and telesales channels. Its national scale and strong local presence offer a competitive edge to its diversified customer base. For more information, please visit www.airgas.com.
# # #
Forward-Looking Statements
This press release may contain statements that are forward looking, as that term is defined by the Private Securities Litigation Reform Act of 1995 or by the Securities and Exchange Commission in its rules, regulations and releases. These statements include, but are not limited to, statements regarding: expectations for completing significant acquisitions in the near future; our expense and price discipline to

 

 

stay ahead of the cost curve and to deliver the products and services that customers need; our continued momentum in sales and earnings growth; our expectation of earnings per diluted share of $1.85 to $1.92 in fiscal 2007 and $0.45 to $0.47 in the second quarter; and our optimism about the future. We intend that such forward-looking statements be subject to the safe harbors created thereby. All forward-looking statements are based on current expectations regarding important risk factors and should not be regarded as a representation by us or any other person that the results expressed therein will be achieved. Important factors that could cause actual results to differ materially from those contained in any forward-looking statement include: our ability to successfully consummate and integrate the significant pending acquisitions; a disruption to our business from integration problems associated with acquisitions; customer acceptance of the implemented and future price increases; supply cost pressures; increased industry competition; an economic downturn; adverse changes in customer buying patterns; significant fluctuations in interest rates; the impact of unexpected stock-based compensation expense; increases in energy costs and other operating expenses; the inability to obtain alternative supply sources to adequately meet customer demand; our ability to refinance certain of our debt obligations as they mature; the effect of hurricanes and other catastrophic events; political and economic uncertainties associated with current world events; and other factors described in the Company’s reports, including Form 10-K dated March 31, 2006, filed by the Company with the Securities and Exchange Commission.
Consolidated statements of earnings, consolidated condensed balance sheets and consolidated statements of cash flows follow.

 

 

AIRGAS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF EARNINGS
(Amounts in thousands, except per share data)
                 
    (Unaudited)  
    Three Months Ended  
    June 30,  
    2006     2005  
Net sales
   $ 773,036     $ 678,125  
 
                
Costs and expenses:
                
Cost of products sold (excl. deprec.)
     383,219       334,863  
Selling, distribution and administrative expenses
     275,977       249,849  
Depreciation
     33,162       29,110  
Amortization
     1,772       1,299  
 
            
Total costs and expenses
     694,130       615,121  
 
            
 
                
Operating income
     78,906       63,004  
 
                
Interest expense, net
     (13,676 )     (13,944 )
Discount on securitization of trade receivables
     (3,336 )     (1,848 )
Other income, net
     213       912  
 
            
Earnings before income tax expense and minority interest
     62,107       48,124  
 
                
Income tax expense
     (22,744 )     (18,135 )
Minority interest in earnings of consolidated affiliate
     (711 )     (522 )
 
            
Income from continuing operations
     38,652       29,467  
Income from discontinued operations, net of tax
     —       180  
 
            
Net earnings
   $ 38,652     $ 29,647  
 
            
 
                
NET EARNINGS PER COMMON SHARE
               
BASIC
                
Earnings from continuing operations
   $ 0.50     $ 0.39  
Earnings from discontinued operations
     —       —  
 
            
Net earnings per share
   $ 0.50     $ 0.39  
 
            
 
                
DILUTED
                
Earnings from continuing operations
   $ 0.48     $ 0.38  
Earnings from discontinued operations
     —       —  
 
            
Net earnings per share
   $ 0.48     $ 0.38  
 
            
 
                
Weighted average shares outstanding:
                
Basic
     77,557       76,252  
Diluted
     82,436       77,951  
See attached notes.

 

 

AIRGAS, INC. AND SUBSIDIARIES
CONSOLIDATED CONDENSED BALANCE SHEETS
(Amounts in thousands)
                 
    (Unaudited)        
    June 30,     March 31,  
    2006     2006  
ASSETS
                
Cash
   $ 33,118     $ 34,985  
Trade accounts receivable, net
     159,696       132,245  
Inventories, net
     234,603       229,523  
Deferred income tax asset, net
     24,411       30,141  
Prepaid expenses and other current assets
     29,125       31,622  
 
            
TOTAL CURRENT ASSETS
     480,953       458,516  
 
                
Plant and equipment, net
     1,428,337       1,398,757  
Goodwill
     570,625       566,074  
Other intangible assets, net
     27,721       26,248  
Other non-current assets
     24,404       24,817  
 
            
TOTAL ASSETS
   $ 2,532,040     $ 2,474,412  
 
            
 
                
LIABILITIES AND STOCKHOLDERS’ EQUITY
                
Accounts payable, trade
     128,669       143,752  
Accrued expenses and other current liabilities
     198,484       200,001  
Current portion of long-term debt
     106,010       131,901  
 
            
TOTAL CURRENT LIABILITIES
     433,163       475,654  
 
                
Long-term debt
     675,825       635,726  
Deferred income tax liability, net
     338,150       327,818  
Other non-current liabilities
     35,394       30,864  
Minority interest in affiliate
     57,191       57,191  
 
                
Stockholders’ equity
     992,317       947,159  
 
            
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY
   $ 2,532,040     $ 2,474,412  
 
            
See attached notes.

 

 

AIRGAS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Amounts in thousands)
(Unaudited)
                 
    Three Months Ended     Three Months Ended  
    June 30, 2006     June 30, 2005  
CASH FLOWS FROM OPERATING ACTIVITIES
                
Net earnings
   $ 38,652     $ 29,647  
Adjustments to reconcile net earnings to net cash provided by operating activities:
                
Depreciation
     33,162       29,110  
Amortization
     1,772       1,299  
Deferred income taxes
     14,574       11,082  
Loss on sales of plant and equipment
     128       122  
Minority interest in earnings
     711       522  
Stock-based compensation expense
     2,752       —  
Stock issued for employee stock purchase plan
     2,822       2,514  
Changes in assets and liabilities, excluding effects of business acquisitions and divestitures:
                
Securitization of trade receivables
     (9,700 )     24,700  
Trade receivables, net
     (16,222 )     (12,938 )
Inventories, net
     (3,529 )     (3,555 )
Prepaid expenses and other current assets
     2,174       8,954  
Accounts payable, trade
     (12,444 )     (13,883 )
Accrued expenses and other current liabilities
     (14,177 )     (3,944 )
Other long-term assets
     (1,314 )     3,141  
Other long-term liabilities
     3,643       (272 )
 
            
Net cash provided by operating activities
     43,004       76,499  
 
            
 
                
CASH FLOWS FROM INVESTING ACTIVITIES
                
Capital expenditures
     (62,704 )     (47,265 )
Proceeds from sales of plant and equipment
     1,263       735  
Business acquisitions and holdback settlements
     (3,814 )     (72,850 )
Other, net
     492       398  
 
            
Net cash used in investing activities
     (64,763 )     (118,982 )
 
            
 
                
CASH FLOWS FROM FINANCING ACTIVITIES
                
Proceeds from borrowings
     166,219       187,008  
Repayment of debt
     (152,010 )     (176,525 )
Minority interest in earnings
     (711 )     (522 )
Exercise of stock options
     4,799       5,387  
Minority stockholder note prepayment
     —       21,000  
Dividends paid to stockholders
     (5,433 )     (4,631 )
Cash overdraft
     7,028       13,425  
 
            
Net cash provided by financing activities
     19,892       45,142  
 
            
 
                
Change in cash
   $ (1,867 )   $ 2,659  
Cash – Beginning of period
     34,985       32,640  
 
            
Cash – End of period
   $ 33,118     $ 35,299  
 
            
See attached notes.

 

 

Notes:
(a)   The Company divested its subsidiary, Rutland Tool & Supply Co. (“Rutland Tool”), in December 2005. The results of Rutland Tool for the three months ended June 30, 2005 have been reclassified in the Consolidated Statement of Earnings as “discontinued operations.” The Consolidated Statements of Cash Flows were not reclassified to reflect discontinued operations because the cash flows of Rutland Tool were not significant.
 
(b)   Effective April 1, 2006, the Company adopted Statement of Financial Accounting Standards No. 123R, Share-Based Payment, (“SFAS 123R”) using the modified prospective method. The new standard requires the Company to estimate the value of stock options, including options to purchase shares under its Employee Stock Purchase Plan, issued to employees and recognize the estimated cost in earnings over the period in which the options vest. Prior to the adoption of SFAS 123R, the Company used the intrinsic value method outlined in Accounting Principles Board Opinion No. 25 to account for stock-based compensation. For the three months ended June 30, 2006, the Company recognized stock-based compensation expense of $2.7 million, or $0.02 per diluted share. Since the Company adopted SFAS 123R prospectively, no stock-based compensation expense was reflected in earnings prior to April 1, 2006.
 
(c)   The Company participates in a securitization agreement with two commercial banks to sell up to $250 million of qualified trade receivables. Net proceeds from the securitization were used to reduce borrowings under the Company’s revolving credit facilities. The amount of outstanding receivables sold under the agreement was $234.5 million and $244.2 million at June 30, 2006 and March 31, 2006, respectively.
 
(d)   The tables below present the computation of basic and diluted earnings per share:
                 
    Three Months Ended  
    June 30,  
(In thousands, except per share amounts)   2006     2005  
Basic Earnings per Share Computation
                
Numerator
                
 
                
Income from continuing operations
   $ 38,652     $ 29,467  
Income from discontinued operations
     —       180  
 
            
Net earnings
   $ 38,652     $ 29,647  
 
            
 
                
Denominator
                
 
                
Basic shares outstanding
     77,557       76,252  
 
            
 
                
Basic earnings per share from continuing operations
   $ 0.50     $ 0.39  
Basic earnings per share from discontinued operations
     —       —  
 
            
Basic net earnings per share
   $ 0.50     $ 0.39  
 
            

 

 

                 
    Three Months Ended  
    June 30,  
(In thousands, except per share amounts)   2006     2005  
Diluted Earnings per Share Computation
                
Numerator
                
Income from continuing operations
   $ 38,652     $ 29,467  
Plus: Preferred stock dividends (1)(2)
     711       —  
Plus: Income taxes on earnings of National Welders (3)
     214       —  
 
            
Income from continuing operations assuming the preferred stock conversion
     39,577       29,467  
 
                
Income from discontinued operations
     —       180  
 
            
Net earnings assuming preferred stock conversion
   $ 39,577     $ 29,647  
 
            
 
                
Denominator
                
 
                
Basic shares outstanding
     77,557       76,252  
 
Incremental shares from assumed conversions:
                
Stock options and Employee Stock Purchase Plan
     2,552       1,699  
Preferred stock of National Welders (1)
     2,327       —  
 
            
Diluted shares outstanding
     82,436       77,951  
 
            
 
Diluted earnings per share from continuing operations
   $ 0.48     $ 0.38  
Diluted earnings per share from discontinued operations
     —       —  
 
            
Diluted net earnings per share
   $ 0.48     $ 0.38  
 
            
 
(1)   Pursuant to a joint venture agreement between the Company and the holders of the preferred stock of National Welders, until June 2009, the preferred shareholders have the option to exchange their 3.2 million preferred shares of National Welders either for cash at a price of $17.78 per share or to tender them to the joint venture in exchange for approximately 2.3 million shares of Airgas common stock. If Airgas common stock has a market value of $24.45 per share, the stock and cash redemption options are equivalent. Since the average market price of Airgas common stock for the three months ended June 30, 2006 was in excess of $24.45 per share, conversion of the preferred stock was assumed. The conversion of the preferred stock was not assumed in the three months ended June 30, 2005 because the average market price of Airgas common stock was less than $24.45 per share.
 
(2)   If the preferred stockholders of National Welders convert their preferred stock to Airgas common stock, the 5% preferred stock dividend, recognized as “Minority interest in earnings of consolidated affiliate,” would no longer be paid to the preferred stockholders, resulting in additional net earnings for Airgas.
 
(3)   The earnings of National Welders for tax purposes are treated as a deemed dividend to Airgas, net of an 80% dividend exclusion. Upon the assumed conversion of National Welders preferred stock to Airgas common stock, National Welders would become a wholly owned subsidiary of Airgas. As a wholly owned subsidiary, the net earnings of National Welders would not be subject to additional tax at the Airgas level.

 

 

(e)   Business segment information for the Company’s Distribution and All Other Operations segments is shown below:
                                                                 
    (Unaudited)     (Unaudited)  
    Three Months Ended     Three Months Ended  
    June 30, 2006     June 30, 2005  
            All                             All              
            Other                             Other              
(In thousands)   Dist.     Ops.     Elim     Combined     Dist.     Ops.     Elim     Combined  
Gas and rent
   $ 332,004     $ 117,183     $ (14,486 )   $ 434,701     $ 299,857     $ 92,680     $ (13,617 )   $ 378,920  
Hardgoods
     317,249       22,602       (1,516 )     338,335       281,661       18,811       (1,267 )     299,205  
 
                                                
Total net sales
     649,253       139,785       (16,002 )     773,036       581,518       111,491       (14,884 )     678,125  
 
                                                                
Cost of products sold, excluding deprec. expense
     331,595       67,626       (16,002 )     383,219       296,958       52,789       (14,884 )     334,863  
Selling, distribution and administrative expenses
     229,883       46,094       —       275,977       212,084       37,765       —       249,849  
Depreciation expense
     25,825       7,337       —       33,162       22,813       6,297       —       29,110  
Amortization expense
     1,309       463       —       1,772       1,161       138       —       1,299  
 
                                                
Operating income
     60,641       18,265       —       78,906       48,502       14,502       —       63,004  
 
                                                

 

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