Linde (LIN) raises €1.7B via new euro notes due 2027–2038

Rhea-AI Filing Summary

Linde plc reported issuing three euro-denominated note tranches under its European debt issuance programme. The company sold €600 million Floating Rate Notes due 2027, €650 million 3.125% Notes due 2032 and €500 million 3.750% Notes due 2038. Net proceeds were approximately €1,737 million after fees to the managers and will be used for general corporate purposes.

The notes are admitted to the official list of the Luxembourg Stock Exchange and trade on its Euro MTF market. They were issued under Linde’s European debt issuance programme, which permits up to €20 billion aggregate principal amount of notes to be outstanding. Notes issued under the programme are guaranteed by Linde GmbH and Linde Inc. and are offered outside the United States under Regulation S.

Insights

Credit and capital structure analyst

Linde raises €1.737B in euro notes across three maturities.

Linde plc has issued three euro note tranches — €600 million floating-rate notes due 2027, €650 million 3.125% notes due 2032, and €500 million 3.750% notes due 2038. This brings in net proceeds of about €1,737 million for general corporate purposes, expanding euro funding under its established programme.

The notes sit within a larger European debt issuance programme that authorizes up to €20 billion of notes outstanding, providing a framework for repeat issuance. Guarantees from Linde GmbH and Linde Inc. support the instruments, which are listed on the Luxembourg Stock Exchange’s Euro MTF market under Regulation S.

From a capital structure perspective, this is a sizeable but orderly financing step rather than an exceptional event. The staggered maturities out to 2038 may help align future repayments with Linde’s long-term cash generation, while the mix of floating and fixed coupons spreads interest-rate exposure over time.

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 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): November 20, 2025

Linde plc

(Exact name of registrant as specified in its charter)

Ireland		001-38730		98-1448883
(State or other jurisdiction of incorporation)		(Commission File Number)		(I.R.S. Employer Identification No.)

10 Riverview Dr.		Forge
Danbury, Connecticut		43 Church Street West
United States 06810		Woking, Surrey GU21 6HT United Kingdom

(Address of principal executive offices) (Zip Code)

+44 1483 242200

(Registrant’s telephone numbers, including area code)

(Former name or former address, if changed since last report)

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:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class		Trading Symbol		Name of each exchange on which registered
Ordinary shares (€0.001 nominal value per share)		LIN		The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 8.01. Other Events.

On November 20, 2025, Linde plc (the “Company”) issued €600 million aggregate principal amount of Floating Rate Notes due 2027 (the “2027 Notes”), issued €650 million aggregate principal amount of 3.125% Notes due 2032 (the “2032 Notes”) and issued €500 million aggregate principal amount of 3.750% Notes due 2038 (the “2038 Notes”). The 2027 Notes, the 2032 Notes and the 2038 Notes were issued pursuant to a Subscription Agreement, dated November 18, 2025, by and among the Company, as issuer, and the financial institutions named as bookrunners and other managers therein (the “Managers”). The terms of the 2027 Notes, the 2032 Notes and the 2038 Notes are set out in the Final Terms filed as Exhibit 4.1 which is incorporated herein by reference.

The net proceeds of the offering were approximately €1,737 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 2027 Notes, the 2032 Notes and the 2038 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 2027 Notes, the 2032 Notes and the 2038 Notes were issued under the European debt issuance programme (the “Program”) established on May 11, 2020 by the Company, as last updated on May 8, 2025. The current base prospectus dated May 8, 2025, was supplemented by the first supplement on August 21, 2025 and the second supplement on October 31, 2025. 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 8, 2025 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 €20 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 confirmations of such guarantees of Linde GmbH and Linde Inc. were filed as Exhibits 4.6 and 4.7 respectively, to Linde plc’s Current Report on Form 8-K dated June 5, 2025, Filing No. 001-38730, in respect of the increased aggregate principal amount of Notes authorized under the Program, and are incorporated herein by reference).

Pursuant to an Amended and Restated Dealer Agreement, dated May 8, 2025, by and among the Company and Citigroup Global Markets Limited, 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 Citibank, N.A., London Branch, as fiscal agent and paying agent for Notes issued under the Program pursuant to a Fiscal Agency Agreement, dated May 8, 2025. The Fiscal Agency Agreement and the Dealer Agreement were filed as Exhibits 4.2 and 1.1, respectively, to Linde plc’s Current Report on Form 8-K dated June 5, 2025, 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:

Exhibit No.		Description
1.1		Amended and Restated Dealer Agreement, dated May 8, 2025, among Linde plc, as Issuer and Citigroup Global Markets Limited, as Arranger and Dealer and the other Dealers party thereto (filed as Exhibit 1.1 to Linde plc’s Current Report on Form 8-K dated June 5, 2025, Filing No. 001-38730, and is incorporated herein by reference)
4.1		Final Terms of Floating Rate Notes due 2027 of Linde plc, 3.125% Notes due 2032 of Linde plc and 3.750% Notes due 2038 of Linde plc
4.2		Fiscal Agency Agreement, dated May 8, 2025, among Linde plc, as Issuer, and Citibank, N.A., London Branch, as Fiscal Agent and Paying Agent 2020 (filed as Exhibit 4.2 to Linde plc’s Current Report on Form 8-K dated June 5, 2025, Filing No. 001-38730, and is incorporated herein by reference)
4.3		Upstream Guarantee to Linde plc provided by Linde GmbH dated May 11, 2020 (filed as Exhibit 4.4 to Linde plc’s Current Report on Form 8-K dated May 26, 2020, Filing No. 001-38730, and is incorporated herein by reference)
4.4		Upstream Guarantee to Linde plc provided by Linde Inc. dated May 11, 2020 (filed as Exhibit 4.5 to Linde plc’s Current Report on Form 8-K dated May 26, 2020, Filing No. 001-38730, and is incorporated herein by reference)
4.5		Confirmation of Upstream Guarantee to Linde plc provided by Linde GmbH, dated June 4, 2025 (filed as Exhibit 4.6 to Linde plc’s Current Report on Form 8-K dated June 5, 2025, Filing No. 001-38730, and is incorporated herein by reference)
4.6		Confirmation of Upstream Guarantee to Linde plc provided by Linde Inc., dated June 4, 2025 (filed as Exhibit 4.7 to Linde plc’s Current Report on Form 8-K dated June 5, 2025, Filing No. 001-38730, and is incorporated herein by reference)
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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: November 20, 2025				By:		/s/ Guillermo Bichara
				Name:		Guillermo Bichara
				Title:		Executive Vice President & Chief Legal Officer

FAQ

What new debt did Linde plc (LIN) issue in November 2025?

Linde plc issued €600 million Floating Rate Notes due 2027, €650 million 3.125% Notes due 2032 and €500 million 3.750% Notes due 2038.

How much cash did Linde plc (LIN) raise from the November 2025 notes?

Linde plc received net proceeds of approximately €1,737 million from the offering, after fees to the managers and before other offering expenses.

What will Linde plc use the net proceeds of the November 2025 note offering for?

The net proceeds of approximately €1,737 million will be used by Linde plc for general corporate purposes.

Where are Linde plc’s new notes listed and traded?

The 2027, 2032 and 2038 notes have been admitted to the official list of the Luxembourg Stock Exchange and trade on its Euro MTF market.

What is the size of Linde plc’s European debt issuance programme?

The European debt issuance programme authorizes an aggregate principal amount of up to €20 billion of notes outstanding at any time.

Who guarantees the notes issued by Linde plc under the European debt issuance programme?

Notes issued under the programme are guaranteed by Linde GmbH, a German subsidiary, and Linde Inc., a Delaware subsidiary.

Are Linde plc’s November 2025 notes registered under the U.S. Securities Act?

No. Notes issued under the programme are offered pursuant to Regulation S, are not registered under the U.S. Securities Act and may not be offered or sold within the United States or to U.S. persons absent registration or an applicable exemption.