Exhibit 4.1

 

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Linde plc

3.700% €650,000,000 Unsecured Notes due 12 November 2029

Terms & Conditions

 

Issuer:    Linde plc
Issuer LEI:    5299003QR1WT0EF88V51
Issuer Ratings:    A2 (stable) by Moody’s / A (stable) by S&P
Expected Issue Ratings:    A2 by Moody’s / A by S&P
Form of the Notes:    Bearer form; the Notes are issued as New Global Notes and are initially represented by a Temporary Global Note which is exchangeable for a Permanent Global Note
Status of the Notes:    Senior, unsecured
Currency:    Euro (“EUR” or “€”)
Notional Amount:    €650,000,000
Pricing Date:    5 November 2026
Settlement Date:    12 November 2026 (T+5)
Maturity Date:    12 November 2029
First Coupon Date:    12 November 2027
Term of Notes:    3 years
Spread over EUR-MS:    +43 bps
EUR-MS Rate (p.a.):    3.306%
Re-offer yield (p.a.):    3.736%
Coupon (p.a.):    3.700% per year
Issue / Re-offer Price:    99.900% of the Notional Amount
Redemption:    100%
Fees:    20bps of the Notional Amount (incl. 15bps base fee1 / 5bps discretionary fee2)
All-in Price (net of fees):    99.700% of the Notional Amount
Net Proceeds:    €648,050,000
Benchmark Bund:    OBL 2 1⁄2 10/11/29
Benchmark Price:    98.57%
Re-offer spread vs. Benchmark:    +71.8 bps
Business Days:    T2
Interest Rate Provisions:    Act/Act (ICMA) Day Count Fraction, payable annually in arrears on 12 November each year
Business Day Convention:    Following, Unadjusted
Denominations:    EUR 100,000
Tax Call:    Applicable
Make-whole Call:    Applicable at the yield of the Benchmark Bund plus 15 bps
1 month Par Call:    Applicable
Change of Control Put:    Holder put at par upon a change of control
Clean-up Call:    Applicable (75%)
 
1 

To be split between Active Bookrunners (24.00% each), Co-Managers Group A (3.60% each), Co-Managers Group B (2.00% each)

2 

To be split equally between Active Bookrunners

 

1

Documentation:    Under the Base Prospectus dated 4 May 2026 of the Issuer’s Debt Issuance Programme (the “Base Prospectus”), supplemented by a 1st supplement dated 30 October 2026
Use of Proceeds:    General corporate purposes
Governing Law:    German
Target Market (MIFID II and UK MiFIR product governance):    Manufacturer target market (MiFID II product governance and UK MiFIR product governance rules) is eligible counterparties and professional clients only (all distribution channels). No sales to retail in EEA or in the United Kingdom. No EU PRIIPs key information document (KID) or UK disclosure document required by the FCA Product Disclosure Sourcebook (DISC) will be prepared.
Listing:    EuroMTF of the Luxembourg Stock Exchange
Selling Restrictions:    As per the Base Prospectus
Clearing System:    Clearstream Banking Luxembourg / Euroclear
Security Codes:    ISIN: XS3561003289 / Common Code: 356100328
Settlement Bank:    HSBC Continental Europe
Calculation Agent:    The Calculation Agent shall be an independent bank of international standing or an independent financial adviser with relevant expertise, selected by the Issuer
Active Bookrunners:    BofA Securities Europe SA, HSBC Continental Europe, Société Générale
Co-managers Group A:    Australia and New Zealand Banking Group Limited, Banco Bilbao Vizcaya Argentaria, S.A., Banco Santander, S.A., Bank of China (Europe) S.A., Standard Chartered Bank
Co-managers Group B:    Bayerische Landesbank, BNY Mellon Capital Markets, LLC, Landesbank Baden-Württemberg, Landesbank Hessen-Thüringen Girozentrale, Skandinaviska Enskilda Banken AB (publ)

 

2

Linde plc

4.000% €650,000,000 Unsecured Notes due 12 November 2033

Terms & Conditions

 

Issuer:    Linde plc
Issuer LEI:    5299003QR1WT0EF88V51
Issuer Ratings:    A2 (stable) by Moody’s / A (stable) by S&P
Expected Issue Ratings:    A2 by Moody’s / A by S&P
Form of the Notes:    Bearer form; the Notes are issued as New Global Notes and are initially represented by a Temporary Global Note which is exchangeable for a Permanent Global Note
Status of the Notes:    Senior, unsecured
Currency:    Euro (“EUR” or “€”)
Notional Amount:    €650,000,000
Pricing Date:    5 November 2026
Settlement Date:    12 November 2026 (T+5)
Maturity Date:    12 November 2033
First Coupon Date:    12 November 2027
Term of Notes:    7 years
Spread over EUR-MS:    +73 bps
EUR-MS Rate (p.a.):    3.303%
Re-offer yield (p.a.):    4.033%
Coupon (p.a.):    4.000% per year
Issue / Re-offer Price:    99.802% of the Notional Amount
Redemption:    100%
Fees:    22.5bps of the Notional Amount (incl. 17.5bps base fee3 / 5bps discretionary fee4)
All-in Price (net of fees):    99.577% of the Notional Amount
Net Proceeds:    €647,250,500
Benchmark Bund:    DBR 2.6 08/15/33
Benchmark Price:    96.65%
Re-offer spread vs. Benchmark:    +87.6 bps
Business Days:    T2
Interest Rate Provisions:    Act/Act (ICMA) Day Count Fraction, payable annually in arrears on 12 November each year
Business Day Convention:    Following, Unadjusted
Denominations:    EUR 100,000
Tax Call:    Applicable
Make-whole Call:    Applicable at the yield of the Benchmark Bund plus 15 bps
3 months Par Call:    Applicable
Change of Control Put:    Holder put at par upon a change of control
Clean-up Call:    Applicable (75%)
Documentation:    Under the Base Prospectus dated 4 May 2026 of the Issuer’s Debt Issuance Programme (the “Base Prospectus”), supplemented by a 1st supplement dated 30 October 2026
Use of Proceeds:    General corporate purposes
Governing Law:    German
 
3 

To be split between Active Bookrunners (24.00% each), Co-Managers Group A (3.60% each), Co-Managers Group B (2.00% each)

4 

To be split equally between Active Bookrunners

 

3

Target Market (MIFID II and UK MiFIR product governance):    Manufacturer target market (MiFID II product governance and UK MiFIR product governance rules) is eligible counterparties and professional clients only (all distribution channels). No sales to retail in EEA or in the United Kingdom. No EU PRIIPs key information document (KID) or UK disclosure document required by the FCA Product Disclosure Sourcebook (DISC) will be prepared.
Listing:    EuroMTF of the Luxembourg Stock Exchange
Selling Restrictions:    As per the Base Prospectus
Clearing System:    Clearstream Banking Luxembourg / Euroclear
Security Codes:    ISIN: XS3561005227 / Common Code: 356100522
Settlement Bank:    HSBC Continental Europe
Calculation Agent:    The Calculation Agent shall be an independent bank of international standing or an independent financial adviser with relevant expertise, selected by the Issuer
Active Bookrunners:    BofA Securities Europe SA, HSBC Continental Europe, Société Générale
Co-managers Group A:    Australia and New Zealand Banking Group Limited, Banco Bilbao Vizcaya Argentaria, S.A., Banco Santander, S.A., Bank of China (Europe) S.A., Standard Chartered Bank
Co-managers Group B:    Bayerische Landesbank, BNY Mellon Capital Markets, LLC, Landesbank Baden-Württemberg, Landesbank Hessen-Thüringen Girozentrale, Skandinaviska Enskilda Banken AB (publ)

 

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