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(To Prospectus dated August 1, 1996 and Rule 424(b)(3)
Prospectus Supplement dated August 1, 1996) File No. 333-8113
Pricing Supplement No. 1 Date: September 11, 1996
AIRGAS, INC.
Medium-Term Notes - Fixed Rate
______________________________________________________________________________
Principal Amount: $100,000,000 Interest Rate: 7.75%
Agent's Discount or Stated Maturity Date: September 15, 2006
Commission: $625,000
Net Proceeds to Issuer: $99,844,000 Original Issue Date: September 16, 1996
______________________________________________________________________________
(notes at price of 99.969)
Interest Payment Dates: January 15 and July 15
Default Rate: N/A
Redemption: N/A
[X] The Notes cannot be redeemed prior to the Stated Maturity Date.
[ ] The Notes may be redeemed prior to the Stated Maturity Date.
Initial Redemption Date:
Initial Redemption Percentage:
Annual Redemption Percentage Reduction: _____% until Redemption
Percentage is 100% of the principal amount.
Optional Repayment:
[X] The Notes cannot be repaid prior to the Stated Maturity Date.
[ ] The Notes can be repaid prior to the Stated Maturity Date at the option
of the holder of the Notes.
Option Repayment Dates:
Repayment Price: ____%
Authorized Denomination:
[X] $1,000 and integral multiples thereof.
[ ] Other __________
Original Issue Discount: [X] Yes [ ] No
Total Amount of OID: $31,000
Yield to Maturity: 7.758%
Initial Accrual Period: September 16, 1996 - January 15, 1997
Form: [X] Book Entry [ ] Certificated
Agents: NationsBanc Capital Markets, Inc. Morgan Stanley & Company
Donaldson, Lufkin & Jenrette
First Union Capital Markets William Blair & Company
Agent acting in the capacity as indicated below:
[ ] Principal [X] Agent
If as Principal:
[ ] The Notes are being offered at varying prices related to prevailing market
prices at the time of resale.
[ ] The Notes are being offered at a fixed initial public offering price of
____% of principal amount.
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If as Agent:
The Notes are being offered at a fixed initial public offering
price of 99.969% of Principal Amount.
Other Provisions:
Use of Proceeds:
The Company intends to apply substantially all of the proceeds from the
sale of the Notes to repay indebtedness outstanding under a revolving credit
facility. Such indebtedness is of varying maturities through July 1, 1997 and
bears interest at rates from 5.80% to 5.84% per annum.
CUSIP Number: 00936EAA6
Allocation
Agent Principal Amount Net Proceeds to Issuer
_____ ________________ ______________________
NationsBanc $25,000,000 $24,836,000
Capital Markets
Donaldson, Lufkin
& Jenrette 25,000,000 24,836,000
First Union
Capital Markets 12,500,000 12,418,000
Morgan Stanley &
Company 25,000,000 24,836,000
William Blair
& Company 12,500,000 12,418,000
___________ __________
$100,000,000 $99,344,000
Airgas, Inc.
Authorized Signature: /s/ James N. Borum
_____________________
James N. Borum
Assistant Treasurer
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