Air Products and Chemicals (APD) Enters Into Underwriting Agreement for Note Issuance

Air Products and Chemicals, Inc. filed an 8-K report on February 10, 2025, announcing that the company has entered into an Underwriting Agreement with several underwriters, including BNP PARIBAS, Citigroup Global Markets Limited, and Banco Santander, S.A. The agreement is in relation to the issuance and sale of €500,000,000 aggregate principal amount of 2.950% Notes due 2031 and €500,000,000 aggregate principal amount of 3.450% Notes due 2037, collectively termed as the “Notes.”

The Company’s offer and sale of these Notes were registered under the Securities Act of 1933. The sale is expected to close around February 14, 2025, subject to customary closing conditions. Air Products and Chemicals, Inc. also applied to have the Notes listed on the New York Stock Exchange.

The Notes are being issued under an Indenture dated April 30, 2020, between the Company and The Bank of New York Mellon Trust Company, N.A., as trustee. The Company holds the right to redeem the Notes, in whole or in part, based on the terms and conditions outlined in the Notes. The net proceeds from this sale, estimated at approximately €992 million after subtracting underwriters’ discount and offering expenses, will be utilized to pay a portion of the outstanding commercial paper obligations and for general corporate purposes.

The Underwriting Agreement, attached as Exhibit 1.1 to the filing, involves representations and covenants made by the involved parties for the agreement’s purposes only. The legal opinion from Covington & Burling LLP, counsel to the Company, regarding the Notes can be found in Exhibit 5.1 of the filed report.

Exhibits accompanying the filing include the Underwriting Agreement, the Indenture from April 30, 2020, officer’s certificate defining the Notes’ terms, opinion from legal counsel, and the consent of Covington & Burling LLP.

Investors and stakeholders can find detailed financial information and the specific terms and conditions of the Note issuance in the Form 8-K filed by Air Products and Chemicals, Inc.

The news of this Underwriting Agreement marks a significant development for the company, demonstrating strategic financial planning and initiatives to meet its obligations and further corporate objectives.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Air Products and Chemicals’s 8K filing here.

About Air Products and Chemicals

Air Products and Chemicals, Inc provides atmospheric gases, process and specialty gases, equipment, and related services in the Americas, Asia, Europe, the Middle East, India, and internationally. The company produces atmospheric gases, including oxygen, nitrogen, and argon; process gases, such as hydrogen, helium, carbon dioxide, carbon monoxide, and syngas; and specialty gases for customers in various industries, including refining, chemical, manufacturing, electronics, energy production, medical, food, and metals.