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News ReleaseAir Products To Exchange Euro Debt For Longer-Term Debt

October 20, 2005 Lehigh Valley, Pa.

Air Products (NYSE:APD) today announced an offer to investors holding its €300,000,000 6.50 percent notes due July 2007, allowing them to exchange these notes for new fixed rate Eurobonds due 2013 to be issued by the company.

This is part of Air Products' ongoing management of its debt portfolio and will enable the company to extend the average maturity and lower the average interest rate on its outstanding debt.

ABN AMRO Bank N.V. and Barclays Bank PLC are the Dealer Managers for the exchange offer, which is scheduled to expire on November 2, 2005.

Air Products (NYSE:APD) serves customers in technology, energy, healthcare and industrial markets worldwide with a unique portfolio of products, services and solutions, providing atmospheric gases, process and specialty gases, performance materials and chemical intermediates. Founded in 1940, Air Products has built leading positions in key growth markets such as semiconductor materials, refinery hydrogen, home healthcare services, natural gas liquefaction, and advanced coatings and adhesives. The company is recognized for its innovative culture, operational excellence and commitment to safety and the environment and is listed in the Dow Jones Sustainability and FTSE4Good Indices. The company has annual revenues of $7.4 billion, operations in over 30 countries, and nearly 20,000 employees around the globe. For more information, visit www.airproducts.com.

NOTES: This release may contain forward-looking statements. Actual results could vary materially, due to changes in current expectations.

Neither the exchange offer nor this press release constitutes an offer to sell or a solicitation of any offer to buy the securities in the United States or Italy. The securities have not been, and will not be, registered under the U.S. Securities Act of 1933 and may not be offered or sold in the United States or to, or for the account or benefit of, U.S. persons (as such term is defined in Regulation S under the U.S. Securities Act of 1933) absent registration or an exemption from registration. There will be no public offer of securities in the United States or Italy.

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  • Press Contact
    Katie McDonald
    610-481-3673
    Air Products and Chemicals, Inc.
    7201 Hamilton Boulevard
    Allentown, PA 18195-1501
    USA
    (610) 481-6642
  • Investor Contact
    Simon Moore
    (610) 481-7461
    Air Products and Chemicals, Inc.
    7201 Hamilton Boulevard
    Allentown, PA 18195-1501
    USA
    (610) 481-2729
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