Air Products Announces Pricing of $3.8 Billion and €1.0 Billion Debt Offerings
Air Products (NYSE:APD) today announced the pricing of its registered offerings of $3.8 billion aggregate principal amount of U.S. dollar-denominated fixed-rate notes and €1.0 billion aggregate principal amount of euro-denominated fixed-rate notes. The notes from the offerings consist of the following tranches:
Air Products intends to use the net proceeds from the notes offerings to repay upcoming debt maturities and for general corporate purposes, including financing a planned equity investment of approximately $2.5 billion in the joint venture that will acquire the gasification, power and industrial gas assets at Jazan Economic City, Saudi Arabia, and other investments in industrial gas projects. Air Products intends to use a portion of the net proceeds from the euro-denominated notes offering to repay €300 million aggregate principal amount of its 2.000% Notes due 2020, which mature on August 7, 2020, and €350 million aggregate principal amount of its 0.375% Notes due 2021, which mature on June 1, 2021, and may use a portion of the net proceeds from the U.S. dollar-denominated notes offering to repay up to $400 million aggregate principal amount of its 3.000% Notes due 2021, which mature on November 3, 2021.
The U.S. dollar-denominated offering priced on April 27, 2020 and is expected to close on April 30, 2020 and the euro-denominated offering priced on April 28, 2020 and is expected to close on May 5, 2020, subject in each case to the satisfaction of customary closing conditions.
This press release is neither an offer to sell nor the solicitation of an offer to buy any securities. In addition, there shall not be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. The notes offerings will be made only by means of prospectus supplements and an accompanying prospectus filed as part of an effective shelf registration statement previously filed with the U.S. Securities and Exchange Commission.
Barclays Capital Inc., BofA Securities, Inc., Citigroup Global Markets Inc. and J.P. Morgan Securities LLC are serving as joint-book running managers for the U.S. dollar-denominated notes offering. BNP Paribas, Citigroup Global Markets Limited, Deutsche Bank AG, London Branch and Merrill Lynch International are serving as joint-book running managers for the euro-denominated notes offering. Copies of the prospectus supplement and the accompanying prospectus relating to the U.S. dollar-denominated notes offering may be obtained by calling Barclays Capital Inc. toll-free at 1-888-603-5847, BofA Securities, Inc. toll-free at 1-800-294-1322, Citigroup Global Markets Inc. toll-free at 1-800-831-9146 and J.P. Morgan Securities LLC collect at 1-212-834-4533, and copies of the prospectus supplement and the accompanying prospectus relating to the euro-denominated notes offering may be obtained by calling BNP Paribas toll-free at 1-800-854-5674, Citigroup Global Markets Limited toll-free at 1-800-831-9146, Deutsche Bank AG, London Branch toll-free at 1-800-503-4611 and Merrill Lynch International toll-free at 1-800-294-1322.