Summary
This 8-K filing from Air Products & Chemicals, Inc. (APD) primarily concerns the financing activities of its soon-to-be-spun-off subsidiary, Versum Materials, Inc. Specifically, Versum announced the pricing of a $425 million offering of 5.50% senior notes due 2024. These notes are being sold at par value and are scheduled to close on September 30, 2016. The offering of these notes is contingent upon the successful completion of Air Products' planned pro rata distribution of Versum common stock to its shareholders, along with other standard closing conditions. Investors should note that these notes have not been registered under the Securities Act of 1933 and will only be offered or sold in accordance with applicable exemptions. This filing signals a significant step in the separation of Versum Materials from Air Products.
Key Highlights
- 1Versum Materials, Inc. (a subsidiary of Air Products) priced a $425 million offering of senior notes.
- 2The senior notes carry a coupon of 5.50% and mature in 2024.
- 3The notes are being offered at 100% of their principal amount.
- 4The closing of the note offering is expected on September 30, 2016.
- 5The offering is contingent on the successful spin-off of Versum Materials from Air Products.
- 6The notes and related guarantees have not been registered under the Securities Act of 1933.