Summary
Air Products & Chemicals, Inc. (APD) announced the successful completion of two significant debt offerings on March 3, 2023. The company issued $600 million of 4.800% Notes due 2033 and €700 million of 4.000% Notes due 2035. These offerings were registered under the company's existing Form S-3 registration statement and were conducted under separate underwriting agreements. The net proceeds from these offerings, approximately $594.9 million and €688.6 million respectively, are earmarked for financing or refinancing eligible projects. These projects align with the company's sustainability initiatives, including investments in pollution prevention, control, renewable energy, and sustainable aviation fuel. Pending full allocation, the proceeds may be held in the company's treasury liquidity portfolio or used to repay outstanding indebtedness.
Key Highlights
- 1APD completed offerings of $600 million in U.S. Notes (4.800% due 2033) and €700 million in Eurobonds (4.000% due 2035).
- 2The offerings were registered under the company's existing Form S-3 shelf registration statement.
- 3Net proceeds from the U.S. Notes offering were approximately $594.9 million.
- 4Net proceeds from the Eurobonds offering were approximately €688.6 million.
- 5Proceeds are intended to finance or refinance eligible projects focused on sustainability, such as renewable energy and pollution control.
- 6Pending allocation, proceeds may be invested in the company's treasury liquidity portfolio or used to reduce debt.
- 7The company has applied to list the Eurobonds on the New York Stock Exchange.