APD Air Products and Chemicals Inc

Air Products to Exchange Euro Debt for Longer-Term Debt LEHIGH VALLEY, Pa., March 22 /PRNewswire-FirstCall/ -- Air Products today announced an offer to investors holding its Euro 490,000,000 six percent fixed rate notes due 2005, allowing them to exchange up to Euro 300,000,000 in aggregate principal amount of these notes for new fixed rate Euro notes due 2012. This is part of the company's ongoing management of its debt portfolio and will enable Air Products to extend the average maturity and lower the average interest rate on its outstanding debt. Barclays Bank PLC and Deutsche Bank AG London are the Dealer Managers for the exchange offer, which is scheduled to expire on April 1, 2004. 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 Productshas 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. With annual revenues of $6.3 billion and operations in over 30 countries, the company's 18,500 employees build lasting relationships with their customers and communities based on understanding, integrity and passion. For more information, visit http://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 constitute 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. DATASOURCE: Air Products CONTACT: Media Inquiries: Katie McDonald, +1-610-481-3673, , or Investor Inquiries: Alexander W. Masetti, +1-610-481-7461, , both of Air Products Web site: http://www.airproducts.com/

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