LEHIGH VALLEY, Pa.,
April 28, 2020 /PRNewswire/
-- 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:
U.S.
Dollar-Denominated Offering
|
|
Euro-Denominated Offering
|
- $550 million of
1.500% Notes due 2025
- $650 million of
1.850% Notes due 2027
- $900 million of
2.050% Notes due 2030
- $750 million of
2.700% Notes due 2040
- $950 million of
2.800% Notes due 2050
|
|
- €500 million of
0.500% Notes due 2028
- €500 million of
0.800% Notes due 2032
|
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.
About Air Products
Air Products is a world-leading
industrial gases company in operation for nearly 80 years.
Focused on serving energy, environment and emerging markets, the
Company provides essential industrial gases, related equipment and
applications expertise to customers in dozens of industries,
including refining, chemical, metals, electronics, manufacturing,
and food and beverage. Air Products is also the global leader in
the supply of liquefied natural gas process technology and
equipment. The Company develops, engineers, builds, owns and
operates some of the world's largest industrial gas projects,
including gasification projects that sustainably convert abundant
natural resources into syngas for the production of high-value
power, fuels and chemicals.
The Company had fiscal 2019 sales of $8.9
billion from operations in 50 countries and has a current
market capitalization of about $50
billion. More than 17,000 passionate, talented and committed
employees from diverse backgrounds are driven by Air Products'
higher purpose to create innovative solutions that benefit the
environment, enhance sustainability and address the challenges
facing customers, communities, and the world.
Cautionary Note Regarding Forward-Looking
Statements: This release contains "forward-looking
statements" within the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995, including statements
regarding expectations with respect to each of the notes offerings.
These forward-looking statements are based on management's
expectations and assumptions as of the date of this release and are
not guarantees of future performance. While forward-looking
statements are made in good faith and based on assumptions,
expectations and projections that management believes are
reasonable based on currently available information, actual
performance and financial results may differ materially from
projections and estimates expressed in the forward-looking
statements because of many factors, including, without limitation:
the duration and impacts of the novel coronavirus ("COVID-19")
global pandemic and efforts to contain its transmission, including
the effect of these factors on our business, our customers,
economic conditions and markets generally; changes in global or
regional economic conditions, supply and demand dynamics in market
segments we serve, or in the financial markets that may affect the
availability and terms on which we may obtain financing; risks
associated with having extensive international operations,
including political risks, risks associated with unanticipated
government actions and risks of investing in developing markets;
project delays, contract terminations or customer cancellations or
postponement of projects and sales; future financial and operating
performance of major customers and joint venture partners; our
ability to develop, implement, and operate new technologies, or to
execute the projects in our backlog; our ability to develop and
operate large scale and technically complex projects, including
gasification projects; tariffs, economic sanctions and regulatory
activities in jurisdictions in which we and our affiliates
and joint ventures operate; the impact of environmental, tax or
other legislation, as well as regulations affecting our business
and related compliance requirements, including legislation or
regulations related to global climate change; changes in tax rates
and other changes in tax law; the timing, impact, and other
uncertainties relating to acquisitions and divestitures, including
our ability to integrate acquisitions and separate divested
businesses, respectively; risks relating to cybersecurity
incidents, including risks from the interruption, failure or
compromise of our information systems; catastrophic events, such as
natural disasters, acts of war, or terrorism; the impact on our
business and customers of price fluctuations in oil and natural gas
and disruptions in markets and the economy due to oil and
natural gas price volatility; costs and outcomes of legal or
regulatory proceedings and investigations; asset impairments due to
economic conditions or specific events; significant
fluctuations in interest rates and foreign currency exchange
rates from those currently anticipated; damage to facilities,
pipelines or delivery systems, including those we own or operate
for third parties; availability and cost of raw materials; the
success of productivity and operational improvement programs; and
other risk factors described in the Company's Annual Report on Form
10-K for its fiscal year ended September 30,
2019 and Quarterly Report on Form 10-Q for the period ended
March 31, 2020. Except as required by
law, the Company disclaims any obligation or undertaking to update
or revise any forward-looking statements contained herein to
reflect any change in the assumptions, beliefs, or expectations or
any change in events, conditions, or circumstances upon which any
such forward-looking statements are based.
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SOURCE Air Products