Published on 2/27/2023 in the Prospect News Green Finance Daily.
New Issue: Air Products sells €700 million 4% notes due 2035 at 99.085
Chicago, Feb. 27 – Air Products and Chemicals, Inc. sold €700 million of 4% notes due 2035 (A2/A) on Monday, according to an FWP filed with the Securities and Exchange Commission and additional details from a market source.
The notes priced at 99.085 to yield 4.098%, or at Treasuries plus 144.3 basis points. Alternatively, the notes priced at mid-swaps plus 92 bps.
The notes were guided into the mid-swaps plus 95 bps area, plus or minus 3 bps.
Initial price talk started at mid-swaps plus 120 bps to 125 bps.
Citigroup Global Markets Ltd., SMBC Nikko Capital Markets Ltd., BNP Paribas, HSBC Bank plc, Banco Santander, SA, Barclays, Deutsche Bank AG, London Branch, Merrill Lynch International, MUFG Securities EMEA plc and Standard Chartered Bank are the joint bookrunners.
Proceeds will be used for eligible green projects.
Air Products is an industrial gas company based in Allentown, Pa.
| Issuer: | Air Products and Chemicals, Inc.
|
| Amount: | €700 million
|
| Issue: | Notes
|
| Maturity: | March 3, 2035
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| Bookrunners: | Citigroup Global Markets Ltd., SMBC Nikko Capital Markets Ltd., BNP Paribas, HSBC Bank plc, Banco Santander, SA, Barclays, Deutsche Bank AG, London Branch, Merrill Lynch International and MUFG Securities EMEA plc
|
| Co-managers: | Credit Agricole CIB, ING Bank NV Belgian Branch, Intesa Sanpaolo SpA, Natixis, Scotiabank (Ireland) DAC and Toronto-Dominion Bank
|
| Trustee: | Bank of New York Mellon Trust Co., NA
|
| Counsel to issuer: | Covington & Burling LLP
|
| Coupon: | 4%
|
| Price: | 99.085
|
| Yield: | 4.098%
|
| Spread: | Treasuries plus 144.3 bps, or at mid-swaps plus 92 bps
|
| Call features: | Make-whole call at government bond rate plus 25 bps until Dec. 3, 2034; thereafter at par
|
| Change of control: | At 101
|
| Trade date: | Feb. 27
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| Settlement date: | March 3
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| Ratings: | Moody’s: A2
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| S&P: A
|
| Distribution: | SEC registered
|
| Price talk: | Mid-swaps plus 120 bps to 125 bps
|
| Cusip: | 009158BG0
|
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