Published on 2/27/2023 in the Prospect News Green Finance Daily and Prospect News Investment Grade Daily.
New Issue: Air Products sells $600 million 4.8% notes due 2033 at 90 bps spread
By Cristal Cody
Chicago, Feb. 27 – Air Products and Chemicals, Inc. priced $600 million of 4.8% notes due 2033 (A2/A) on Monday, according to an FWP filing with the Securities and Exchange Commission and details from a market source.
The notes priced at 99.827 to yield 4.822%, or at Treasuries plus 90 basis points. Spread talk was in the 120 bps area.
Before Dec. 3, 2032, the notes are redeemable with a Treasuries plus 15 bps make-whole premium. Starting on that date, the notes may be redeemed at par.
Citigroup Global Markets Inc., SMBC Nikko Securities America, Inc., J.P. Morgan Securities LLC and Mizuho Securities USA LLC are leading the sale.
BofA Securities, Inc., Barclays, Deutsche Bank Securities Inc., MUFG Securities Americas Inc., Santander US Capital Markets LLC and Standard Chartered Bank are also joint bookrunners.
Proceeds will be used to finance or refinance eligible green projects.
Air Products is an industrial gas company based in Allentown, Pa.
| Issuer: | Air Products and Chemicals, Inc.
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| Amount: | $600 million
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| Issue: | Notes
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| Maturity: | March 3, 2033
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| Bookrunners: | Citigroup Global Markets Inc., SMBC Nikko Securities America, Inc., J.P. Morgan Securities LLC, Mizuho Securities USA LLC, BofA Securities, Inc., Barclays, Deutsche Bank Securities Inc., MUFG Securities Americas Inc., Santander US Capital Markets LLC and Standard Chartered Bank
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| Trustee: | Bank of New York Mellon Trust Co., NA
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| Counsel to issuer: | Skadden, Arps, Slate, Meagher & Flom LLP
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| Counsel to underwriters: | Davis Polk & Wardwell LLP
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| Coupon: | 4.8%
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| Price: | 99.827
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| Yield: | 4.822%
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| Spread: | Treasuries plus 90 bps
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| Call features: | Make-whole call at Treasuries plus 15 bps until Dec. 3, 2032; thereafter at par
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| Change of control: | At 101
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| 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
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| Distribution: | SEC registered
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| Price talk: | Treasuries plus 120 bps area
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| Cusip: | 009158BF2
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