By Sheri Kasprzak
New York, Oct. 31 - Air Products & Chemicals, Inc. priced $400 million of 3% 10-year notes at a spread of Treasuries plus 82 bps, according to a form 8-K filed with the Securities and Exchange Commission.
The notes (A2/A) due Nov. 3, 2021 priced at 99.94 to yield 3.007%.
Joint bookrunners for the off-the-shelf sale were BNP Paribas Securities Corp. and RBS Securities Inc. The co-managers were Banca IMI SpA, Mizuho Securities USA Inc., Santander Investment Securities Inc., UBS Securities LLC and Wells Fargo Securities LLC.
Proceeds will be used for general corporate purposes, including the repayment of debt, investments in or extensions of credit to the company's subsidiaries, the redemption of common stock or preferred stock and the financing of possible acquisitions or business expansion.
Based in Allentown, Pa., Air Products produces gases and chemicals for industrial use.
| Issuer: | Air Products & Chemicals, Inc.
|
| Issue: | Notes
|
| Amount: | $400 million
|
| Maturity | Nov. 3, 2021
|
| Bookrunners: | BNP Paribas Securities Corp. and RBS Securities Inc.
|
| Co-managers: | Banca IMI SpA, Mizuho Securities USA Inc., Santander Investment Securities Inc., UBS Securities LLC and Wells Fargo Securities LLC
|
| Coupon: | 3%
|
| Price: | 99.94
|
| Yield: | 3.007%
|
| Spread: | Treasuries plus 82 bps
|
| Call option: | Redeemable any time at par plus a make-whole premium, using a discount of Treasury plus 15 bps
|
| Pricing date: | Oct. 31
|
| Settlement date: | Nov. 3
|
| Distribution: | Off shelf
|
| Ratings: | Moody's: A2
|
| Standard & Poor's: A
|
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