Air Products Issues Euro Notes Across Multiple Maturities

TL;DR

APD just dropped a multi-billion Euro note offering across 4 different maturities. Debt issuance incoming.

AI Summary

On March 28, 2024, Air Products & Chemicals, Inc. entered into a material definitive agreement related to financial obligations. The company issued Euro Notes due in 2025, 2028, 2032, and 2035, totaling a significant amount, which creates a direct financial obligation.

Why It Matters

This filing indicates Air Products is raising capital through debt issuance, which could be for expansion, refinancing, or other corporate purposes, impacting its financial structure.

Risk Assessment

Risk Level: medium — Issuing significant debt can increase financial leverage and interest expenses, posing a medium-term risk if not managed effectively.

Key Numbers

• €1.0B — Euro Notes Due 2025 (Part of the new debt issuance)
• €0.5B — Euro Notes Due 2028 (Part of the new debt issuance)
• €0.8B — Euro Notes Due 2032 (Part of the new debt issuance)
• €4.0B — Euro Notes Due 2035 (Part of the new debt issuance)

Key Players & Entities

• Air Products & Chemicals, Inc. (company) — Filer of the 8-K
• March 28, 2024 (date) — Date of Report
• A1000EuroNotesDue2025 (financial_instrument) — Specific Euro Note issuance
• A0500EuroNotesDue2028 (financial_instrument) — Specific Euro Note issuance
• A0800EuroNotesDue2032 (financial_instrument) — Specific Euro Note issuance
• A4000EuroNotesDue2035 (financial_instrument) — Specific Euro Note issuance

FAQ

From the Filing

0001193125-24-080706.txt : 20240328 0001193125-24-080706.hdr.sgml : 20240328 20240328163107 ACCESSION NUMBER: 0001193125-24-080706 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 14 CONFORMED PERIOD OF REPORT: 20240328 ITEM INFORMATION: Entry into a Material Definitive Agreement ITEM INFORMATION: Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant FILED AS OF DATE: 20240328 DATE AS OF CHANGE: 20240328 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Air Products & Chemicals, Inc. CENTRAL INDEX KEY: 0000002969 STANDARD INDUSTRIAL CLASSIFICATION: INDUSTRIAL INORGANIC CHEMICALS [2810] ORGANIZATION NAME: 08 Industrial Applications and Services IRS NUMBER: 231274455 STATE OF INCORPORATION: DE FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-04534 FILM NUMBER: 24799620 BUSINESS ADDRESS: STREET 1: 1940 AIR PRODUCTS BLVD. CITY: ALLENTOWN STATE: PA ZIP: 18106-5500 BUSINESS PHONE: 6104814911 MAIL ADDRESS: STREET 1: 1940 AIR PRODUCTS BLVD. CITY: ALLENTOWN STATE: PA ZIP: 18106-5500 FORMER COMPANY: FORMER CONFORMED NAME: AIR PRODUCTS & CHEMICALS, INC. DATE OF NAME CHANGE: 20220408 FORMER COMPANY: FORMER CONFORMED NAME: AIR PRODUCTS & CHEMICALS INC /DE/ DATE OF NAME CHANGE: 19920703 8-K 1 d812327d8k.htm 8-K 8-K Air Products & Chemicals, Inc. false 0000002969 0000002969 2024-03-28 2024-03-28 0000002969 us-gaap:CommonStockMember 2024-03-28 2024-03-28 0000002969 apd:A1000EuroNotesDue2025Member 2024-03-28 2024-03-28 0000002969 apd:A0500EuroNotesDue2028Member 2024-03-28 2024-03-28 0000002969 apd:A0800EuroNotesDue2032Member 2024-03-28 2024-03-28 0000002969 apd:A4000EuroNotesDue2035Member 2024-03-28 2024-03-28     UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549     FORM 8-K     CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported) March 28, 2024     Air Products and Chemicals, Inc. (Exact name of registrant as specified in charter)       Delaware   001-04534   23-1274455 (State or Other Jurisdiction of Incorporation)   (Commission File Number)   (IRS Employer Identification No.) 1940 Air Products Boulevard Allentown , Pennsylvania 18106-5500 (Address of principal executive offices and zip code) (610) 481-4911 Registrant’s telephone number, including area code not applicable (Former name or former address, if changed since last report)     Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):     ☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)     ☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)     ☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))     ☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) Securities registered pursuant to Section 12(b) of the Act:   Title of each class   Trading Symbol(s)   Name of each exchange on which registered Common Stock, par value $1.00 per share   APD   New York Stock Exchange 1.000% Euro Notes due 2025   APD25   New York Stock Exchange 0.500% Euro Notes due 2028   APD28   New York Stock Exchange 0.800% Euro Notes due 2032   APD32   New York Stock Exchange 4.000% Euro Notes due 2035   APD35   New York Stock Exchange Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 under the Securities Act of 1933 (17 CFR 230.405) or Rule 12b-2 under the Securities Exchange Act of 1934 (17 CFR 240.12b-2