By Andrea Heisinger
New York, Jan. 30 - Air Products and Chemicals Inc. was in the market on Wednesday with a $400 million offering of 2.75% 10-year senior notes (A2/A/) priced to yield Treasuries plus 78 basis points, an informed source said.
The sale was done at the low end of guidance in the low 80 bps area, a source said.
Pricing was at 99.593 to yield 2.797%. There is a make-whole call at Treasuries plus 15 bps.
Bookrunners were HSBC Securities (USA) Inc. and J.P. Morgan Securities LLC.
Proceeds will be used for general corporate purposes, including repayment of commercial paper, a portion of which may be used to repay a $300 million 4.15% senior note that matures on Feb. 1, 2013. The general corporate purposes may also include repayment and refinancing of debt, acquisitions, working capital, capital expenditures and repurchases and redemptions of securities.
Air Products, an industrial gas and chemical maker based in Allentown, Pa., was last in the market with a $400 million offering of five-year notes on Sept. 6, 2012.
| Issuer: | Air Products and Chemicals Inc.
|
| Issue: | Senior notes
|
| Amount: | $400 million
|
| Maturity: | Feb. 3, 2023
|
| Bookrunners: | HSBC Securities (USA) Inc., J.P. Morgan Securities LLC
|
| Co-managers: | Banca IMI SpA, Mizuho Securities USA Inc., Santander Investment Securities Inc., Scotia Capital (USA) Inc., SMBC Nikko Capital Markets Ltd., UBS Securities LLC, Wells Fargo Securities LLC
|
| Coupon: | 2.75%
|
| Price: | 99.593
|
| Yield: | 2.797%
|
| Spread: | Treasuries plus 78 bps
|
| Call: | Make-whole at Treasuries plus 15 bps
|
| Trade date: | Jan. 30
|
| Settlement date: | Feb. 4
|
| Ratings: | Moody's: A2
|
| Standard & Poor's: A
|
| Price talk: | Low 80 bps area
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
