1 PRICING SUPPLEMENT NO. 1 DATED May 23, 1996 Rule 424(b)(3) (To the Prospectus Dated April 29, 1996, and File No.333-00589 Prospectus Supplement dated May 16, 1996) AIR PRODUCTS AND CHEMICALS, INC. MEDIUM-TERM NOTES, SERIES E DUE FROM 9 MONTHS TO 30 YEARS FROM DATE OF ISSUE FIXED-RATE NOTES ------------- Principal Amount: $25,000,000.00 Face Amount: $25,000,000.00 Issue Price: Par Net Proceeds to Issuer: $24,812,500.00 Specified Currency: U.S. Dollars (If other than U.S. dollars, see attached) Interest Payment Dates: Each June 15 and December 15 Initial Interest Payment Date: June 15, 1996 Agent's Commission: $187,500.00 Global Note: /X/ Yes / / No Depositary: DTC Exchange Rate Agent: N/A Record Dates: Each June 1 and December 1 Agent: Goldman, Sachs & Co. Form: /X/ Book-Entry / / Certificated
Trade Date: May 23, 1996 Original Issue Date: May 29, 1996 Maturity Date: May 29, 2026 Interest Rate Range of Maturities Per Annum ----------------------------------------------------------------------------------------------------------------------- From 9 months to less than 1 year.................................................................................. % ---------- From 1 year to less than 18 months................................................................................. % ---------- From 18 months to less than 2 years ............................................................................... % ---------- From 2 years to less than 3 years.................................................................................. % ---------- From 3 years to less than 4 years.................................................................................. % ---------- From 4 years to less than 5 years.................................................................................. % ---------- From 5 years to less than 6 years.................................................................................. % ---------- From 6 years to less than 7 years.................................................................................. % ---------- From 7 years to less than 8 years.................................................................................. % ---------- From 8 years to less than 9 years.................................................................................. % ---------- From 9 years to less than 10 years................................................................................. % ---------- From 10 years to less than 11 years................................................................................ % ---------- From 11 years to less than 12 years................................................................................ % ---------- From 12 years to less than 13 years................................................................................ % ---------- From 13 years to less than 14 years................................................................................ % ---------- From 14 years to less than 15 years................................................................................ % ---------- From 15 years to less than 16 years................................................................................ % ---------- From 16 years to less than 17 years................................................................................ % ---------- From 17 years to less than 18 years................................................................................ % ---------- From 18 years to less than 19 years................................................................................ % ---------- From 19 years to less than 20 years................................................................................ % ---------- From 20 years to less than 21 years................................................................................ % ---------- From 21 years to less than 22 years................................................................................ % ---------- From 22 years to less than 23 years................................................................................ % ---------- From 23 years to less than 24 years................................................................................ % ---------- From 24 years to less than 25 years................................................................................ % ---------- From 25 years to less than 26 years................................................................................ % ---------- From 26 years to less than 27 years................................................................................ % ---------- From 27 years to less than 28 years................................................................................ % ---------- From 28 years to less than 29 years................................................................................ % ---------- From 29 years up to and including 30 years......................................................................... 7.56 % ---------- 2 Redemption: Check the box opposite applicable sentence. /X/ The Notes cannot be redeemed prior to maturity. / / The Notes may be redeemed prior to maturity. Terms of Redemption: Repayment: Check the box opposite applicable sentence. /X/ The Notes cannot be repaid prior to maturity. / / The Notes may be repaid prior to maturity. Terms of Repayment: Additional Terms: