1 PRICING SUPPLEMENT NO. 1 DATED OCTOBER 22, 1996 Rule 424(b)(3) (To the Prospectus Dated May 1, 1996, and the Prospectus Supplement dated May 16, 1996) File No. 333-02461 AIR PRODUCTS AND CHEMICALS, INC. MEDIUM-TERM NOTES, SERIES F DUE FROM 9 MONTHS TO 30 YEARS FROM DATE OF ISSUE FLOATING-RATE NOTES --------------- Redemption: Check 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:
Trade Date: October 22, 1996 Original Issue Date: October 25, 1996 Maturity Date: October 25, 2001 Principal Amount: $32,000,000.00 Face Amount: $32,000,000.00 Issue Price: Par Global Note: /x/Yes / /No Specified Currency: US Dollars Exchange Rate Agent: N/A (If other than U.S. dollars, see attached) U.S. Dollar Payment Options: N/A Original Yield to Maturity: N/A Total Amount of OID: N/A Base Rate: / /Commercial Paper Rate /x/LIBOR / /Treasury Rate / /Other: Initial Interest Rate: 5.705% Interest Determination Dates: Two London Business Days Prior to Coupon Date Reset Period: Semi-annual Interest Reset Dates: April 25 and October 25 Interest Payment Dates: April 25 and October 25 Index Maturity: N/A Maximum Interest Rate: N/A Minimum Interest Rate: N/A Spread: .08% Spread Multiplier: N/A Calculation Agent: Goldman, Sachs & Co. Agent's Commission: $160,000.00 Agent: Goldman, Sachs & Co. Net Proceeds to Issuer: $31,840,000.00 Global Note: /x/Yes / /No Form: /x/Book-Entry / /Certificated Depositary: DTC