UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
CURRENT REPORT
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| Item 1.01. | Entry Into a Material Definitive Agreement. |
| Item 2.03. | Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant. |
On March 31, 2021, Air Products and Chemicals, Inc. (the “Company”) entered into a five-year dollar equivalent $2.5 billion revolving credit agreement with a syndicate of banks (the “2021 Credit Agreement”), under which senior unsecured debt is available to both the Company and certain of its subsidiaries. The 2021 Credit Agreement will provide a source of liquidity for the Company and support its commercial paper program. The 2021 Credit Agreement replaces the Company’s existing $2.3 billion revolving credit agreement dated March 31, 2017, as subsequently amended (the “Prior Agreement”), which was terminated upon execution of the 2021 Credit Agreement. No borrowings were outstanding under the Prior Agreement at the time of its termination and no early termination penalties were incurred.
The Company unconditionally guarantees the payment of all loans made under the 2021 Credit Agreement to its subsidiary borrowers, if any. Amounts outstanding under the 2021 Credit Agreement may be accelerated for typical defaults, including the non-payment of amounts due under the 2021 Credit Agreement, the non-payment of material judgments or debt obligations and certain bankruptcy events. The only financial covenant in the 2021 Credit Agreement is a maximum ratio of total debt to capitalization.
The foregoing description of the 2021 Credit Agreement does not purport to be complete and is qualified in its entirety by reference to the 2021 Credit Agreement, a copy of which will be filed as an exhibit to our Quarterly Report on Form 10-Q for the period ended March 31, 2021.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Air Products and Chemicals, Inc. | ||||||
| (Registrant) | ||||||
| Dated: March 31, 2021 | By: | /s/ M. Scott Crocco | ||||
| M. Scott Crocco | ||||||
| Executive Vice President and Chief Financial Officer | ||||||