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 28, 2024, Air Products and Chemicals, Inc. (the “Company”) entered into a five-year dollar equivalent $3.0 billion revolving credit agreement with a syndicate of banks (the “Five-Year Credit Agreement”) and a 364-day dollar equivalent $500 million revolving credit agreement with a syndicate of banks (the “364-Day Credit Agreement” and, together with the Five-Year Credit Agreement, the “Credit Agreements”). Senior unsecured debt is available to both the Company and certain of its subsidiaries under the Credit Agreements. The Credit Agreements will provide a source of liquidity for the Company and support its commercial paper program. The Five-Year Credit Agreement replaces the Company’s existing $2.75 billion revolving credit agreement dated March 31, 2021, as subsequently amended (the “Prior Agreement”), which was terminated upon execution of the Five-Year 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 Credit Agreements to its subsidiary borrowers, if any. Amounts outstanding under the Credit Agreements may be accelerated for typical defaults, including the non-payment of amounts due under the applicable Credit Agreement, the non-payment of material judgments or debt obligations and certain bankruptcy events.
The foregoing description of the Credit Agreements does not purport to be complete and is qualified in its entirety by reference to the Five-Year Credit Agreement and the 364-Day Credit Agreement, copies of which will be filed as exhibits to our Quarterly Report on Form 10-Q for the period ending March 31, 2024.
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) | ||||||
| Date: March 28, 2024 |
By: | /s/ Sean D. Major | ||||
| Sean D. Major | ||||||
| Executive Vice President, General Counsel and Secretary | ||||||