Debt

9 Months Ended

Jun. 30, 2025

Debt Disclosure [Abstract]

Debt

DEBT

Registered Public Offerings

In February 2025, we issued Euro-denominated senior fixed-rate notes with an aggregate principal amount of €1.0 billion (approximately $1.04 billion) in a registered public offering (the "February 2025 Offering"). The related proceeds were reduced by deferred financing charges and discounts of approximately $8. In June 2025, we issued U.S. Dollar- and Euro-denominated senior fixed-rate notes with aggregate principal amounts of $1.1 billion and €500 million (approximately $570), respectively, in registered public offerings (the "June 2025 Offerings"). The related proceeds were reduced by deferred financing charges and discounts of approximately $12. Deferred financing charges and discounts are amortized through interest expense over the life of the underlying bonds.

We used the net proceeds from the February 2025 Offering to repay commercial paper obligations, including those incurred prior to the closing of the February 2025 Offering that were used to repay €300 million aggregate principal amount outstanding of our 1.000% Euro-denominated senior fixed-rate notes at maturity, plus accrued interest. We intend to use the net proceeds from the June 2025 Offerings to repay commercial paper obligations and for general corporate purposes.

The interest rate, maturity, and U.S. Dollar carrying amount of each instrument issued in fiscal year 2025 are summarized below:

	Fiscal Year Maturity	30 June 2025
Payable in U.S. Dollars
4.300% Notes	2028	$600.0
4.900% Notes	2033	500.0
Payable in Euros
2.950% Notes	2031	589.3
3.250% Notes	2032	589.3
3.450% Notes	2037	589.3
Total		$2,867.9

Non-Recourse Debt Associated With NGHC

NGHC has access to financing that is being drawn over the construction period of the NEOM Green Hydrogen Project. As of 30 June 2025, NGHC borrowed principal amounts totaling $4.6 billion compared to $3.3 billion as of 30 September 2024. Refer to Note 3, Variable Interest Entities, to the consolidated financial statements for additional information. Creditors of NGHC do not have recourse to the general credit of Air Products.

Committed Credit Facilities

During the second quarter of fiscal year 2025, we refinanced our existing 364-day $500 revolving credit agreement to extend its maturity date from 27 March 2025 to 26 March 2026. All other terms remain consistent with the original agreement. Fees incurred in connection with the refinancing were not material.

We also maintain a five-year $3.0 billion revolving credit agreement that matures on 31 March 2029. Both the 364-day agreement and the five-year agreement are syndicated committed facilities that provide a source of liquidity and support our commercial paper program through the availability of senior unsecured debt to us and certain of our subsidiaries. No borrowings were outstanding under either of the agreements as of 30 June 2025 or 30 September 2024.

Separately, certain of our foreign subsidiaries maintain access to committed credit facilities. As of 30 June 2025, the amount available under foreign committed credit facilities totaled $420.8, all of which was borrowed and outstanding.

As of 30 September 2024, these facilities had a combined maximum borrowing capacity of $1.2 billion, of which $1.1 billion was borrowed and outstanding. During the second quarter of fiscal year 2025, we derecognized long-term borrowings from two Saudi Riyal-denominated facilities upon deconsolidation of the Blue Hydrogen Industrial Gases Company ("BHIG") subsidiary. These borrowings had been drawn from a 7.35% variable-rate facility and a 2.00% fixed-rate facility, which had carrying values of $451.1 and $222.2 as of 30 September 2024, respectively. As further discussed in Note 19, Supplemental Information, we continue to have exposure to BHIG's borrowings through our equity method investment in the entity.

Related Party Debt

Refer to Note 19, Supplemental Information.