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AIR PRODUCTS TO RETIRE DEBENTURES

 AIR PRODUCTS TO RETIRE DEBENTURES
 ALLENTOWN, Pa., Jan. 7 /PRNewswire/ -- Air Products and Chemicals,


Inc. (NYSE: APD) today announced the commencement of a tender offer for its outstanding 11-3/8 Percent Debentures Due 2015 at $1,082.50 per $1,000 principal amount plus interest accrued from Nov. 1, 1991, through Jan. 22, 1992.
 The offer is not conditioned upon any minimum number of debentures being tendered and is scheduled to terminate at 5 p.m. New York City time on Jan. 15, 1992. Payment will be made in New York Clearing House funds on Jan. 23, 1992.
 The debentures, which total $100 million, are listed on the New York Stock Exchange. Goldman, Sachs & Co. will act as Dealer Managers for the tender offer. The Chase Manhattan Bank, N.A. will act as Depositary.
 The trustee of the company's debentures is notifying the holders of its 11-3/8 Percent Debentures that all debentures not purchased pursuant to the tender offer will be redeemed by Air Products on Feb. 6, 1992, at a price of $1,077.50 per $1,000 principal amount plus interest accrued from Nov. 1, 1991, through Feb. 5, 1992.
 The retirement of the debentures is expected to result in a one-time extraordinary charge in the second fiscal quarter of approximately 11 cents per share.
 /delval/
 -0- 1/7/92
 /CONTACT: Kevin J. Ramundo of Air Products and Chemicals, 215-481-4346/
 (APD) CO: Air Products and Chemicals, Inc. ST: Pennsylvania IN: CHM SU: OFR


CC -- PH015 -- 7269 01/07/92 11:09 EST
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Date:Jan 7, 1992
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