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  <TITLE> Air Products and Chemicals, Inc. (Form: 8-K) </TITLE>
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  		UNITED STATES<BR>
  	SECURITIES AND EXCHANGE COMMISSION
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  	WASHINGTON, D.C. 20549
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  	FORM 8-K
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  	CURRENT REPORT
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  	Pursuant to Section&nbsp;13 or 15(d) of the Securities Exchange Act of 1934
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  	Date of Report (Date of Earliest Event Reported):
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  	&nbsp;
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  	May 24, 2006
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  	Air Products and Chemicals, Inc.
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  <BR>__________________________________________<BR>
  	(Exact name of registrant as specified in its charter)
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  	Delaware
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  	1-4534
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  	23-1274455
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  _____________________<BR>
  	(State or other jurisdiction
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  _____________<BR>
  	(Commission
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  ______________<BR>
  	(I.R.S. Employer
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  	of incorporation)
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  	File Number)
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  	Identification No.)
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  	7201 Hamilton Boulevard, Allentown, Pennsylvania
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  	18195-1501
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  _________________________________<BR>
  	(Address of principal executive offices)
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  ___________<BR>
  	(Zip Code)
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  	Registrant&#146;s telephone number, including area code:
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  	610 481-4911
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  	Not Applicable
  <BR>______________________________________________<BR>
  	Former name or former address, if changed since last report
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  	&nbsp;
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  <!-- CoverPageRegistrant END --><P><FONT SIZE="2">
  Check the appropriate box below if the Form 8-K filing is intended to
  simultaneously satisfy the filing obligation of the registrant under any
  of the following provisions:</FONT>
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  [&nbsp;&nbsp;]&nbsp;&nbsp;Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)<br>
  [&nbsp;&nbsp;]&nbsp;&nbsp;Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)<br>
  [&nbsp;&nbsp;]&nbsp;&nbsp;Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))<br>
  [&nbsp;&nbsp;]&nbsp;&nbsp;Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))<br>
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  	Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.
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  On May 23, 2006, Air Products and Chemicals, Inc. (the "Company") entered into a five-year dollar equivalent $1,200,000,000 revolving credit agreement with a syndicate of banks (the "2006 Credit Agreement"), under which senior unsecured debt is available to both the Company and certain of its subsidiaries.  The 2006 Credit Agreement provides a source of liquidity for the Company and supports its commercial paper program.  The Company unconditionally guarantees the payment of all loans made under the 2006 Credit Agreement to its subsidiary borrowers.  Amounts outstanding under the 2006 Credit Agreement may be acccelterated for typical defaults, including the non-payment of amounts due under the 2006 Credit Agreement, the non-payment of material judgements or debt obligations and certain bankruptcy events.<br><br>The 2006 Credit Agreement terminates and replaces the Company's existing $700,000,000 revolving credit agreement dated December 18, 2003 (the "2003 Agreement").  No borrowings were outstanding under the 2003 Agreement at the time of its termination and no early termination penalties were incurred.<br><br>As of the date of this filing, no borrowings have been made and no material direct financial obligations have been created under the 2006 Credit Agreement.<br><br>
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  	SIGNATURES
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  	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.
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  	Air Products and Chemicals, Inc.
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  	&nbsp;&nbsp;
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  <I>
  	May 24, 2006
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  	By:
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  <I>
  	Paul E. Huck
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  	Name: Paul E. Huck
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  	Title: Vice President and Chief Financial Officer
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metadata_documents: [{"type": "8-K", "sequence": "1", "filename": "htm_12727.htm", "description": "LIVE FILING", "secsgml_size_bytes": 9624}]
metadata_filer: {"company-data": {"conformed-name": "AIR PRODUCTS & CHEMICALS INC /DE/", "cik": "0000002969", "assigned-sic": "2810", "irs-number": "231274455", "state-of-incorporation": "DE", "fiscal-year-end": "0930"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "001-04534", "film-number": "06863141"}, "business-address": {"street1": "7201 HAMILTON BLVD", "city": "ALLENTOWN", "state": "PA", "zip": "18195-1501", "phone": "6104814911"}, "mail-address": {"street1": "7201 HAMILTON BLVD", "city": "ALLENTOWN", "state": "PA", "zip": "18195-1501"}}
text: Air Products and Chemicals, Inc. (Form: 8-K)
  UNITED STATES
  SECURITIES AND EXCHANGE COMMISSION
  WASHINGTON, D.C. 20549
  FORM 8-K
  CURRENT REPORT
  Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
  Date of Report (Date of Earliest Event Reported):
  May 24, 2006
  Air Products and Chemicals, Inc.
  __________________________________________
  (Exact name of registrant as specified in its charter)
  Delaware
  1-4534
  23-1274455
  _____________________
  (State or other jurisdiction
  _____________
  (Commission
  ______________
  (I.R.S. Employer
  of incorporation)
  File Number)
  Identification No.)
  7201 Hamilton Boulevard, Allentown, Pennsylvania
  18195-1501
  _________________________________
  (Address of principal executive offices)
  ___________
  (Zip Code)
  Registrant's telephone number, including area code:
  610 481-4911
  Not Applicable
  ______________________________________________
  Former name or former address, if changed since last report
  Check the appropriate box below if the Form 8-K filing is intended to
  simultaneously satisfy the filing obligation of the registrant under any
  of the following provisions:
  [  ]  Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
  [  ]  Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
  [  ]  Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
  [  ]  Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
  Top of the Form
  Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.
  On May 23, 2006, Air Products and Chemicals, Inc. (the "Company") entered into a five-year dollar equivalent $1,200,000,000 revolving credit agreement with a syndicate of banks (the "2006 Credit Agreement"), under which senior unsecured debt is available to both the Company and certain of its subsidiaries.  The 2006 Credit Agreement provides a source of liquidity for the Company and supports its commercial paper program.  The Company unconditionally guarantees the payment of all loans made under the 2006 Credit Agreement to its subsidiary borrowers.  Amounts outstanding under the 2006 Credit Agreement may be acccelterated for typical defaults, including the non-payment of amounts due under the 2006 Credit Agreement, the non-payment of material judgements or debt obligations and certain bankruptcy events.
  The 2006 Credit Agreement terminates and replaces the Company's existing $700,000,000 revolving credit agreement dated December 18, 2003 (the "2003 Agreement").  No borrowings were outstanding under the 2003 Agreement at the time of its termination and no early termination penalties were incurred.
  As of the date of this filing, no borrowings have been made and no material direct financial obligations have been created under the 2006 Credit Agreement.
  Top of the Form
  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.
  May 24, 2006
  By:
  Paul E. Huck
  Name: Paul E. Huck
  Title: Vice President and Chief Financial Officer