UPDATE 1-Air Products plans 300 mln euro, 10-yr bond-banker

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LONDON, Feb 21 (Reuters) - Air Products and Chemicals Inc. (APD.N), a U.S. industrial gas supplier, plans to sell a 300 million euro ($394.1 million), 10-year bond later on Wednesday, a banker familiar with the deal said.

The bond will be priced to yield 37 to 39 basis points over mid-swaps, he said.

BNP Paribas and Deutsche Bank are joint lead managers.

Air Products is rated A2 by Moody's Investors Service and A by Standard & Poor's.

The company has a 6.5 percent euro bond due July 2007 US011391176=, on which just over 150 million euros is outstanding, according to Reuters data.

In January, Air Products said first-quarter earnings rose to $230 million from $180.7 million a year earlier, and forecast earnings per share for 2007 at $3.98 to $4.10, up 14 to 17 percent from 2006.