New Issue: Praxair prices $1 billion of guaranteed fixed-rate notes in two tranches

By Cristal Cody

Tupelo, Miss., Aug. 3 – Praxair, Inc. priced $1 billion of guaranteed notes (A2/A) in two tranches on Monday, according to a market source and an FWP filing with the Securities and Exchange Commission.

A $700 million offering of 1.1% 10-year notes priced at 99.783 to yield 1.123%. The notes priced at a spread of 57 basis points over Treasuries, tighter than talk at the 85 bps area.

Praxair sold $300 million of 2% 30-year notes at 99.485 to yield 2.023%, or Treasuries plus 80 bps.

The 30-year tranche was guided to price at the 110 bps over Treasuries area.

The notes will be guaranteed by parent Linde plc.

BofA Securities Inc., Citigroup Global Markets Inc., J.P. Morgan Securities LLC, Mizuho Securities USA Inc. and Wells Fargo Securities, LLC were the bookrunners.

Proceeds will be used for the redemption, repurchase or repayment at maturity of the company’s 4.05% notes due March 15, 2021 and the 3% notes due Sept. 1, 2021. Any remaining proceeds will be used for general corporate purposes.

Praxair is a Danbury, Conn.-based industrial gas supplier.

Issuer:	Praxair, Inc.
Guarantor:	Linde plc
Amount:	$1 billion
Securities:	Notes
Bookrunners:	BofA Securities Inc., Citigroup Global Markets Inc., J.P. Morgan Securities LLC, Mizuho Securities USA Inc. and Wells Fargo Securities, LLC
Co-managers:	Australia and New Zealand Banking Group Ltd., BBVA Securities Inc., Banco Bradesco BBI SA, BNY Mellon Capital Markets, LLC, Credit Agricole Securities (USA) Inc., ING Financial Markets LLC, Landesbank Baden-Wurttemberg, Landesbank Hessen-Thuringen Girozentrale, Santander Investment Securities Inc., SG Americas Securities, LLC, Siebert Williams Shank & Co., LLC, Skandinaviska Enskilda Banken AB, SMBC Nikko Securities America, Inc., Standard Chartered Bank, TD Securities (USA) LLC, U.S. Bancorp Investments, Inc. and Westpac Banking Corp.
Trade date:	Aug. 3
Settlement date:	Aug. 10
Ratings:	Moody’s: A2
	S&P: A
Distribution:	SEC registered
10-year notes
Amount:	$700 million
Maturity:	Aug. 10, 2030
Coupon:	1.1%
Price:	99.783
Yield:	1.123%
Spread:	Treasuries plus 57 bps
Call features:	Make-whole call at Treasuries plus 10 bps before May 10, 2030; thereafter at par
Price guidance:	Treasuries plus 85 bps area
30-year notes
Amount:	$300 million
Maturity:	Aug. 10, 2050
Coupon:	2%
Price:	99.485
Yield:	2.023%
Spread:	Treasuries plus 80 bps
Call features:	Make-whole call at Treasuries plus 10 bps before Feb. 10, 2050; thereafter at par
Price guidance:	Treasuries plus 110 bps area

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