By Andrea Heisinger
New York, Nov. 10 - Praxair Inc. priced an upsized $400 million of 1.75% three-year notes on Tuesday to yield 50 basis points over Treasuries, according to a market source and a press release.
The size was initially $300 million, a source said. The deal priced at the tightest end of talk, a source close to it said, with guidance whispered in the 60 bps area.
The notes (A2/A/) priced at 99.71 to yield 1.85%. There is a make-whole call at 15 bps over Treasuries.
Bank of America Merrill Lynch and Deutsche Bank Securities Inc. were the bookrunners.
Co-managers were Citigroup Global Markets Inc., Credit Suisse Securities, HSBC Securities, Mitsubishi UFJ Securities, RBS Securities Inc. and Santander Investment Securities.
Proceeds are going to repay short-term debt, to fund share repurchases and for general corporate purposes.
The industrial gases company is based in Danbury, Conn.
| Issuer: | Praxair, Inc.
|
| Issue: | Notes
|
| Amount: | $400 million, increased from $300 million
|
| Maturity: | Nov. 15, 2012
|
| Bookrunners: | Bank of America Merrill Lynch, Deutsche Bank Securities Inc.
|
| Co-managers: | Citigroup Global Markets Inc., Credit Suisse Securities, HSBC Securities, Mitsubishi UFJ Securities, RBS Securities Inc., Santander Investment Securities
|
| Coupon: | 1.75%
|
| Price: | 99.71
|
| Yield: | 1.85%
|
| Spread: | Treasuries plus 50 bps
|
| Call: | Make-whole at Treasuries plus 15 bps
|
| Trade date: | Nov. 10
|
| Settlement date: | Nov. 16
|
| Ratings: | Moody's: A2
|
| Standard & Poor's: A
|
| Price talk: | 60 bps area whispers
|
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