By Andrea Heisinger
New York, Aug. 27 - Praxair, Inc. sold an upsized $400 million of 3.25% six-year notes Thursday to yield Treasuries plus 85 basis points, according to an FWP filing with the Securities and Exchange Commission.
The size was increased from $350 million, a source close to the sale said. It came in at the tight end of guidance of 85 to 87 bps.
The notes (A2/A/) priced at 99.743 to yield 3.297%. They have a make-whole call at Treasuries plus 15 bps.
The sale follows a $600 million issue of bonds due 2019 on Aug. 10.
Bookrunners were Citigroup Global Markets Inc. and RBS Securities Inc.
Co-managers were Bank of America Merrill Lynch, Credit Suisse Securities, Deutsche Bank Securities Inc., HSBC Securities (USA) Inc., Mitsubishi UFJ Securities and Santander Investment Securities Inc.
Proceeds will be used to repay short-term debt and for general corporate purposes.
The industrial gases company is based in Danbury, Conn.
| Issuer: | Praxair, Inc.
|
| Issue: | Notes
|
| Amount: | $400 million, increased from $350 million
|
| Maturity: | Sept. 15, 2015
|
| Bookrunners: | Citigroup Global Markets Inc., RBS Securities Inc.
|
| Co-managers: | Bank of America Merrill Lynch, Credit Suisse Securities, Deutsche Bank Securities Inc., HSBC Securities (USA) Inc., Mitsubishi UFJ Securities, Santander Investment Securities Inc.
|
| Coupon: | 3.25%
|
| Price: | 99.743
|
| Yield: | 3.297%
|
| Spread: | Treasuries plus 85 bps
|
| Call: | Make-whole at Treasuries plus 15 bps
|
| Trade date: | Aug. 27
|
| Settlement date: | Sept. 1
|
| Ratings: | Moody's: A2
|
| Standard & Poor's: A
|
| Price talk: | 85 to 87 bps
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
