By Andrea Heisinger
New York, Jan. 11 - Praxair, Inc. sold an upsized $500 million of 2.125% unsecured notes due June 14, 2013 on Monday at 65 basis points over Treasuries, an informed source said.
The size was increased from an original $350 million, the source said. It sold at the tight end of price guidance that was in the 70 bps area.
The notes (A2/A/) were priced at 99.88 to yield 2.162%. They have a make-whole call at Treasuries plus 10 bps.
Citigroup Global Markets Inc., HSBC Securities and RBS Securities Inc. ran the books.
Co-managers were Bank of America Merrill Lynch, Credit Suisse Securities, Deutsche Bank Securities Inc., Mitsubishi UFJ Securities, Santander Investment Securities and Wells Fargo Securities.
Proceeds are being used to repay short-term debt, including $500 million in floating-rate notes due on May 26, 2010, to fund share repurchases and for general corporate purposes.
The industrial gases maker is based in Danbury, Conn.
| Issuer: | Praxair, Inc.
|
| Issue: | Unsecured notes
|
| Amount: | $500 million, increased from $350 million
|
| Maturity: | June 14, 2013
|
| Bookrunners: | Citigroup Global Markets Inc., HSBC Securities, RBS Securities Inc.
|
| Co-managers: | Bank of America Merrill Lynch, Credit Suisse Securities, Deutsche Bank Securities Inc., Mitsubishi UFJ Securities, Santander Investment Securities, Wells Fargo Securities
|
| Coupon: | 2.125%
|
| Price: | 99.88
|
| Yield: | 2.162%
|
| Spread: | Treasuries plus 65 bps
|
| Call: | Make-whole at Treasuries plus 10 bps
|
| Trade date: | Jan. 11
|
| Settlement date: | Jan. 14
|
| Ratings: | Moody's: A2
|
| Standard & Poor's: A
|
| Price talk: | 70 bps area
|
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