By Andrea Heisinger
New York, Aug. 31 - Industrial gas maker Praxair, Inc. sold $500 million of 3% 10-year notes on Wednesday to yield 93 basis points over Treasuries, said a source away from the trade.
The notes were priced tighter than initial guidance in the 95 bps to 100 bps range and at the low end of revised talk in the 95 bps area.
The notes (A2/A) were priced at 99.173 to yield 3.097%. They have a make-whole call at Treasuries plus 15 bps.
Active bookrunners were Credit Suisse Securities (USA) LLC and RBS Securities Inc. Passive bookrunners were Mitsubishi UFJ Securities (USA), Inc. and Wells Fargo Securities LLC.
Proceeds are being used to repay short-term debt, to fund share repurchases and for general corporate purposes.
Praxair last priced debt in a $500 million sale of 4.05% 10-year notes on March 1 at a spread of Treasuries plus 67 bps.
The company is based in Danbury, Conn.
| Issuer: | Praxair, Inc.
|
| Issue: | Notes
|
| Amount: | $500 million
|
| Maturity: | Sept. 1, 2021
|
| Bookrunners: | Credit Suisse Securities (USA) LLC, RBS Securities Inc. (active), Mitsubishi UFJ Securities (USA), Inc., Wells Fargo Securities LLC (passive)
|
| Coupon: | 3%
|
| Price: | 99.173
|
| Yield: | 3.097%
|
| Spread: | Treasuries plus 93 bps
|
| Call: | Make-whole at Treasuries plus 15 bps
|
| Trade date: | Aug. 31
|
| Settlement date: | Sept. 6
|
| Ratings: | Moody's: A2
|
| Standard & Poor's: A
|
| Price talk: | 95 to 100 bps (initial), 95 bps area (revised)
|
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