Praxair: Upsized 10-year note sale saw 'strong response' from investors

By Andrea Heisinger

New York, Feb. 2 - Industrial gas supplier Praxair, Inc. saw a strong response from investors to its upsized $600 million sale of 10-year notes, a company spokesperson said Thursday.

The sale of 2.45% notes (A2/A/) was upsized from $500 million and priced at the tight end of guidance.

"Praxair received a strong response from an extremely high-quality group of investors," said Kelcey Hoyt, director of investor relations.

The deal was "substantially oversubscribed ... while maintaining interest from extremely high-quality investors at a record-low rate for Praxair," she said.

The 2.45% coupon was the lowest for a 10-year note that Praxair has priced and also the lowest for a single-A rated company, Hoyt said.

Praxair opted for the 10-year maturity to extend the maturity profile of its debt portfolio, she added.

Proceeds will be used to repay short-term debt, to fund share repurchases and for general corporate purposes.

The issuer is based in Danbury, Conn.

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