Praxair planning two-tranche note sale in new, reopened tranches for Monday pricing

By Andrea Heisinger

New York, April 29 - Praxair, Inc. is talking a sale of notes (A2/A/) in new and reopened tranches for Monday, according to an informed source and a 424B5 filing with the Securities and Exchange Commission.

The offering will include a long five-year note with guidance in the low Treasuries plus 60 basis points area and a reopening of 3.55% bonds due Nov. 7, 2042 talked in the 90 bps area.

The reopened bonds will have a make-whole call at Treasuries plus 10 bps until May 7, 2042 and a par call after that date.

Outstanding issuance of the notes due 2042 is $300 million priced at 68 bps over Treasuries on Nov. 2, 2012.

Bookrunners are Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC and RBS Securities Inc.

Proceeds are for general corporate purposes, including debt repayment and share repurchase under a repurchase program.

Praxair was last in the market with a $500 million sale of 1.2% five-year notes priced at 45 bps over Treasuries on Feb. 27.

The industrial gas company is based in Danbury, Conn.

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