By Aleesia Forni
Virginia Beach, Jan. 30 – Praxair, Inc. sold $750 million of notes (A2/A/) in new and reopened tranches on Thursday, according to a market source.
The offering included a $150 million tranche of two-year floating-rate notes priced at par to yield Federal Funds rate plus 33 basis points.
A $400 million tranche of 2.65% 10-year notes sold at Treasuries plus 95 bps. Pricing was at 99.617 to yield 2.694%.
There was also a reopening of the company’s 3.55% bonds due Nov. 7, 2042.
The $200 million tap priced at 99.838 to yield 3.559%, or Treasuries plus 125 bps.
Outstanding issuance of the notes due 2042 is $475 million, including $175 million priced at 68 bps over Treasuries on Nov. 2, 2012 and $650 million priced at 88 bps over Treasuries on April 29, 2013.
Bookrunners were Credit Suisse Securities (USA) LLC, J.P. Morgan Securities LLC, RBS Securities Inc. and Wells Fargo Securities LLC.
Proceeds are for general corporate purposes, including debt repayment.
The industrial gas company is based in Danbury, Conn.
| Issuer: | Praxair Inc.
|
| Issue: | Notes
|
| Amount: | $750 million
|
| Bookrunners: | Credit Suisse Securities (USA) LLC, J.P. Morgan Securities LLC, RBS Securities Inc., Wells Fargo Securities LLC
|
| Trade date: | Jan. 29
|
| Settlement date: | Feb. 5
|
| Ratings: | Moody’s: A2
|
| Standard & Poor’s: A
|
| Distribution: | SEC registered
|
|
|
| Two-year floaters
|
| Amount: | $150 million
|
| Maturity: | Feb. 3, 2017
|
| Coupon: | Federal Funds plus 33 bps
|
| Price: | Par
|
| Yield: | Federal Funds plus 33 bps
|
|
|
| 10-year notes
|
| Amount: | $400 million
|
| Maturity: | Feb. 5, 2025
|
| Coupon: | 2.65%
|
| Price: | 99.617
|
| Yield: | 2.694%
|
| Spread: | Treasuries plus 95 bps
|
|
|
| Tap of notes due 2042
|
| Amount: | $200 million
|
| Maturity: | Nov. 7, 2042
|
| Coupon: | 3.55%
|
| Price: | 99.838
|
| Yield: | 3.559%
|
| Spread: | Treasuries plus 125 bps
|
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