New York, Sept. 21 – Praxair, Inc. priced $750 million of notes (A2/A) in tranches due 2020 and 2026, according to a market source.
The company sold $300 million of 2.25% notes due 2020 sold at 99.906 to yield 2.27%, or Treasuries plus 78 bps.
The tranche came tighter than initial talk in the 85 basis points area over Treasuries.
Praxair also priced $450 million of 3.2% notes due 2026 at Treasuries plus 105 bps, or 99.584 to yield 3.248%.
The long 10-year tranche also came tighter than talk, in this case for 115 bps area over Treasuries.
Bookrunners are Citigroup, Deutsche Bank, HSBC Securities and MUFG.
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
|
| Pricing date: | Sept. 21
|
| Bookrunners: | Citigroup Global Markets Inc., Deutsche Bank Securities Inc., HSBC Securities and MUFG.
|
| Ratings: | Moody’s: A2
|
| Standard & Poor’s: A
|
|
|
| Five-year notes
|
| Amount: | $300 million
|
| Maturity: | 2020
|
| Coupon: | 2.25%
|
| Price: | 99.906
|
| Yield: | 2.27%
|
| Spread: | Treasuries plus 78 bps
|
| Talk: | 85 bps area
|
|
|
| Eleven-year notes
|
| Amount: | $450 million
|
| Maturity: | 2026
|
| Coupon: | 3.2%
|
| Price: | 99.584
|
| Yield: | 3.248%
|
| Spread: | Treasuries plus 105 bps
|
| Talk: | 115 bps area
|
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