Published on 9/22/2015 in the Prospect News Investment Grade Daily.
New Issue: Praxair details $750 million sale of senior notes due 2020, 2026
By Aleesia Forni
Virginia Beach, Sept. 22 – Praxair, Inc. detailed its $750 million two-part offering of notes (A2/A) in a FWP filed with the Securities and Exchange Commission.
The Monday sale included a $300 million 2.25% note due 2020 sold at 99.906 to yield 2.27%, or Treasuries plus 78 basis points.
The notes due 2020 were initially talked in the 85 bps area over Treasuries.
The company priced $450 million of 3.2% notes due 2026 at Treasuries plus 105 bps, or 99.584 to yield 3.248%.
The tranche was talked in the 115 bps area over Treasuries.
Bookrunners are Citigroup Global Markets Inc., Deutsche Bank Securities Inc., 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.
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| Issue: | Senior notes
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| Amount: | $750 million
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| Bookrunners: | Citigroup Global Markets Inc., Deutsche Bank Securities Inc., HSBC Securities, MUFG
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| Co-managers: | BBVA Securities Inc., BNY Mellon Capital Markets, LLC, PNC Capital Markets LLC, Santander Investment Securities Inc., SMBC Nikko Securities America, Inc., TD Securities (USA) LLC, U.S. Bancorp Investments, Inc., The Williams Capital Group, L.P
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| Trade date: | Sept. 21
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| Settlement date: | Sept. 24
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| Ratings: | Moody’s: A2
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| Standard & Poor’s: A
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| Distribution: | SEC-registered
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| Notes due 2020
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| Amount: | $300 million
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| Maturity: | Sept. 24, 2020
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| Coupon: | 2.25%
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| Price: | 99.906
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| Yield: | 2.27%
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| Spread: | Treasuries plus 78 bps
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| Price talk: | Treasuries plus 85 bps area
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| Make-whole call: | Treasuries plus 15 bps
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| Notes due 2026
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| Amount: | $450 million
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| Maturity: | Jan. 30, 2026
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| Coupon: | 3.2%
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| Price: | 99.584
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| Yield: | 3.248%
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| Spread: | Treasuries plus 105 bps
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| Price guidance: | Treasuries plus 115 bps area
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| Make-whole call: | Treasuries plus 20 bps prior to Oct. 30, 2025, then callable at par
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