Praxair (PX) Prices $400M of 1.75% Notes
Praxair, Inc. (NYSE: PX) has priced $400 million of 1.75% notes due November 15, 2012. The notes are being offered under its universal shelf registration statement filed with the U.S. Securities and Exchange Commission.
The offering is led by Banc of America Securities LLC and Deutsche Bank Securities Inc.
The offering is expected to close on November 16, 2009. The company anticipates using the proceeds of the offering to repay short-term debt, to fund share repurchases under the company’s share repurchase program and for general corporate purposes. Prior to their application, the net proceeds may be invested in short-term investments. The company’s long-term debt is rated A2 by Moody’s Investors Service and A by Standard and Poor’s, a division of The McGraw-Hill Companies.
“The shorter term of three years matched our debt maturity profile and the strong buying interest provided tight pricing that continued to drive down our long term fixed funding costs,” said Michael J. Allan, Praxair’s vice president and treasurer.
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