Praxair, Inc. has priced $500m of 3.00% notes due 1st September 2021. The notes are being offered under Praxair’s universal shelf registration statement, while the offer is expected to close tomorrow, 6th September.
Praxair, Inc. has priced $500m of 3.00% notes due 1st September 2021. The notes are being offered under Praxair’s universal shelf registration statement filed with the U.S. Securities and Exchange Commission.
According to the North and South American industrial gas firm, the offering is led by Credit Suisse Securities (USA) LLC, RBS Securities Inc., Mitsubishi UFJ Securities (USA), Inc., and Wells Fargo Securities, LLC. The offer is expected to close tomorrow, on 6th September 2011.
In an official press statement released at the end of August, Praxair described its motivations: “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.”
Praxair’s long-term debt is classed 'A2' by Moody’s Investors Service and 'A' by Standard and Poor’s, a division of The McGraw-Hill Companies.