(Archived) Praxair Issues $500 Million Of One-Year Floating Rate Notes
DANBURY, CT, May 20, 2009 — Praxair, Inc. (NYSE: PX) has priced $500 million of one-year floating rate notes maturing May 26, 2010 at 9 basis points over three-month Libor (London Interbank Offered Rate). 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 Citi and RBS.
“The combination of historically low Libor rates and our liquidity profile provided an attractive opportunity to source low-cost funding,” said Michael J. Allan, Praxair’s vice president and treasurer.
The offering is expected to close on May 26, 2009. The company anticipates using the proceeds of the offering to repay short-term debt 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 Corporation.
Nothing herein shall constitute an offer to sell or the solicitation of an offer to buy the securities, nor shall there be any sale of the securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful. The offering is being made by means of a prospectus and related prospectus supplement only, copies of which or information concerning this offering may be obtained by calling Citi toll free at 1-877-858-5407 and RBS toll free at 1-866-884-2071.
Praxair is the largest industrial gases company in North and South America, and one of the largest worldwide, with 2008 sales of $10.8 billion. The company produces, sells and distributes atmospheric and process gases, and high-performance surface coatings. Praxair’s products, services and technology bring productivity and environmental benefits to a wide variety of industries, including aerospace, chemicals, electronics, energy, food and beverage, healthcare, manufacturing, metals and others. More information on Praxair is available at www.praxair.com.