Praxair Issues $300 Million Of Five-Year Bonds
June 02, 2003
DANBURY, Conn., June, 2, 2003 — Praxair, Inc. (NYSE: PX) today issued $300 million of five-year bonds maturing June 15, 2008 at a coupon interest rate of 2.75% and a price of 99.571%. The issue was led by Citigroup Global Markets Inc. and Merrill Lynch, Pierce, Fenner & Smith Incorporated. Co-managers were ABN AMRO Incorporated, Bank of America Securities LLC, Credit Suisse First Boston LLC, Deutsche Banc Alex Brown, Fleet Securities, Inc., HSBC Securities (USA) Inc., and J.P. Morgan Securities, Inc.
"Following our 10-year bond offering last week at 3.95%, the Treasury market continued to look attractive today. We have now stabilized our cost of capital through 2005," said Michael J. Allan, vice president and treasurer.
The proceeds of the issue will be used to repay commercial paper and short-term borrowings. The indebtedness to be repaid was incurred for general corporate purposes. The company's long-term debt is rated A3 by Moody's Investors Service and A- by Standard and Poor's Corporation.
Copies of the prospectus and the prospectus supplement related to the offering may be obtained from Citigroup Global Markets Inc. and Merrill Lynch, Pierce, Fenner & Smith Incorporated.
Praxair is the largest industrial gases company in North and South America, and one of the largest worldwide, with 2002 sales of $5.1 billion. The company produces, sells and distributes atmospheric and process gases, and high-performance surface coatings. Praxair products, services and technologies bring productivity and environmental benefits to a wide variety of industries, including aerospace, chemicals, food and beverage, electronics, energy, healthcare, manufacturing, metals and others. More information on Praxair is available on the Internet at www.praxair.com.