Praxair Issues $350 Million of Ten-Year Bonds
May 27, 2003
DANBURY, CT, May 27, 2003 — Praxair, Inc. (NYSE: PX) today issued $350 million of ten-year bonds maturing June 1, 2013 at a coupon interest rate of 3.95% and a price of 99.656%. The issue was led by Bank of America Securities LLC & J.P. Morgan Securities, Inc. Co-managers were ABN AMRO Incorporated, Barclays Capital Inc., Deutsche Banc Alex Brown., Fleet Securities, Inc., and HSBC Securities (USA) Inc.
“The combination of our debt maturity profile, record low Treasuries, and an improved spread market offered us a great opportunity to access the markets,” said Michael Allan, Praxair's 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 Bank of America Securities LLC or J.P. Morgan Securities, Inc.
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.