Industrial gas supplier Praxair Inc. has sold $400m of 7-year bonds, maturing 15th November 2014 at a coupon interest rate of 5.25% and a price of 99.768%, according to market sources.
The size of the deal was increased from an originally planned $300m, with Banc of America Securities LLC, Citigroup Global Markets Inc. and JP Morgan as the joint lead managers for the sale.
Praxair has said the notes are being offered under its universal shelf self registration statement filed with the U.S. Securities and Exchange Commission and anticipates using the proceeds of the offering to repay short-term debt and general corporate purposes. The company expects to complete the offering on 13 November 2007.
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