IHS Chemical Week

Markets :: Industrial Gases

Praxair Issues $500 Million in Floating Debt

1:48 PM MDT | May 20, 2009 | Vincent Valk

Praxair announced that it has issued $500 million of debt in the form of one-year floating rate notes. The notes are priced at 9 bases points over Libor (London Interbank Offered Rate), and will mature on May 26, 2010. Libor currently stands at 0.72%, having dropped nearly 14 basis points in the past four days. The proceeds from the issuance will go towards repaying short-term debt and "general corporate purposes," the company says. “The combination of historically low Libor rates and our liquidity profile provided an attractive opportunity to...

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