On August 10, 2020, Praxair, Inc. (“Praxair”), a wholly owned subsidiary of Linde plc (the “Company”), issued $700,000,000 aggregate principal amount of 1.100% notes due August 10, 2030 (the “2030 Notes) and $300,000,000 aggregate principal amount of 2.000% notes due August 10, 2050 (together with the 2030 Notes, the “Notes”). The Notes are fully and unconditionally guaranteed by the Company, and such guarantee by the Company is guaranteed by Linde GmbH, another wholly owned subsidiary of the Company.
The net proceeds of this offering were approximately $990 million, after deducting underwriting discounts, fees and expenses associated with the offering. Praxair intends to use the net proceeds to fund the redemption, repurchase and/or repayment at maturity of Praxair’s outstanding 4.05% notes due March 15, 2021 and 3.00% notes due September 1, 2021, with the balance, if any, to be used for general corporate purposes.
In connection with the offering, Praxair entered into a Terms Agreement dated as of August 3, 2020 (the “Terms Agreement”), among Praxair, the Company, Linde GmbH, and BofA Securities, Inc., Citigroup Global Markets Inc., J.P. Morgan Securities LLC, Mizuho Securities USA LLC and Wells Fargo Securities, LLC, as representatives of the underwriters. The Terms Agreement and the Standard Underwriting Agreement Provisions (June 2, 2020 edition) incorporated by reference in the Terms Agreement are filed as Exhibit 1.1 and 1.2 to this Form 8-K.
The Notes were issued under an indenture (the “Indenture”), dated as of August 10, 2020, among Praxair, the Company and U.S. Bank National Association, as trustee. The Indenture, the Form of 2030 Notes with Guarantee Endorsements and the Form of 2050 Notes with Guarantee Endorsements are filed as exhibits to this Form 8-K and the description of the Indenture contained herein is qualified in its entirety by reference to the Indenture.