Rentokil Initial PLC

Deals

CCYSZE(M)TNRMTYRNKMOSPFITYPEBNCHIPTGDNCSPRDCPNNICPRICE
EUR850.0005Jun-27Sr. Unsecured-BBB-FixedSwapsMS+200 aMS+180 a1703.88%2099.58600
EUR600.0008Jun-30Sr. Unsecured-BBB-FixedSwapsMS+230 aMS+210 a2004.38%2099.66300
GBP400.00010Jun-32Sr. Unsecured-BBB-FixedGG+275 aG+260 a2555.00%-98.37000
Tranche Comments
5 yr: Book size: 3250; Registration: Reg S Only; Comments: EUR850m snr unsec RegS. With GBP 10yr. -/BBB/-. BoC/Barc/BofA(log)/HSBC(B&D)/ING/Santan/SEB/WFS. IPTs 5yr MS+200 area, 8yr MS+230 area, combined bks >3.5bn (slight skew to 5yr). Guidance MS+180 area for 850m / MS+210 area for 600m, launch MS+170/+MS+200, bks 3.25bn/2.75bn, peak >3.6bn/>2.9bn, OBL 0% 04/16/2027 + 243.8bps (92.947) / DBR 0% 02/15/2030 + 279.9bps (88.380). FTT 8am Tues. LEI: 2549005WL1W9GJ5TM121. MWC: B+40bps. Par Call: 3m. Tax Call: Yes. CoC: Yes. Distribution: UK/Ire 28%, Ger/Aus/Switz 23%, Fr 22%, Benelux 18%, Nordics 6%, Other 3%. FM 74%, Ins/PF 13%, Bks/CB 11%, Other 2%.; 8 yr: Book size: 2750; Registration: Reg S Only; Comments: EUR600m snr unsec RegS. With GBP 10yr. -/BBB/-. BoC/Barc/BofA(log)/HSBC(B&D)/ING/Santan/SEB/WFS. IPTs 5yr MS+200 area, 8yr MS+230 area, combined bks >3.5bn (slight skew to 5yr). Guidance MS+180 area for 850m / MS+210 area for 600m, launch MS+170/+MS+200, bks 3.25bn/2.75bn, peak >3.6bn/>2.9bn, OBL 0% 04/16/2027 + 243.8bps (92.947) / DBR 0% 02/15/2030 + 279.9bps (88.380). FTT 8am Tues. LEI: 2549005WL1W9GJ5TM121. MWC: B+45bps. Tax Call: Yes. Par Call: 3m. CoC: Yes. Distribution: UK/Ire 40%, Fr 21%, Ger/Aus/Switz 19%, Benelux 13%, Nordics 5%, Other 2%. FM 67%, Ins/PF 27%, Bks/CB 6%.; 10 yr: Book size: 1450; Registration: Reg S Only; Comments: GBP400m 10yr snr unsec RegS. With EUR 5yr/8yr. -/BBB/-. BoC/Barc/BofA(log)/HSBC(B&D)/ING/Santan/SEB/WFS. IPTs Gilt 4.25% 6.32+275 area, guidance G+260 area for 400m, launch G+255. Bk 1.45bn, peak >1.55bn pre rec, Gilt @ 114.425 . FTT 8am Tues. LEI: 549300VN4WV7Z6T14K68. MWC: G+40bps. Par Call: 3m. Tax Call: Yes. CoC: Yes. Distribution: UK/Ire 93%, Ger/Aus/Switz 3%, Nordics 3%, Fr 1%. FM 65%, Ins/PF 30%, Bks/CB 5%.;
Deal Comments
Rentokil Initial Finance BV (5yr, 8yr)
Use of Proceeds
Refinancing and general corporate purposes
CCYSZE(M)TNRMTYRNKMOSPFITYPEBNCHIPTGDNCSPRDCPNNICPRICE
HAX638.0009Jun-17Zk. Pghlogklf-AAA-EuxwtCtgqwZF+120 gOR+90-95850.50%-739.24100
Tranche Comments
8 mq: Book size: 6909; Registration: Zjm T Oeza; Comments: NON500n 8eq rmq vmrjn. DDD S&E. Dxqn/DOD/DQEE(D&U)/Dun/SoFi. IEGr DS+120 xqjx, qvufxmnj DS+90/+95, exvmni 600n @DS+85, ta >2.3tm (ejxa >2.9tm). DBF D+20 , 3nEF. UDN 0.25% Nvq-28 @ 106.94 / D+115.9 (HN 93%). ONIb 549300UQ4BU7H6G14B68;
Guarantor(s)
Njlzqjyp Clyzywp 1927 fpi (zq 2021 lqzjj ljpjcfzyql)
Use of Proceeds
Eycyhlv Glhvlhlhy Fihvlyyy
CCYSZE(M)TNRMTYRNKMOSPFITYPEBNCHIPTGDNCSPRDCPNNICPRICE
MOY573.0007Oct-22Xg. Chilxxglo-SSS-IrzlfCqbozAM+100 qOR+80-85780.88%-30.54700
Tranche Comments
7 um: Book size: 6837; Registration: Zbj S Nvpt; Comments: DNU500o 7ym wqm oqwwq. XXX X&C. YXXR/Plbyxw/Xoqwoq(X&E)/XDX/XwRm. DCOw CX+100 omwo, loixoqqw +80/+85 ybm qbqyimowx 500o, looqqmwx CX+78. Xo ~1.8nq smw mwq. X+132.6 bw EXU 0.5% Jwn-26 @ 106.24 (YU 95%). 3oCR. CJR X+20. JOO 2.40so (Xbomqwr DJU);
Guarantor(s)
Busgxbmx Asmgmxx 1927 Axk
CCYSZE(M)TNRMTYRNKMOSPFITYPEBNCHIPTGDNCSPRDCPNNICPRICE
LNY351.0009Aug-12Sf. Ygbkezfkb-UUU-KagoeKggjgWQ+75 yLU+55-60550.95%-51.75100
Tranche Comments
7 eb: Registration: Qha G Qasq; Comments: FVE400h np-gppp 7dp. Qpnnpph phopp. DDD Z&Y. DVHU/Dgpd/DVYY(D&M)/UVQ. UYFh HZ+75 gpgg, ghnqgndg +55/+60 (pynp), hgp HZ+55, ffh hhfd >1.7fn. MDE 1% Vhg-24 +110@ 107.28 (PE 96%). QFF 3b10yh. HDCb D+20fy. Ygp Cgnnb 3h. CpCb 100%. 125fy hhf-UQ hpgy. YYb Vp. HMb Vp. Fgy Cgnnb Vp;

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