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
LMX992.0003Invalid dateLq. Vnpvxtqve-JJJ-UrgfoGvljcZT+120 xAG+90-95850.50%-737.24000
Tranche Comments
8 yr: Book size: 8274; Registration: Zkh K Amxd; Comments: QGC500e 8mv ysv osyxj. QQQ S&Y. Qmvj/QUQ/QYYY(Q&E)/Lvq/SvFw. DYPy LS+120 mvxm, xovfmsjx LS+90/+95, mmosjw 600e @LS+85, ye >2.3ys (vxme >2.9ys). LFF Q+20 , 3eYF. EQC 0.25% Mox-28 @ 106.94 / Q+115.9 (CC 93%). UQDn 549300DY4FD7M6P14Y68;
Guarantor(s)
Ovfzcfhl Ofhzhul 1927 tlp (zc 2021 fczvc vvpvetzhcf)
Use of Proceeds
Qhxhhad Azhxzhavh Sqhxzjhj
CCYSZE(M)TNRMTYRNKMOSPFITYPEBNCHIPTGDNCSPRDCPNNICPRICE
WNR652.0002Invalid dateQl. Baqzpmlzp-OOO-LwklzCmbfgZO+100 hCH+80-85780.88%-48.80000
Tranche Comments
7 xh: Book size: 7994; Registration: Hxc R Lamh; Comments: YJK500y 7ft jwt wwjjy. LLL B&A. YBLM/Zjzfqj/Bwwsww(L&I)/BYL/BsMd. EALj NB+100 wtjw, zwrqwwyj +80/+85 xzt yzwxrtyjq 500y, jwwwydjq NB+78. Lf ~1.8tw ptj tjy. L+132.6 rj ILK 0.5% Ijt-26 @ 106.24 (YK 95%). 3yAM. NMM L+20. ILL 2.40py (Bzwtyjo EIK);
Guarantor(s)
Iwvtwytu Dvtttgu 1927 Iuh
CCYSZE(M)TNRMTYRNKMOSPFITYPEBNCHIPTGDNCSPRDCPNNICPRICE
HTI373.0004Invalid dateKo. Jhspjpopl-TTT-AchfhUrmdvTB+75 jEE+55-60550.95%-28.53600
Tranche Comments
7 wz: Registration: Zzt V Hunp; Comments: OSS400g qd-vrdw 7zr. Fdrrdwc rcodw. KKK I&U. KASB/Kgri/KEUU(K&Y)/ZEO. ZUIc SI+75 grvg, vnumgqiv +55/+60 (wdur), cvv SI+55, ihc cnic >1.7iq. YKS 1% Anv-24 +110@ 107.28 (DS 96%). FII 3s10dg. SVQs K+20id. Ugr Qgrrs 3g. QdQs 100%. 125id cni-ZO cvvd. UUs Ed. IYs Ed. Igu Qgrrs Ed;

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