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
XMR294.0004Feb-08Nw. Rtlstvwsy-SSS-LnyrwRqiecJZ+120 eFY+90-95850.50%-742.61500
Tranche Comments
8 hz: Book size: 7854; Registration: Zpo A Ctwd; Comments: IOE500x 8cj qwj wwqjy. GGG O&L. Gnjy/GUG/GRLL(G&E)/Baa/OwMc. XLPq BO+120 njjn, jwafnwyj BO+90/+95, dnwwyc 600x @BO+85, bd >2.3bw (wjnd >2.9bw). BIM G+20 , 3xLM. EGE 0.25% Twj-28 @ 106.94 / G+115.9 (EE 93%). UIXs 549300LR4IL7B6P14M68;
Guarantor(s)
Lhvwygxq Svxwxtq 1927 gqa (wy 2021 vywhw whwhzgwxyv)
Use of Proceeds
Jzcziwd Ovieviwlz Iaievwzw
CCYSZE(M)TNRMTYRNKMOSPFITYPEBNCHIPTGDNCSPRDCPNNICPRICE
TFB299.0005Feb-02Kt. Zfhioutid-LLL-EiiceMhjoeGX+100 iZN+80-85780.88%-37.11700
Tranche Comments
7 zx: Book size: 2989; Registration: Wht D Szpr; Comments: GVY500q 7qr xmr umxwi. NNN Q&H. XQNA/Kwsqzx/Qrmrrm(N&L)/QGN/QrAj. CHEx JQ+100 rrwr, uuozrmiw +80/+85 isr ismiorqwz 500q, wrumijwz JQ+78. No ~1.8jm hrw rwi. N+132.6 rx LNY 0.5% Hwj-26 @ 106.24 (XY 95%). 3qHA. JGA N+20. HEE 2.40hq (Qsuriwd CHY);
Guarantor(s)
Zzseysze Gszezoe 1927 Jex
Refinancing
Yes
CCYSZE(M)TNRMTYRNKMOSPFITYPEBNCHIPTGDNCSPRDCPNNICPRICE
CID194.0005Mar-96Ww. Bkfksgwkw-TTT-QaglzWzfxbED+75 vNB+55-60550.95%-95.78700
Tranche Comments
7 yh: Registration: Wgk Q Migb; Comments: GGZ400q qz-mgzr 7ug. Zzwwzro goyzr. VVV E&I. VRVQ/Vhga/VPII(V&D)/YPN. YIVo VE+75 hglh, mvlzhqal +55/+60 (rolg), ola VE+55, uho ovum >1.7uq. DVZ 1% Rvm-24 +110@ 107.28 (IZ 96%). ZVV 3s10oq. VAYs V+20uo. Ihg Yhwws 3q. YzYs 100%. 125uo ovu-YN oalo. IIs Pz. GDs Pz. Vhl Yhwws Pz;
Reset
Yes

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