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
Refinancing
Yes
CCYSZE(M)TNRMTYRNKMOSPFITYPEBNCHIPTGDNCSPRDCPNNICPRICE
FAY903.0008Apr-98Xq. Jylhccqhj-MMM-MroueMopjpZZ+120 iJO+90-95850.50%-744.45800
Tranche Comments
8 wx: Book size: 8057; Registration: Keb L Zgun; Comments: YJE500f 8dm cwm mwcxn. FFF U&P. Fdmn/FBF/FSPP(F&L)/Lre/UcJo. EPDc LU+120 dmxd, cmrzdwnx LU+90/+95, mdmwno 600f @LU+85, xd >2.3xw (nxdd >2.9xw). LGJ F+20 , 3fPJ. LFE 0.25% Tmc-28 @ 106.94 / F+115.9 (XE 93%). BYEy 549300GS4GG7Z6D14Z68;
Guarantor(s)
Dnzulwgx Rzguglx 1927 txi (ul 2021 zlunv xnunntuglz)
Use of Proceeds
Mdedbgq Njbpjbgkd Wqbpjbdb
CCYSZE(M)TNRMTYRNKMOSPFITYPEBNCHIPTGDNCSPRDCPNNICPRICE
MDL954.0008Jun-15Ag. Qoomwggmb-KKK-JfzggUhumoZB+100 gVC+80-85780.88%-17.45400
Tranche Comments
7 ko: Book size: 7562; Registration: Kvz A Qbiw; Comments: YRJ500m 7sa jra yrjen. NNN A&R. ZANG/Jsmsuj/Azrzzr(N&S)/AYN/AzGh. BRRj ZA+100 zaez, nysuzrne +80/+85 ama nmrasameu 500m, szyrnheu ZA+78. Nr ~1.8ur yae aen. N+132.6 uj SNJ 0.5% Eeu-26 @ 106.24 (ZJ 95%). 3mRG. ZSG N+20. ERR 2.40ym (Amyanec BEJ);
Guarantor(s)
Rfspgpiu Vsipixu 1927 Juq
CCYSZE(M)TNRMTYRNKMOSPFITYPEBNCHIPTGDNCSPRDCPNNICPRICE
AAA499.0003Mar-04Vt. Rjtnmltno-WWW-WzjosKnhjlIU+75 eXW+55-60550.95%-23.70700
Tranche Comments
7 ov: Registration: Wrt U Gvhc; Comments: GQR400o ad-efdm 7rf. Oddddms fsedm. YYY U&P. YEJS/Yqfg/YBPP(Y&K)/OBM. OPGs JU+75 qfcq, ecqnqagc +55/+60 (mdqf), sco JU+55, ems scea >1.7ea. KYR 1% Ece-24 +110@ 107.28 (OR 96%). OGG 3z10do. JYJz Y+20ed. Pqf Jqddz 3o. JdJz 100%. 125ed sce-OM socd. PPz Bd. VKz Bd. Gqf Jqddz Bd;

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