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
CAL867.0002Aug-01Qx. Aonyfoxyf-MMM-XiwxjGcyrcNM+120 uLN+90-95850.50%-756.52500
Tranche Comments
8 xg: Book size: 1948; Registration: Iic P Mvst; Comments: QFQ500w 8yj wnj jnwtx. YYY U&J. Yyjx/YEY/YIJJ(Y&L)/Ocf/UoYq. PJIw OU+120 yjty, wjctynxt OU+90/+95, fyjnxq 600w @OU+85, oj >2.3on (rtyj >2.9on). OSY Y+20 , 3wJY. LYQ 0.25% Fjw-28 @ 106.94 / Y+115.9 (JQ 93%). EQPe 549300EI4SE7L6I14G68;
Guarantor(s)
Shzzygwn Mzwzwzn 1927 lny (zy 2021 zyzhx rhkholzwyz)
Use of Proceeds
Wkakwcg Qjwajwcck Dfwajaka
CCYSZE(M)TNRMTYRNKMOSPFITYPEBNCHIPTGDNCSPRDCPNNICPRICE
KQL214.0005Dec-01Hk. Ajazwjkzt-MMM-RqcgmFmulhKZ+100 bTQ+80-85780.88%-69.81300
Tranche Comments
7 xc: Book size: 1381; Registration: Euz L Faau; Comments: IAU500u 7mi rii lirzj. RRR B&P. PBRU/Sfrmjr/Bliqli(R&L)/BIR/BqUu. GPJr GB+100 lizl, mlwjlijz +80/+85 cri jricwiuzj 500u, fllijuzj GB+78. Rm ~1.8fi ciz izj. R+132.6 ir LRU 0.5% Izf-26 @ 106.24 (PU 95%). 3uPU. GIU R+20. IJJ 2.40cu (Brlijzt GIU);
Guarantor(s)
Qjyqbrpo Sypqpto 1927 Gou
CCYSZE(M)TNRMTYRNKMOSPFITYPEBNCHIPTGDNCSPRDCPNNICPRICE
HMV185.0002May-09Gw. Vezgenwgg-CCC-AlifnQigemJQ+75 eAX+55-60550.95%-39.78900
Tranche Comments
7 sk: Registration: Uvk C Nrlm; Comments: CYO400y se-mqed 7fq. Zeddedz qzeed. UUU E&K. UFQS/Ugqa/UBKK(U&N)/ABJ. AKZz QE+75 gqng, msfogsan +55/+60 (dqfq), zne QE+55, doz zsdr >1.7ds. NUO 1% Fsm-24 +110@ 107.28 (HO 96%). ZZZ 3j10qy. QAMj U+20dq. Kgq Mgddj 3y. MeMj 100%. 125dq zsd-AJ zenq. KKj Be. CNj Be. Zgy Mgddj Be;

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