12th Nov 2020 15:36
(Alliance News) - Pest and control and hygiene firm Rentokil Initial PLC on Thursday invited holders of its outstanding EUR350.0 million 3.250% senior unsecured guaranteed notes due October 2021 to tender their notes for cash.
The notes are due October 7, 2021 and are unconditionally and irrevocably guaranteed by Rentokil Initial 1927 PLC and the outstanding nominal amount is EUR350.0 million.
Surrey-headquartered Rentokil said the maximum aggregate purchase price for the tender is EUR111.0 million, excluding accrued interest, and subject to an increase or decrease at the company's discretion.
On the basis of a November 23, 2020 settlement date, the purchase price will be 102.203%. If the settlement date is amended, it will be recalculated.
Rentokil said that: "The purpose of the offer is to proactively manage the offeror's balance sheet."
Shares in Rentokil were up 2.0% at 553.20 pence in London on Thursday afternoon.
By Anna Farley; [email protected]
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