7th Jul 2005 07:18
Rentokil Initial PLC07 July 2005 7th July 2005 Rentokil Initial plc ASHTEAD UNSECURED CONVERTIBLE LOAN NOTE Today Ashtead Group plc has announced details of a proposed refinancing. Thiswould include the early repayment of the £134 million unsecured convertible loannote received by Rentokil Initial plc as partial consideration for the sale ofits US plant services business in June 2000 and which is due for repayment on31st March 2008. If the proposed refinancing is successfully completed prior to 15th August 2005,Rentokil Initial plc would receive an agreed early repayment sum of £130million, inclusive of all accrued interest and in addition to the £3.5 millioninterest received in April 2005. The board of Rentokil Initial plc believes that early repayment of the unsecuredconvertible loan note is in the best interests of its shareholders given that itwould remove the potential risk of future payment default and eliminate thepotential volatility on future reported financial results under the newInternational Financial Reporting Standards, particularly IAS39. For further information R C Payne, Finance Director 01342 833022C D Grimaldi, Corporate Affairs Director This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Rentokil InitialAshtead Group