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Share Name Share Symbol Market Type Share ISIN Share Description
Rentokil Initial Plc LSE:RTO London Ordinary Share GB00B082RF11 ORD 1P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  9.20 1.89% 495.80 495.60 496.20 496.80 488.70 489.70 212,445 08:27:00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Support Services 2,714.4 338.5 15.3 32.3 9,194

Rentokil Initial PLC Result of Tender Offer for Notes due 2021

20/11/2020 7:00am

UK Regulatory (RNS & others)


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RNS Number : 9988F

Rentokil Initial PLC

20 November 2020

NOT FOR DISTRIBUTION IN OR INTO OR TO ANY PERSON LOCATED OR RESIDENT IN THE UNITED STATES, ITS TERRITORIES AND POSSESSIONS (INCLUDING PUERTO RICO, THE U.S. VIRGIN ISLANDS, GUAM, AMERICAN SAMOA, WAKE ISLAND AND THE NORTHERN MARIANA ISLANDS), ANY STATE OF THE UNITED STATES OR THE DISTRICT OF COLUMBIA (THE "UNITED STATES") OR IN OR INTO ANY OTHER JURISDICTION WHERE IT IS UNLAWFUL TO RELEASE, PUBLISH OR DISTRIBUTE THIS ANNOUNCEMENT.

Rentokil Initial plc announces results of its Tender Offer for its

EUR350,000,000 3.250 per cent. Senior Unsecured Guaranteed Notes due 7 October 2021 unconditionally and irrevocably guaranteed by Rentokil Initial 1927 plc

20 November 2020 . Rentokil Initial plc (the Offeror) announces today the results of its invitation to holders of its outstanding EUR350,000,000 3.250 per cent. Senior Unsecured Guaranteed Notes due 7 October 2021 unconditionally and irrevocably guaranteed by Rentokil Initial 1927 plc (the Notes) to tender their Notes for purchase by the Offeror for cash (such invitation, the Offer).

The Offer was announced on 12 November 2020 and was made on the terms and subject to the conditions contained in the tender offer memorandum dated 12 November 2020 (the Tender Offer Memorandum) prepared by the Offeror. Capitalised terms used in this announcement but not defined have the meaning given to them in the Tender Offer Memorandum.

The Expiration Deadline for the Offer was 4.00 p.m. (London time) on 19 November 2020.

As at the Expiration Deadline, the Offeror had received valid tenders of EUR174,296,000 in aggregate nominal amount of the Notes for purchase pursuant to the Offer. The Offeror announces that it has decided to increase the Maximum Aggregate Purchase Price in order to set the Final Acceptance Amount at EUR174,296,000.

The Purchase Price the Offeror will pay for those Notes accepted for purchase pursuant to the Offer is 102.203 per cent. of their nominal amount, and the Offeror will also pay an Accrued Interest Payment in respect of such Notes.

A summary of the final results of the Offer appears below:

 
                                      Aggregate nominal 
                                        amount validly 
    Description          ISIN /        tendered pursuant   Final Acceptance 
      of Notes         Common Code       to the Offer           Amount        Purchase Price 
-------------------  --------------  -------------------  -----------------  --------------- 
   EUR350,000,000 
   3.250 per cent. 
  Senior Unsecured 
     Guaranteed 
     Notes due 7 
    October 2021 
   unconditionally 
   and irrevocably 
     guaranteed 
     by Rentokil 
    Initial 1927      XS0976892611                                             102.203 per 
        plc*           / 097689261      EUR174,296,000      EUR174,296,000         cent. 
 

* The terms and conditions of the Notes provide for an optional issuer call at EUR1,000 per EUR1,000 in nominal amount of the Notes on any date from (and including) 7 July 2021.

Settlement of the purchase of the relevant Notes pursuant to the Offer is expected to take place on 23 November 2020, after which EUR175,704,000 in aggregate nominal amount of the Notes will remain outstanding.

ING Bank N.V., London Branch (Telephone: +44 20 7767 6784; Attention: Liability Management Team; Email: liability.management@ing.com ); and Merrill Lynch International (Telephone: +44 20 7996 5420; Attention: Liability Management Group; Email: DG.LM-EMEA@bofa.com) are acting as Dealer Managers for the Offer.

Lucid Issuer Services Limited (Telephone: +44 20 7704 0880; Attention: Thomas Choquet; Email: rentokil@lucid-is.com) is acting as Tender Agent for the Offer.

DISCLAIMER This announcement must be read in conjunction with the Tender Offer Memorandum. No offer or invitation to acquire any securities is being made pursuant to this announcement. The distribution of this announcement and the Tender Offer Memorandum in certain jurisdictions may be restricted by law. Persons into whose possession this announcement and/or the Tender Offer Memorandum comes are required by each of the Offeror, the Dealer Managers and the Tender Agent to inform themselves about, and to observe, any such restrictions.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.

END

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November 20, 2020 02:00 ET (07:00 GMT)

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