(Alliance News) - Rentokil Initial PLC on Friday said it increased the purchase price on its previously announced tender offer and will now pay out EUR174.3 million.
The pest and control and hygiene firm 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.
Surrey-headquartered Rentokil said it increased the purchase price for the tender from the original EUR111.0 million.
The notes are due October 7, 2021 and are unconditionally and irrevocably guaranteed by Rentokil Initial 1927 PLC. The outstanding nominal amount is EUR350.0 million.
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 Thursday that: "The purpose of the offer is to proactively manage the offeror's balance sheet."
Rentokil shares were up 1.3% at 522.40 pence each in London on Friday morning.
By Greg Roxburgh; gregroxburgh@alliancenews.com
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Rentokil Initial (RTO)