?75,000,000 Floating Rate Reset Notes due 2033

25 Sep 2008 12:50



Rentokil Initial plc

£75,000,000 Floating Rate Reset Notes due 2033

Rentokil Initial plc announces that it has raised £75m through the issue of 25 year Floating Rate Reset Notes. The transaction will close on 30 September 2008 and the Notes will be listed. 

The Notes contain put and call options and provisions for resetting the interest rate. From issue until 20 August 2013 the Notes will bear interest at three month LIBOR plus 3.98%. Thereafter, the interest rate will be 4.55% plus a credit spread which will be reset every two years by auction. Noteholders may put the Notes back to the issuer, at par, on 20 August 2013 and on each biennial interest reset date thereafter. The issuer may call the Notes at fair market value on interest payment dates from 20 August 2011. If not put or called, the Notes will mature on 20 August 2033.

It is expected that the net proceeds of the Notes will be used to repay drawings under the Company's bank facilities.

For further information

Shareholder/analyst enquiries:

Katharine Rycroft, Head of Investor Relations Rentokil Initial plc  020 7592 2700

Media enquiries:

Malcolm Padley, Head of Corporate Communications Rentokil Initial plc 020 7592 2766

Kate Holgate / Tom Williams Brunswick Group  020 7404 5959