Rentokil Initial agrees to EUR 400m bond

Rentokil Initial has agreed the issue of a €400m 0.95% bond, it announced on Friday, due 22 November 2024.

The FTSE 100 pest control and hygiene giant said part of the proceeds would be swapped into dollars, in line with the company's hedging strategy.

It claimed the proceeds would be used for general corporate purposes, including the repayment of the company's £200m and €157m term loans that were due to mature in 2018.

“I am delighted by the success of this issue, which secures a significant amount of our longer term financing needs at an attractive coupon,” said Rentokil Initial chief financial officer Jeremy Townsend.