Ecolab offers 3.95% notes of 2047 in exchange for 5.5% notes due 2041

By Susanna Moon

Chicago, Nov. 17 – Ecolab Inc. said it is offering to exchange its $750 million 5.5% notes due 2041 for up to $375 million principal amount of its newly issued 3.95% notes due 2047.

The new notes will be issued as an add-on to the notes due 2047 that Ecolab expects to issue for cash on Nov. 27 for an aggregate principal amount of $325 million, according to a company announcement.

The exchange will remain open until 11:59 p.m. ET on Dec. 14.

The total exchange value will include a premium for each $1,000 principal amount of notes tendered before the early deadline of 5 p.m. ET on Nov. 30.

Pricing will be set using the 2.75% U.S. Treasury note due Aug. 15, 2047 plus a spread of 93 basis points.

Holders also will receive accrued interest up to but excluding the settlement date, which is expected to be Dec. 4 for early tendered notes and Dec. 15 for remaining exchanges.

Tendered notes may be withdrawn at any time before the early deadline.

To participate, holders must be qualified institutional buyers under Rule 144A and non-U.S. persons under Rule 902.

D.F. King & Co., Inc. (877 478-5039, 212 269-5550, ecl@dfking.com or dfking.com/ecl) is the information agent and the exchange agent.

The cleaning and sanitizing company is based in St. Paul, Minn.

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