Moody’s rates Ecolab notes Baa1

Moody's Investors Service said it assigned Baa1 to about $1.1 billion in new debt issuance of Ecolab Inc., consisting of 10-year and 30-year notes.

Proceeds from the debt issuance, together with cash sourced from the separation of the Upstream Energy business earlier this year, are expected to be used to repay near term maturities of $1.02 billion due in 2021, private placement debt of $250 million due in 2023, and to pay a make whole premium of roughly $80 million.

The outlook remains positive.

“The refinancing represents prudent liability management, cleans up near and medium-term maturities, and lowers the company's cost of debt capital,” Joseph Princiotta, Moody's senior vice president and lead analyst for Ecolab, said in a news release.

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