By Lisa Kerner
Charlotte, N.C., Oct. 28 - Ecolab Inc. agreed to sell $500 million of senior notes in two series in a transaction slated to close next month.
Under a note purchase agreement, Ecolab will sell $250 million of 3.69% series A senior notes due 2018 and $250 million of 4.32% series B senior notes due 2023.
Proceeds will be used to fund Ecolab's previously announced merger with Nalco Holding Co. and for general corporate purposes, according to an Ecolab news release.
Ecolab provides sanitation, chemical and cleaning services and is based in St. Paul. Nalco is based in Naperville, Ill., and provides water, energy, air and process technologies and services.
| Issuer: | Ecolab Inc.
|
| Issue: | Senior notes
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| Amount: | $500 million
|
| Pricing date: | Oct. 28
|
| Closing: | November
|
| Distribution: | Private placement
|
|
|
| Series A
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| Amount: | $250 million
|
| Maturity: | 2018
|
| Coupon: | 3.69%
|
|
|
| Series B
|
| Amount: | $250 million
|
| Maturity: | 2023
|
| Coupon: | 4.32%
|
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