Company: RKLIF
Filing Date: 2025-07-31
Form Type: 6-K
Source: 0001654954-25-008672
Chunk: 23

Company: RENTOKIL INITIAL PLC /FI
Filing Date: 2025-07-31
Form: 6-K
Chunk 23
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) which is available for cash drawings up to $1.0bn. The maturity date is October 2029. As at 30 June 2025 the facility was undrawn (2024: undrawn).

During April 2025, the Group issued new bonds totalling $1.25bn, consisting of $750m due 2030 and $500m due 2035. Part of proceeds was used to settle the $700m term loan.

Medium-term notes and bond debt comprises:

|                                               | Bond interest 
 coupon        
 2025          | Effective hedged 
 interest rate    
 2025             |
| Current                                       |               |                  |
| €500m bond due May 2026                       | Fixed 0.875%  | Fixed 2.73%      |
| Non-current                                   |               |                  |
| €850m bond due June 2027                      | Fixed 3.875%  | Fixed 4.74%      |
| €600m bond due October 2028                   | Fixed 0.500%  | Fixed 2.17%      |
| $750m bond due April 2030                     | Fixed 5.000%  | Fixed 5.20%      |
| €600m bond due June 2030                      | Fixed 4.375%  | Fixed 4.41%      |
| £400m bond due June 2032                      | Fixed 5.000%  | Fixed 5.19%      |
| $500m bond due April 2035                     | Fixed 5.625%  | Fixed 5.73%      |
| Average cost of bond debt at period-end rates |               | 4.33%            |

The effective hedged interest rate reflects the interest rate payable after the impact of interest due from cross-currency and interest-rate swaps. The Group's hedging strategy is to hold foreign currency debt in proportion to foreign currency profit and cash flows, which are mainly in US dollar and euro. As a result, the Group has swapped a portion of the euro denominated bonds issued into US dollars, thus increasing the effective hedged interest rate.

The Group has no significant concentration of credit risk. At 30 June 2025 the Group had a total of $26m of cash held on bank accounts with banks rated below A- by S&P (30 June 2024: $23m). The highest concentration with any single bank rated below A- was