Ecolab Inc. on Dec. 1 announced the pricing and expiration of early exchange period for its previously announced debt exchange offer.
The exchange offer was for its outstanding 5.500% notes due 2041 for up to $375 million aggregate principal amount of its newly issued 3.950% notes due 2047.
The total exchange consideration to be received in the offer for each $1,000 principal amount of notes validly tendered and not validly withdrawn in the early participation period is $1,285.32, which includes a $50 premium for early settlement.
The early exchange period expired Nov. 30, and $338,087,000 in aggregate principal amount of the old notes were validly tendered and not withdrawn. Since the company expects the validly tendered principal amount to exceed the exchange cap of $375 million before the offer expires, the old notes tendered will be subject to the proration procedures described in the Exchange Offer Documents, Ecolab said.
The exchange offer will expire on Dec. 14, unless extended.