Capital/Financing Update • Mar 5, 2020
Capital/Financing Update
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between
Rentokil Initial 1927 plc as Guarantor
and
HSBC Corporate Trustee Company (UK) Limited as Trustee
relating to
€2,500,000,000 Euro Medium Term Note Programme of Rentokil Initial plc
Simmons & Simmons LLP CityPoint One Ropemaker Street London EC2Y 9SS United Kingdom T +44 20 7628 2020 F +44 20 7628 2070 DX Box No 12
| 1. | Interpretation |
|---|---|
| 2. | Guarantee and Indemnity |
| 3. | Enforcement by Trustee |
| 4. | Consents |
| 5. | Fees, Duties and Taxes |
| 6. | Currency Indemnity |
| 7. | Preservation of Rights |
| 8. | Deposit of Guarantee |
| ல். | Stamp Duties |
| 10. | Termination |
| 11. | Amendments |
| 12. | Benefit of Guarantee |
| 13. | Partial Invalidity |
| 14. | Notices |
| 15. | Contracts (Rights of Third Parties) Act 1999 |
| 16. | Governing Law |
THIS AMENDED AND RESTATED DEED OF GUARANTEE is made on ___ February 2015 and will expire on the Termination Date defined herein, except in relation to any of its obligations and liabilities arising hereunder before such date. 18
(1) RENTOKIL INITIAL 1927 PLC (the "Guarantor"); and
The Guarantor has agreed to guarantee, up to and including the Termination Date, as provided by, and subject to, Clause 10, the payment of all sums expressed to be payable from time to time by Rentokil Initial plc (the "Issuer") in respect of notes ("Notes") issued by the Issuer from time to time under the Debt Issuance Programme (as defined below).
This Guarantee amends and restates the Original Deed of Guarantee. Any Notes issued under the Debt Issuance Programme on or after the date hereof and prior to the Termination Date shall have the benefit of this Guarantee. This does not affect any Notes issued under the Debt Issuance Programme prior to the date of this Guarantee.
In this Guarantee all capitalised terms shall (unless otherwise defined herein) have the meanings given to them in the Trust Deed and the following expressions shall have the following meanings:
"Consent" includes any authorisation, approval, consent, licence, exemption, filing, registration, notarisation or other matter, official, corporate or otherwise;
"Debt Issuance Programme" means the Issuer's €2.5bn Euro Medium Note Programme constituted by the Trust Deed;
"Existing Notes" has the meaning given to it in Clause 10;
"Group" means the Issuer and its subsidiaries and affiliates taken as a whole;
"Law" includes any law, judicial order or treaty or any regulation, rule or official directive and unlawful is to be construed accordingly;
"Noteholder" means any holder of Notes, and Couponholder means any holder of coupons relating to such Notes, as the case may be;
"Original Deed of Guarantee" means the Deed of Guarantee dated 7 September 2012 and made between the Guarantor and the Trustee;
"Person" means any individual, company, corporation, firm, partnership, joint venture, association, organisation, state or agency of a state or other entity, whether or not having separate legal personality;
"Principal Bank Facility" has the meaning given to it in Clause 10;
"Termination Date" has the meaning given to it in Clause 10;
"this Guarantee" means this Amended and Restated Deed of Guarantee as the same may be amended, supplemented, restated and/or modified from time to time; and
"Trust Deed" means the trust deed dated 9 December 2005, as supplemented by the First Supplemental Trust Deed dated 19 March 2007, the Second Supplemental Trust Deed dated 13 June 2008, the Third Supplemental Trust Deed dated 21 June 2013 and the Fourth Supplemental Trust Deed dated ___ February 2015 constituting the Notes including the Terms and Conditions of the Notes set out therein of even date herewith and made between the Issuer and the Trustee as the same may be amended, supplemented, restated and/or modified from time to time. 18
Any reference in this Guarantee to a Clause is, unless otherwise stated, to a Clause hereof.
Headings and sub-headings are for ease of reference only and shall not affect the construction of this Guarantee.
Up to and including the Termination Date, the Guarantor hereby unconditionally and irrevocably guarantees to the Trustee (for the benefit of the Trustee, the Noteholders and the Couponholders) the due and punctual payment of all sums expressed to be payable from time to time by the Issuer under the Agency Agreement, the Trust Deed, and, if different, in respect of the Notes, the Receipts or the Coupons (if any) as and when the same become due and payable and accordingly undertakes to pay to or to the order of the Trustee (for the Trustee and on behalf of the Noteholders and the Couponholders) forthwith in the manner and currency prescribed by the Agency Agreement, the Trust Deed, the Notes, the Receipts or the Coupons (as the case may be) for payments by the Issuer, any and every sum or sums which the Issuer is at any time liable to pay under the terms of the Agency Agreement, the Trust Deed or (if different) in respect of the Notes, the Receipts or Coupons (if any) and which such Issuer has failed to pay.
As between the Guarantor, the Trustee, the Noteholders and the Couponholders but without affecting the Issuer's obligations, the Guarantor shall be liable under this Clause 2 as if it were the sole principal debtor and not merely a surety. Accordingly, it shall not be discharged, nor shall its liability be affected, by anything that would not discharge it or affect its liability if it were the sole principal debtor (including (1) any time, indulgence, waiver or Consent at any time given to the Issuer or any other person, (2) any amendment to any other provisions of this Guarantee, the Agency Agreement, the Trust Deed, the Notes or to the Conditions or to any security or other guarantee or indemnity, (3) the making or absence of any demand on the Issuer or any other person for payment, (4) the enforcement or absence of enforcement of this Guarantee, the Agency Agreement, the Trust Deed, the Notes, the Receipts or the Coupons or of any security or other guarantee or indemnity, (5) the taking, existence or release of any security, guarantee or indemnity, (6) the dissolution, amalgamation, reconstruction or reorganisation of the Issuer or any other person or (7) the illegality, invalidity or unenforceability of or any defect in any provision of this Guarantee, the Agency Agreement, the Trust Deed, the Notes, the Receipts or the Coupons or the Issuer's obligations under any of them).
The Guarantor's obligations under this Guarantee are and shall remain in full force and effect by way of continuing security until the earlier of the Termination Date and the date no sum remains payable under this Guarantee, the Agency Agreement, the Trust Deed, the Notes, the Receipts or the Coupons. Furthermore, these obligations of the Guarantor are additional to, and not instead of, any security or other guarantee or indemnity at any time existing in favour of any person, whether from the Guarantor or otherwise and may be enforced without first having recourse to the Issuer, any other person, any security or any other guarantee or indemnity. The Guarantor irrevocably waives all notices and demands of any kind and the filing of any claim with a court.
So long as any sum remains payable under this Guarantee, the Agency Agreement, the Trust Deed, the Notes, the Receipts or the Coupons:
Any amount received or recovered by the Trustee in respect of any sum payable by the relevant Issuer under the Agency Agreement, the Trust Deed, the Notes, the Receipts or the Coupons may be placed in a suspense account and kept there for so long as the Trustee thinks fit.
Up to and including the Termination Date, if any payment received by the Trustee or any Noteholder or Couponholder under the provisions of the Trust Deed shall (whether on the subsequent bankruptcy, insolvency or corporate reorganisation of the Issuer or, without limitation, on any other event) be avoided or set aside for any reason, such payment shall not be considered as discharging or diminishing the liability of the Guarantor and this guarantee shall continue to apply as if such payment had at all times remained owing by the Issuer, and the Guarantor shall indemnify the Trustee, each Noteholder and each Couponholder against any cost, loss, expense or liability sustained or incurred by it as a result of it being required for any reason (including any bankruptcy, insolvency, windingup, dissolution, or similar law of any jurisdiction) to refund all or part of any amount received or recovered by it in respect of any sum payable by the Issuer under the Agency Agreement, the Trust Deed, any Note or the Receipts or Coupons relating to such Note.
If any moneys become payable by the Guarantor under this Guarantee, the Guarantor acknowledges that the Issuer shall not (except in the event of the liquidation of the Issuer) so long as any such moneys remain unpaid, pay any moneys for the time being due from such Issuer to the Guarantor. The provisions of Clause 2.4(B) shall apply to any moneys received by the Guarantor from the Issuer while any moneys are payable by the Guarantor under this Guarantee.
Up to and including the Termination Date and as separate, independent and alternative stipulations, the Guarantor unconditionally and irrevocably agrees (1) that if any sum that, although expressed to be payable by the Issuer under the Agency Agreement, the Trust Deed, the Notes or the Receipts or Coupons, is for any reason (whether or not now existing and whether or not now known or becoming known to the Issuer, the Guarantor, the Trustee or any Noteholder or Couponholder) not recoverable from the Guarantor on the basis of a guarantee it shall nevertheless be recoverable from it as if it were the sole principal debtor and shall be paid by it to the Trustee on demand and (2) as a primary obligation to indemnify the Trustee, each Noteholder and each Couponholder against any loss suffered by it as a result of any sum expressed to be payable by the relevant Issuer under the Agency Agreement, the Trust Deed, the Notes or the Receipts or Coupons not being paid on the date and otherwise in the manner specified in the Agency Agreement or the Trust Deed or any payment obligation of the Issuer under the Agency Agreement, the Trust Deed, the Notes, the Receipts or the Coupons being or becoming void, voidable or unenforceable for any reason (whether or not now existing and whether or not now known or becoming known to the Trustee, any Noteholder or any Couponholder), the amount of that loss being the amount expressed to be payable by the Issuer in respect of the relevant sum.
All costs, charges, liabilities, loss, damages and expenses including any value added tax chargeable in respect thereof and legal fees and expenses on a full indemnity basis properly incurred and payments made by the Trustee or any appointee thereof in the preparation or execution or purported preparation or execution of any of its trusts, powers, authorities and discretions under this Guarantee, the enforcement of any provision of this Guarantee and/or the taking of proceedings or any other action against or in relation to the Guarantor under this Guarantee or in respect of any other matter done or omitted in any way relating to this Guarantee shall be payable by the Guarantor on demand. Such costs, charges, liabilities and expenses shall:
The Trustee may at its discretion or shall on the instructions of the Noteholders under clause 8(A) of the Trust Deed (as applicable) and without notice (but subject always to being indemnified to its satisfaction as therein provided) take such proceedings as it may think fit against the Guarantor to enforce the provisions of this Guarantee.
The provisions as to enforcement of the Notes contained in clause 8 of the Trust Deed (as applicable) shall apply to this Guarantee as if this Guarantee were referred to therein.
Only the Trustee may enforce the provisions of this Guarantee. No Noteholder or Couponholder shall be entitled to proceed directly against the Guarantor to enforce performance of any of the provisions of this Guarantee unless the Trustee, having become bound to take proceedings in accordance with the provisions of clause 8 of the Trust Deed, fails to do so within a reasonable period and such failure shall be continuing.
The Guarantor shall promptly:
any Consent required under any law to enable it to perform its obligations under, or for the validity or enforceability of, this Guarantee.
The Guarantor will pay any stamp, issue, registration, documentary and other fees, duties and taxes, including interest and penalties, payable on or in connection with (i) the execution and delivery of these presents and (ii) any action taken by or on behalf of the Trustee or (where permitted under these presents so to do) any Noteholder or Couponholder to enforce, or to resolve any doubt concerning, or for any other purpose in relation to, these presents.
amount due under a judgment or order in respect thereof and those prevailing at the date of actual payment by the Guarantor; and
The Trustee may make any arrangement or compromise with the Issuer (without prejudice to the rights and obligations of the Issuer and the Guarantor inter se) or with the Guarantor in relation to this Guarantee which the Trustee in its absolute discretion considers expedient in the interests of the Noteholders and the Couponholders.
This Guarantee is in addition to, and is not in any way prejudiced by, any other security, guarantee or indemnity now or hereafter held by the Trustee, any Noteholder or any Couponholder as security for the obligations of each of the Issuers under the Agency Agreement, the Trust Deed, the Notes or, as the case may be, the Coupons.
The Guarantor undertakes that its obligations under this Guarantee will at all times rank at least pari passu with all other present and future unsecured and unsubordinated obligations of the Guarantor, save for such obligations as may be preferred by law.
An original of this Guarantee shall be deposited with and held by or to the order of the Trustee at such place as it shall determine until the date which is the earlier of two years after that on which this Guarantee has terminated pursuant to Clause 10.
The Guarantor hereby acknowledges the right of the Trustee and of every Noteholder and Couponholder to the production of this Guarantee.
The Guarantor shall pay all stamp, registration and other taxes and duties (including any interest and penalties thereon or in connection therewith) which are payable upon or in connection with the execution and delivery of this Guarantee, and shall indemnify the Trustee and each Noteholder and Couponholder against any claim, demand, action, liability, damages, cost, loss or expense (including, without limitation, legal fees and any applicable value added tax) which it incurs as a result of or arising out of or in relation to any failure to pay or any delay in paying any of the same.
The Guarantor shall be discharged and released from all its obligations and liabilities under this Guarantee at 11.59 p.m. (London time) on the Termination Date, except in relation to its obligations and liabilities arising hereunder before such date.
In this Guarantee:
"Existing Notes" means the Issuer's:
"Principal Bank Facility" means the Group's £350,000,000 revolving credit facility dated 27 January 2015 (as amended, supplemented and/or restated from time to time).
"Termination Date" means the first date on which all of the following conditions are met:
The Guarantor's guarantee of any applicable Relevant Indebtedness and/or the Principal Bank Facility, as referred to in (C) and (D) above (the "Applicable Guarantees"), shall be deemed to be released concurrently when all of the conditions for the release of such Applicable Guarantees are satisfied, other than any conditions related to the concurrent release of the Applicable Guarantees. Consequently, upon the satisfaction of all such conditions (other than those related to the concurrent release of the Applicable Guarantees), the Applicable Guarantees shall be deemed to be released concurrently and the conditions set out in (C) and (D) of this definition of "Termination Date" shall be deemed to be satisfied.
Any provision of this Guarantee may be amended or waived with the agreement of the Guarantor and the Trustee. The Trustee may effect, on behalf of the Noteholders and the Couponholders, any amendment which it has agreed with the Guarantor.
This Guarantee shall take effect as a deed for the benefit of the Trustee, the Noteholders and the Couponholders from time to time.
The obligations expressed to be assumed by the Guarantor in this Guarantee shall enure for the benefit of the Trustee and each Noteholder and Couponholder and its (and any subsequent) successors and assigns. Pursuant to the provisions of Clause 3.3 the Trustee shall enforce such obligations against the Guarantor on behalf of itself, the Noteholders and the Couponholders.
The Guarantor may not assign or transfer all or any of its rights, benefits or obligations under this Guarantee.
If at any time any provision of this Guarantee is or becomes illegal, invalid or unenforceable in any respect under the Laws of any jurisdiction, neither the legality, validity or enforceability of the remaining provisions of this Guarantee nor the legality, validity or enforceability of such provision under the Laws of any other jurisdiction shall in any way be affected or impaired thereby.
Any notice or demand to the Guarantor or the Trustee to be given, made or served for any purposes under these presents shall be given, made or served by sending the same by prepaid post (first class if inland, first class airmail if overseas) or facsimile transmission or by delivering it by hand as follows:
to the Issuer: Rentokil Initial 1927 plc Riverbank Meadows Business Park Blackwater Camberley Surrey GU17 9AB England
(Attention: Company Secretary) Facsimile No. (01276) 34343
| to the Trustee: | HSBC Corporate Trustee Company (UK) Limited 8 Canada Square London E14 5HQ |
|---|---|
(Attention: CTLA Trustee Services Administration) Facsimile No. (020) 7991 4351
or to such other address or facsimile number as shall have been notified (in accordance with this Clause 14) to the other party hereto and any notice or demand sent by post as aforesaid shall be deemed to have been given, made or served three days in the case of inland post or seven days in the case of overseas post after despatch and any notice or demand sent by facsimile transmission as aforesaid shall be deemed to have been given, made or served 24 hours after the time of despatch PROVIDED THAT in the case of a notice or demand given by facsimile transmission such notice or demand shall forthwith be confirmed by post. The failure of the addressee to receive such confirmation shall not invalidate the relevant notice or demand given by facsimile transmission.
Subject to the provisions of Clauses 3 and 12 hereof, no person shall have any right to enforce any term of this Guarantee under the Contracts (Rights of Third Parties) Act 1999.
This Guarantee, and any non-contractual obligations arising out of or in connection with it, is governed by, and shall be construed in accordance with, English law.
IN WITNESS WHEREOF this Guarantee has been executed as a deed by the Guarantor and the Trustee and is intended to be and is hereby delivered on the date first above written.
EXECUTED as a deed by RENTOKIL INITIAL 1927 PLC acting by JEREMY TOWNSEND and DARAGH FAGAN
Director
ﺣﺠﯿﺐ
ﺟﻬﺎﺯ ﻣﺤﻤﺪ ﺍﻟﻤﺴﺘﻘﻠﺔ ﺍﻟﻤﺘﺤﺪﺓ ﺍﻟﻤﺘﺤﺪﺓ ﺍﻟﻤﺘﺤﺪﺓ ﺍﻟﻤﺘﺤﺪﺓ ﺍﻟﻤﺘﺤﺪﺓ ﺍﻟﻤﺘﺤﺪﺓ ﺍﻟﻤﺘﺤﺪﺓ ﺍﻟﻤﺘﺤﺪﺓ ﺍﻟﻤﺘﺤﺪﺓ ﺍﻟﻤﺘﺤﺪﺓ ﺍﻟﻤﺘﺤﺪﺓ ﺍﻟﻤﺘﺤﺪﺓ ﺍﻟﻤﺘﺤﺪﺓ ﺍﻟﻤﺘﺤﺪﺓ ﺍﻟﻤﺘﺤﺪﺓ ﺍﻟﻤﺘﺤﺪﺓ ﺍﻟﻤﺘﺤﺪﺓ ﺍﻟﻤﺘﺤﺪﺓ ﺍﻟﻤﺘﺤﺪﺓ ﺍﻟﻤ
ﻣﯿﺴﻪ
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) )
)
Director
EXECUTED as a deed by HSBC CORPORATE TRUSTEE COMPANY (UK) LIMITED acting by its attorney
In the presence of
Signature of witness Name of witness Address of witness
Occupation of witness
FMCM0077541-00008/PHCS/PHCS APXG(LDN7W22457)
L_LIVE_EMEA1 24889847v13
IN WITNESS WHEREOF this Guarantee has been executed as a deed by the Guarantor and the Trustee and is intended to be and is hereby delivered on the date first above writter .
EXECUTED as a deed by RENTOKIL INITIAL 1927 PLC acting by and
Director
)
)
)
)
)
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)
Director
EXECUTED as a deed by HSBC CORPORATE TRUSTEE COMPANY (UK) LIMITED acting by its attorney
In the presence of
Leticia Wilson Director
Signature of witness
Name of witness
Address of witness
HSBC Bank plc 8 Canada Square London E14 5HQ
JAMED MYCOMB
Occupation of witness
TRANSACTION MANAGER
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