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People & Business :: Companies
Ecolab to Redeem Nalco Debt
11:46 AM MST | December 12, 2011 | Vincent Valk
Ecolab has announced that it will redeem all of Nalco’s outstanding senior debt in January. The debt consists of three classes, worth $500 million, $750 million, and 200 million euro ($268 million), with interest rates of 8.25%, 6.625% and 6.875%, respectively. They are due in 2017 and 2019. After closing on the acquisition of Nalco earlier this month, Ecolab issued $3.75 billion in new debt in four classes. Ecolab’s new debt carries lower interest rates than the old Nalco debt, and the company said that it intends to use the new bonds to take...
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