12/07/2021 | Press release | Distributed by Public on 12/07/2021 15:26
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CALCULATION OF REGISTRATION FEE
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Title of each Class of
Securities to be Registered |
| | |
Amount to be
Registered |
| | |
Proposed
Maximum Offering Price Per Unit |
| | |
Proposed
Maximum Aggregate Offering Price |
| | |
Amount of
Registration Fee(1) |
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|
0.900% Senior Notes due 2023
|
| | | | $ | 500,000,000 | | | | | | | 99.931% | | | | | | $ | 499,655,000 | | | | | | $ | 46,318.02 | | |
|
1.650% Senior Notes due 2027
|
| | | | $ | 500,000,000 | | | | | | | 99.970% | | | | | | $ | 499,850,000 | | | | | | $ | 46,336.10 | | |
|
2.125% Senior Notes due 2032
|
| | | | $ | 650,000,000 | | | | | | | 99.962% | | | | | | $ | 649,753,000 | | | | | | $ | 60,232.11 | | |
|
2.700% Senior Notes due 2051
|
| | | | $ | 850,000,000 | | | | | | | 99.755% | | | | | | $ | 847,917,500 | | | | | | $ | 78,601.96 | | |
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Total
|
| | | | $ | 2,500,000,000 | | | | | | | | | | | | | $ | 2,497,175,500 | | | | | | $ | 231,489 | | |
| | |
Price to the
Public(1) |
| |
Underwriting
Discount |
| |
Proceeds
to Us |
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Per Note due 2023
|
| | | | 99.931% | | | | | | 0.250% | | | | | | 99.681% | | |
Total
|
| | | $ | 499,655,000 | | | | | $ | 1,250,000 | | | | | $ | 498,405,000 | | |
Per Note due 2027
|
| | | | 99.970% | | | | | | 0.600% | | | | | | 99.370% | | |
Total
|
| | | $ | 499,850,000 | | | | | $ | 3,000,000 | | | | | $ | 496,850,000 | | |
Per Note due 2032
|
| | | | 99.962% | | | | | | 0.650% | | | | | | 99.312% | | |
Total
|
| | | $ | 649,753,000 | | | | | $ | 4,225,000 | | | | | $ | 645,528,000 | | |
Per Note due 2051
|
| | | | 99.755% | | | | | | 0.875% | | | | | | 98.880% | | |
Total
|
| | | $ | 847,917,500 | | | | | $ | 7,437,500 | | | | | $ | 840,480,000 | | |
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Page
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About This Prospectus Supplement
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| | | | S-ii | | |
Where You Can Find More Information
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| | | | S-iii | | |
Forward-Looking Statements
|
| | | | S-iv | | |
Prospectus Supplement Summary
|
| | | | S-1 | | |
Risk Factors
|
| | | | S-7 | | |
Use of Proceeds
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| | | | S-9 | | |
Capitalization
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| | | | S-10 | | |
Description of the Notes
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| | | | S-12 | | |
Certain U.S. Federal Income Tax Considerations
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| | | | S-26 | | |
Underwriting (Conflicts of Interest)
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| | | | S-31 | | |
Legal Matters
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| | | | S-37 | | |
Independent Registered Public Accounting Firm
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| | | | S-37 | | |
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Page
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About This Prospectus
|
| | | | 2 | | |
Risk Factors
|
| | | | 3 | | |
Where You Can Find More Information
|
| | | | 3 | | |
Forward-Looking Statements
|
| | | | 4 | | |
Ecolab, Inc.
|
| | | | 5 | | |
Use of Proceeds
|
| | | | 5 | | |
Description of Debt Securities
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| | | | 6 | | |
Plan of Distribution
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| | | | 8 | | |
Legal Matters
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| | | | 9 | | |
Independent Registered Public Accounting Firm
|
| | | | 9 | | |
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Nine months ended
September 30, |
| |
Year ended December 31,
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| | |
2021
(unaudited) |
| |
2020
(unaudited) |
| |
2020
|
| |
2019
|
| |
2018
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| | | | | | | | | | | | | | |
(in millions)
|
| | | | | | | | | | | | | |||
Operations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net sales
|
| | | $ | 9,368.5 | | | | | $ | 8,724.9 | | | | | $ | 11,790.2 | | | | | $ | 12,562.0 | | | | | $ | 12,222.1 | | |
Cost of sales (including special charges(1))
|
| | | | 5,572.7 | | | | | | 5,125.5 | | | | | | 6,905.8 | | | | | | 7,045.8 | | | | | | 6,875.3 | | |
Selling, general and administrative expenses
|
| | | | 2,548.2 | | | | | | 2,499.5 | | | | | | 3,309.1 | | | | | | 3,550.8 | | | | | | 3,505.8 | | |
Special (gains) and charges
|
| | | | 36.7 | | | | | | 120.3 | | | | | | 179.6 | | | | | | 120.2 | | | | | | 112.7 | | |
Operating income
|
| | | | 1,210.9 | | | | | | 979.6 | | | | | | 1,395.7 | | | | | | 1,845.2 | | | | | | 1,728.3 | | |
Other (income) expense(2)
|
| | | | (27.5) | | | | | | (45.6) | | | | | | (55.9) | | | | | | (77.0) | | | | | | (79.9) | | |
Interest expense, net(3)
|
| | | | 173.7 | | | | | | 241.8 | | | | | | 290.2 | | | | | | 190.7 | | | | | | 221.1 | | |
Income before income taxes
|
| | | | 1,064.7 | | | | | | 783.4 | | | | | | 1,161.4 | | | | | | 1,731.5 | | | | | | 1,587.1 | | |
Provision for income taxes
|
| | | | 226.0 | | | | | | 103.5 | | | | | | 176.6 | | | | | | 288.6 | | | | | | 321.2 | | |
Net income from continuing operations, including noncontrolling interest
|
| | | | 838.7 | | | | | | 679.9 | | | | | | 984.8 | | | | | | 1,442.9 | | | | | | 1,265.9 | | |
Net income from continuing operations attributable to noncontrolling interest
|
| | | | 9.8 | | | | | | 12.8 | | | | | | 17.4 | | | | | | 17.3 | | | | | | 15.6 | | |
Net income from continuing operations attributable to Ecolab
|
| | | | 828.9 | | | | | | 667.1 | | | | | | 967.4 | | | | | | 1,425.6 | | | | | | 1,250.3 | | |
Net (loss) income from discontinued operations, net of tax(4)
|
| | | | - | | | | | | (2,172.5) | | | | | | (2,172.5) | | | | | | 133.3 | | | | | | 178.8 | | |
Net (loss) income attributable to Ecolab
|
| | | $ | 828.9 | | | | | $ | (1,505.4) | | | | | $ | (1,205.1) | | | | | $ | 1,558.9 | | | | | $ | 1,429.1 | | |
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Nine months ended
September 30, |
| |
Year ended December 31,
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| | |
2021
(unaudited) |
| |
2020
(unaudited) |
| |
2020
|
| |
2019
|
| |
2018
|
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| | | | | | | | | | | | | | |
(in millions)
|
| | | | | | | | | | | | | |||
Financial position (end of period): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Current assets
|
| | | $ | 4,986.8 | | | | | $ | 4,992.0 | | | | | $ | 5,117.4 | | | | | $ | 4,828.4 | | | | | $ | 4,677.7 | | |
Property, plant and equipment, net
|
| | | | 3,069.6 | | | | | | 3,146.2 | | | | | | 3,124.9 | | | | | | 3,228.3 | | | | | | 3,087.1 | | |
Goodwill, intangible and other assets
|
| | | | 9,869.8 | | | | | | 9,958.9 | | | | | | 9,883.7 | | | | | | 9,479.6 | | | | | | 8,968.6 | | |
Long-term assets of discontinued
operations |
| | | | - | | | | | | - | | | | | | - | | | | | | 3,332.8 | | | | | | 3,341.1 | | |
Total assets
|
| | | $ | 17,926.2 | | | | | $ | 18,097.1 | | | | | $ | 18,126.0 | | | | | $ | 20,869.1 | | | | | $ | 20,074.5 | | |
Current liabilities
|
| | | $ | 2,894.5 | | | | | $ | 3,106.4 | | | | | $ | 2,932.2 | | | | | $ | 3,630.6 | | | | | $ | 3,685.6 | | |
Long-term debt
|
| | | | 5,931.8 | | | | | | 6,667.7 | | | | | | 6,669.3 | | | | | | 5,973.1 | | | | | | 6,301.5 | | |
Postretirement health care and pension benefits
|
| | | | 996.6 | | | | | | 1,081.2 | | | | | | 1,226.2 | | | | | | 1,084.4 | | | | | | 943.4 | | |
Other lease liabilities, other liabilities and long-term liabilities of discontinued operations
|
| | | | 1,141.5 | | | | | | 1,192.4 | | | | | | 1,096.8 | | | | | | 1,455.2 | | | | | | 1,090.4 | | |
Total liabilities
|
| | | $ | 10,964.4 | | | | | $ | 12,047.7 | | | | | $ | 11,924.5 | | | | | $ | 12,143.3 | | | | | $ | 12,020.9 | | |
Ecolab shareholders' equity
|
| | | $ | 6,933.5 | | | | | $ | 6,014.7 | | | | | $ | 6,166.5 | | | | | $ | 8,685.3 | | | | | $ | 8,003.2 | | |
Noncontrolling interest
|
| | | | 28.3 | | | | | | 34.7 | | | | | | 35.0 | | | | | | 40.5 | | | | | | 50.4 | | |
Total equity
|
| | | | 6,961.8 | | | | | | 6,049.4 | | | | | | 6,201.5 | | | | | | 8,725.8 | | | | | | 8,053.6 | | |
Total liabilities and equity
|
| | | $ | 17,926.2 | | | | | $ | 18,097.1 | | | | | $ | 18,126.0 | | | | | $ | 20,869.1 | | | | | $ | 20,074.5 | | |
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| | |
As of September 30, 2021
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| | |
Actual
|
| |
As
Adjusted |
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As Further
Adjusted |
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| | |
(in millions)
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Cash and cash equivalents
|
| | | $ | 897.9 | | | | | $ | 197.9 | | | | | $ | 173.2 | | |
Short-term debt: | | | | | | | | | | | | | | | | | | | |
Commercial paper
|
| | | $ | - | | | | | $ | - | | | | | $ | 500.0 | | |
Notes payable
|
| | | | 16.0 | | | | | | 16.0 | | | | | | 16.0 | | |
Long-term debt, current maturities
|
| | | | 2.7 | | | | | | 2.7 | | | | | | 2.7 | | |
Term loan credit facility
|
| | | | - | | | | | | 3,000.0 | | | | | | - | | |
Total short-term debt
|
| | | $ | 18.7 | | | | | $ | 3,018.7 | | | | | $ | 518.7 | | |
Long-term debt: | | | | | | | | | | | | | | | | | | | |
1.000% euro senior notes due 2024
|
| | | $ | 676.1 | | | | | $ | 676.1 | | | | | $ | 676.1 | | |
2.625% euro senior notes due 2025
|
| | | | 676.6 | | | | | | 676.6 | | | | | | 676.6 | | |
2.700% senior notes due 2026
|
| | | | 745.9 | | | | | | 745.9 | | | | | | 745.9 | | |
3.250% senior notes due 2027
|
| | | | 493.6 | | | | | | 493.6 | | | | | | 493.6 | | |
4.800% senior notes due 2030
|
| | | | 708.3 | | | | | | 708.3 | | | | | | 708.3 | | |
1.300% senior notes due 2031
|
| | | | 594.9 | | | | | | 594.9 | | | | | | 594.9 | | |
5.500% senior notes due 2041
|
| | | | 384.2 | | | | | | 384.2 | | | | | | 384.2 | | |
3.700% senior notes due 2046
|
| | | | 197.1 | | | | | | 197.1 | | | | | | 197.1 | | |
3.950% senior notes due 2047
|
| | | | 424.0 | | | | | | 424.0 | | | | | | 424.0 | | |
2.125% senior notes due 2050
|
| | | | 490.3 | | | | | | 490.3 | | | | | | 490.3 | | |
2.750% senior notes due 2055
|
| | | | 534.9 | | | | | | 534.9 | | | | | | 534.9 | | |
0.900% senior notes due 2023 offered hereby
|
| | | | - | | | | | | - | | | | | | 497.2 | | |
1.650% senior notes due 2027 offered hereby
|
| | | | - | | | | | | - | | | | | | 495.6 | | |
2.125% senior notes due 2032 offered hereby
|
| | | | - | | | | | | - | | | | | | 644.0 | | |
2.700% senior notes due 2051 offered hereby
|
| | | | - | | | | | | - | | | | | | 838.5 | | |
Finance lease obligations and other
|
| | | | 8.6 | | | | | | 8.6 | | | | | | 8.6 | | |
Long-term debt, current maturities
|
| | | | (2.7) | | | | | | (2.7) | | | | | | (2.7) | | |
Total long-term debt
|
| | | | 5,931.8 | | | | | | 5,931.8 | | | | | | 8,407.1 | | |
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As of September 30, 2021
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| | |
Actual
|
| |
As
Adjusted |
| |
As Further
Adjusted |
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| | |
(in millions)
|
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Stockholders' equity: | | | | | | | | | | | | | | | | | | | |
Common stock
|
| | | | 363.7 | | | | | | 363.7 | | | | | | 363.7 | | |
Additional paid-in capital
|
| | | | 6,399.8 | | | | | | 6,399.8 | | | | | | 6,399.8 | | |
Retained earnings
|
| | | | 8,659.8 | | | | | | 8,659.8 | | | | | | 8,659.8 | | |
Accumulated other comprehensive loss
|
| | | | (1,733.5) | | | | | | (1,733.5) | | | | | | (1,733.5) | | |
Treasury stock
|
| | | | (6,756.3) | | | | | | (6,756.3) | | | | | | (6,756.3) | | |
Noncontrolling interest
|
| | | | 28.3 | | | | | | 28.3 | | | | | | 28.3 | | |
Total stockholders' equity
|
| | | | 6,961.8 | | | | | | 6,961.8 | | | | | | 6,961.8 | | |
Total long-term debt and stockholders' equity
|
| | | $ | 12,893.6 | | | | | $ | 12,893.6 | | | | | $ | 15,368.9 | | |
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Underwriter
|
| |
Principal Amount of
Notes due 2023 |
| |
Principal Amount of
Notes due 2027 |
| |
Principal Amount of
Notes due 2032 |
| |
Principal Amount of
Notes due 2051 |
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J.P. Morgan Securities LLC
|
| | | $ | 110,000,000 | | | | | $ | 110,000,000 | | | | | $ | 143,000,000 | | | | | $ | 187,000,000 | | |
Barclays Capital Inc.
|
| | | | 72,500,000 | | | | | | 72,500,000 | | | | | | 94,250,000 | | | | | | 123,250,000 | | |
BofA Securities, Inc.
|
| | | | 72,500,000 | | | | | | 72,500,000 | | | | | | 94,250,000 | | | | | | 123,250,000 | | |
Goldman Sachs & Co. LLC
|
| | | | 72,500,000 | | | | | | 72,500,000 | | | | | | 94,250,000 | | | | | | 123,250,000 | | |
Citigroup Global Markets Inc.
|
| | | | 30,000,000 | | | | | | 30,000,000 | | | | | | 39,000,000 | | | | | | 51,000,000 | | |
Credit Suisse Securities (USA) LLC
|
| | | | 30,000,000 | | | | | | 30,000,000 | | | | | | 39,000,000 | | | | | | 51,000,000 | | |
MUFG Securities Americas Inc.
|
| | | | 30,000,000 | | | | | | 30,000,000 | | | | | | 39,000,000 | | | | | | 51,000,000 | | |
Mizuho Securities (USA) LLC
|
| | | | 20,000,000 | | | | | | 20,000,000 | | | | | | 26,000,000 | | | | | | 34,000,000 | | |
SMBC Nikko Securities America, Inc.
|
| | | | 20,000,000 | | | | | | 20,000,000 | | | | | | 26,000,000 | | | | | | 34,000,000 | | |
U.S. Bancorp Investments, Inc.
|
| | | | 20,000,000 | | | | | | 20,000,000 | | | | | | 26,000,000 | | | | | | 34,000,000 | | |
Wells Fargo Securities, LLC
|
| | | | 20,000,000 | | | | | | 20,000,000 | | | | | | 26,000,000 | | | | | | 34,000,000 | | |
Siebert Williams Shank & Co., LLC
|
| | | | 2,500,000 | | | | | | 2,500,000 | | | | | | 3,250,000 | | | | | | 4,250,000 | | |
Total
|
| | | $ | 500,000,000 | | | | | $ | 500,000,000 | | | | | $ | 650,000,000 | | | | | $ | 850,000,000 | | |
| | |
Underwriting
Discount |
| |
Total
|
| |||
Per Note due 2023
|
| |
0.250%
|
| | | $ | 1,250,000 | | |
Per Note due 2027
|
| |
0.600%
|
| | | $ | 3,000,000 | | |
Per Note due 2032
|
| |
0.650%
|
| | | $ | 4,225,000 | | |
Per Note due 2051
|
| |
0.875%
|
| | | $ | 7,437,500 | | |
| | |
Page
|
|
About This Prospectus
|
| |
2
|
|
Risk Factors
|
| |
3
|
|
Where You Can Find More Information
|
| |
3
|
|
Forward-Looking Statements
|
| |
4
|
|
Ecolab Inc.
|
| |
5
|
|
Use of Proceeds
|
| |
5
|
|
Description of Debt Securities
|
| |
6
|
|
Plan of Distribution
|
| |
8
|
|
Legal Matters
|
| |
9
|
|
Independent Registered Public Accounting Firm
|
| |
9
|
|