Supplementing the Preliminary Prospectus
Supplement dated July 1, 2015
(To Prospectus dated January 12, 2015)

Filed Pursuant to Rule 433

Registration No. 333-201445

 

 

Ecolab Inc.

 

€575,000,000 2.625% Notes due 2025

 

Pricing Term Sheet

 

July 1, 2015

 

Issuer:

Ecolab Inc.

Principal Amount:

€575,000,000

Type of Offering:

SEC registered (No. 333-201445)

Trade Date:

July 1, 2015

Settlement Date:

July 8, 2015 (T+5)

Anticipated Ratings:*

Baa1 (stable outlook) by Moody’s Investors Service, Inc.
BBB+ (positive outlook) by Standard & Poor’s Ratings Services

Listing:

Ecolab Inc. intends to apply to list the notes on The New York Stock Exchange

Maturity Date:

July 8, 2025

Coupon:

2.625%

Interest Payment Dates:

Annually on July 8, commencing July 8, 2016

Price to Public:

99.705%

Spread to Benchmark Bund:

+182.6 bps

Benchmark Bund:

DBR 0.5% due February 15, 2025

Benchmark Bund Price and Yield:

96.93; 0.833%

Spread to Mid Swaps:

+145 bps

Mid Swaps Yield:

1.209%

Yield to Maturity:

2.659%

Day Count Convention:

ACTUAL/ACTUAL (ICMA)

Stabilization:

Stabilization/FCA

Make-Whole Call:

DBR + 30 bps

CUSIP/Common Code/ISIN:

278865 AS9/125543375/XS1255433754

Joint Book-Running Managers:

Merrill Lynch International
Credit Suisse Securities (Europe) Limited

Passive Book-Runner

SMBC Nikko Capital Markets Limited

Co-Managers:

Mizuho International plc
UniCredit Bank AG

 

* Note: A securities rating is not a recommendation to buy, sell or hold securities and may be subject to revision or withdrawal at any time.

 

The issuer has filed a registration statement (including a prospectus) with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the issuer has filed with the SEC for more complete information about the issuer and this offering.

 

You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the issuer, any underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request it by calling Merrill Lynch International toll-free at (800) 294-1322 or Credit Suisse Securities (Europe) Limited at (800) 221-1037.