<SEC-DOCUMENT>0001104659-22-093001.txt : 20221006
<SEC-HEADER>0001104659-22-093001.hdr.sgml : 20221006
<ACCEPTANCE-DATETIME>20220819164323
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001104659-22-093001
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20220819

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			RENTOKIL INITIAL PLC /FI
		CENTRAL INDEX KEY:			0000930157
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-MANAGEMENT SERVICES [8741]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			X0
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		COMPASS HOUSE, MANOR ROYAL
		STREET 2:		CRAWLEY
		CITY:			WEST SUSSEX
		STATE:			X0
		ZIP:			RH10 9PY
		BUSINESS PHONE:		44 1293 858 000

	MAIL ADDRESS:	
		STREET 1:		COMPASS HOUSE, MANOR ROYAL
		STREET 2:		CRAWLEY
		CITY:			WEST SUSSEX
		STATE:			X0
		ZIP:			RH10 9PY

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	RENTOKIL GROUP PLC                                      /FI
		DATE OF NAME CHANGE:	19960828

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	RENTOKIL INITIAL PLC                                    /FI
		DATE OF NAME CHANGE:	19940914
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 20%"><IMG SRC="tm2215547d8_corresp.jpg" ALT="">&nbsp;</TD>
    <TD STYLE="width: 25%"><P STYLE="font: 5pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
                           <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">William H. Aaronson</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">+1 212 450 4397</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">william.aaronson@davispolk.com</P></TD>
    <TD STYLE="width: 55%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 5pt">&nbsp;</FONT></P>
                           <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Davis Polk&nbsp;&amp; Wardwell <FONT STYLE="font-variant: small-caps">llp</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">450 Lexington Avenue<BR>
    New York, NY 10017</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">davispolk.com</P></TD></TR>
  </TABLE>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">August&nbsp;19,
2022</FONT> &nbsp;</P>



<P STYLE="margin: 0">&nbsp;</P>

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    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Re:</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Rentokil Initial
    plc<BR>
    Amendment No.&nbsp;1 to Registration Statement on Form&nbsp;F-4 <BR>
    Filed July&nbsp;22, 2022<BR>
    File No.&nbsp;333-265455</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 3%"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 48%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></P></TD>
    <TD STYLE="width: 48%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P></TD>
    <TD STYLE="text-align: right; width: 1%"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD></TR>
  </TABLE>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">U.S. Securities and Exchange Commission<BR>
Division of Corporation Finance<BR>
Office of Trade&nbsp;&amp; Services<BR>
100 F Street, N.E.<BR>
Washington, D.C. 20549</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Ladies and Gentlemen:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">On behalf of our client, Rentokil Initial plc (the &ldquo;<B>Company</B>&rdquo;),
this letter sets forth the Company&rsquo;s responses to the comments provided by the staff (the &ldquo;<B>Staff</B>&rdquo;) of the Division
of Corporation Finance of the U.S. Securities and Exchange Commission relating to the Company&rsquo;s Amendment No.&nbsp;1 to the Registration
Statement on Form&nbsp;F-4 (the &ldquo;<B>Registration Statement</B>&rdquo;) contained in the Staff&rsquo;s letter dated August&nbsp;12,
2022 (the &ldquo;<B>Comment Letter</B>&rdquo;). In response to the comments set forth in the Comment Letter, the Company has revised
the Registration Statement and is filing Amendment No.&nbsp;2 to the Registration Statement on Form&nbsp;F-4 (the &ldquo;<B>Second Amended
Registration Statement</B>&rdquo;) together with this response letter. The Second Amended Registration Statement also contains certain
additional updates and revisions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">For the convenience of the Staff, each comment from the Comment Letter
is restated in italics prior to the response to such comment. All references to page&nbsp;numbers (other than those in the
Staff&rsquo;s comments) correspond to pages&nbsp;in the Second Amended Registration Statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Amendment No.&nbsp;1 to Registration Statement on Form&nbsp;F-4
Filed July&nbsp;22, 2022</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Table of Contents, page&nbsp;i</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><I>1.</I></TD><TD><I>Please revise to include the index to the financial statements.</I></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.75in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Response:</B></FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">In
                                            response to the Staff&rsquo;s comment, the Company has revised the Table of Contents on page&nbsp;v
                                            of the Second Amended Registration Statement.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Inflationary pressures, such as increases in wages, fuel prices
and other operating costs, could adversely..., page&nbsp;51</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><I>2.</I></TD><TD><I>We note your response to comment 4. In light of the evolving
                                            situation around price increases, please ensure that you continue to update this disclosure
                                            to reflect the most recent financial events.</I></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.75in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Response:</B></FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">The
                                            Company respectfully acknowledges the Staff&rsquo;s comment and has updated its disclosure
                                            on pages 251-252 of
                                            the Second Amended Registration Statement to reflect the updates for the first half of 2022.
                                            The Company advises the Staff that it will continue to update the disclosure to reflect the
                                            most recent financial events.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 20%"><IMG SRC="tm2215547d8_corresp.jpg" ALT="">&nbsp;</TD>
    <TD STYLE="width: 30%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P>
                           <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">U.S.
    Securities and Exchange Commission</FONT></P></TD>
    <TD STYLE="width: 50%"></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Management's Discussion and Analysis of Financial Condition
and Results of Operations Non-IFRS Alternative Indicative Measures, page&nbsp;264</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><I>3.</I></TD><TD><I>We note your response to comment 28 stating Ongoing Operating
                                            Profit does not reflect any adjustments to eliminate your receipt of government wage subsidies
                                            in response to the COVID-19 pandemic. Please tell us how this complies with Question 100.03
                                            of the Compliance&nbsp;&amp; Disclosure Interpretations for Non-GAAP Financial Measures,
                                            or revise.</I></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.75in"><FONT STYLE="font-size: 10pt"><B>Response:</B></FONT></TD><TD>The Company has
                                            considered the requirements of Question 100.03 of the Compliance&nbsp;&amp; Disclosure Interpretations
                                            for Non-GAAP Measures and believes it has taken a balanced view regarding the non-adjustment
                                            of both gains and losses relating to the COVID-19 pandemic that are of a non-recurring nature.
                                            While the Company recorded gains related to support received from governments in certain
                                            jurisdictions, the Company also incurred losses attributable or partially attributable to
                                            COVID-19, including but not limited to an increase of &pound;34 million in the Company&rsquo;s
                                            bad debt provision and &pound;25 million of additional costs of personal protective equipment
                                            (PPE) for the year ended December&nbsp;31, 2020, as well as losses of revenues where customer
                                            premises were closed due to required lockdowns. The Company decided not to exclude any of
                                            these negative impacts in its presentation of Ongoing Operating Profit and other adjusted
                                            financial measures because it cannot accurately quantify all of the negative impacts of the
                                            COVID-19 pandemic on the Company&rsquo;s financial results and because it does not yet have
                                            a good sense for which of these factors are entirely or partially non-recurring. In addition,
                                            the government wage subsidies were intended to directly offset a portion of the negative
                                            impacts that were experienced as a result of the COVID-19 pandemic.  As a result, the Company
                                            does not believe it is appropriate to only partially quantify the negative impacts to offset
                                            the positive impacts nor does it believe that only adjusting for the positive impact is appropriate.
                                            However, the Company has sought to provide additional disclosure in the Registration Statement
                                            to assist the reader in understanding the impact of the COVID-19 pandemic.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Please do not hesitate to contact me at (212) 450-4397 or william.aaronson@davispolk.com
if you have any questions regarding the foregoing or if we can provide any additional information.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Very truly yours,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">/s/ William H. Aaronson</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<TD STYLE="width: 0pt"></TD><TD STYLE="width: 28.35pt">cc:</TD><TD>Catherine Stead, Company Secretary, Rentokil Initial plc<BR>
                                            John B. Meade, Davis Polk&nbsp;&amp; Wardwell LLP<BR>
                                            Andrew R. Brownstein, Wachtell, Lipton, Rosen&nbsp;&amp; Katz<BR>
                                            Karessa L. Cain, Wachtell, Lipton, Rosen&nbsp;&amp; Katz</TD></TR></TABLE>

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