French investment bank BNP Paribas is to arrange its first benchmark bond for UK support services group Rentokil. Barclays Capital and Royal Bank of Scotland are co-arrangers on the 10-year bond, which could be launched this afternoon.

The minimum £250m (€360m) bond is to be sold to help Rentokil refinance and extend the maturity profile of its existing debt. The company has £617m of bonds outstanding which all mature within the next two years.