New Issue: Grohe sells €335 million 10-year bonds to yield 8 5/8%

By Paul A. Harris

St. Louis, Sept. 15 - Grohe Holding GmbH sold €335 million of 10-year senior notes (B3/B-) at par on Wednesday to yield 8 5/8%, according to a syndicate source.

Price talk was the 8 5/8% area.

Credit Suisse First Boston, Citigroup and Deutsche Bank Securities ran the books.

Proceeds will be used to fund the leveraged buyout of Grohe by Texas Pacific Group and Credit Suisse First Boston.

The issuer is a Germany-based plumbing fixtures manufacturer.

Issuer:	Grohe Holding GmbH
Amount:	€335 million
Maturity:	Oct. 1, 2014
Security description:	Senior notes
Bookrunners:	Credit Suisse First Boston, Citigroup, Deutsche Bank Securities
Coupon:	8 5/8%
Price:	Par
Yield:	8 5/8%
Spread:	461 basis points
Call features:	Callable after Oct. 1, 2009 at 104.312, 102.875, 101.437, par on or after Oct. 1, 2012
Equity clawback:	Until Oct. 1, 2007 for 40% at 108.625
Pricing date:	Sept. 15
Settlement date:	Sept. 22
Ratings:	Moody's: B3
	Standard & Poor's: B-
Price talk:	8¾% area

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