Elster to start roadshow Tuesday for €250 million seven-year notes

By Paul A. Harris

Portland, Ore., April 11 - Germany's Elster Group SE will begin a roadshow on Tuesday for a €250 million offering of seven-year senior notes (expected ratings Ba2/BB-), according to an informed source.

The roadshow wraps up on Friday, and the Rule 144A and Regulation S deal is set to price thereafter.

Merrill Lynch and J.P. Morgan Securities LLC are the joint physical bookrunners; Merrill Lynch will bill and deliver. Deutsche Bank and Goldman Sachs International are the joint bookrunners.

BayernLB, Credit Agricole CIB, ING, LBBW Securities, Mizuho Securities, Natixis Bleichroeder, SEB and UniCredit are the co-managers.

The notes come with three years of call protection.

Proceeds will be used to repay bank debt.

The issuer is Elster Finance BV, a subsidiary of the Essen, Germany-based provider of gas, electricity and water meters.

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