New Issue: Germany's Elster prices €250 million 6¼% seven-year notes at par

By Paul A. Harris

Portland, Ore., April 14 - Germany's Elster Finance BV priced a €250 million issue of seven-year senior notes (expected Ba2/confirmed BB-) at par to yield 6¼% on Thursday, according to a press release from the company.

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

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.

Issuer:	Elster Finance BV
Amount:	€250 million
Maturity:	2018
Securities:	Senior notes
Bookrunners:	Merrill Lynch (bill and deliver), J.P. Morgan Securities LLC (physical books), Deutsche Bank, Goldman Sachs International (joint books)
Co-managers:	BayernLB, Credit Agricole CIB, ING, LBBW Securities, Mizuho Securities, Natixis Bleichroeder, SEB, UniCredit
Coupon:	6¼%
Price:	Par
Yield:	6¼%
Call protection:	Three years
Trade date:	April 14
Settlement date:	April 21
Ratings:	Moody's: Ba2 (expected)
	Standard & Poor's: BB-
Distribution:	Rule 144A and Regulation S
Marketing:	Roadshow

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