Grohe to launch €300 million term loan to U.S. investors on Friday

By Sara Rosenberg

New York, May 3 - Grohe AG is scheduled to hold a bank meeting in New York on Friday to launch a proposed €300 million first-lien covenant-light term loan, according to a market source.

A bank meeting to launch the deal to European investors already took place in London on Wednesday.

Credit Suisse Securities (USA) LLC, Morgan Stanley Senior Funding Inc. and Deutsche Bank Securities Inc. are the lead banks on the deal.

The term loan will be broken down into U.S. and euro pieces, with the currently expected breakdown to be $250 million and €100 million, the source said.

Price talk on the entire term loan is Libor/Euribor plus 550 basis points with a 1.25% floor and an original issue discount of 981/2, the source added.

Proceeds will be used refinance floating-rate notes.

Grohe is Düsseldorf, Germany-based manufacturer and supplier of sanitary fittings.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.