Germany's Grohe plans €400 million secured notes to fund tender offer

By Paul A. Harris

Portland, Ore., Feb. 28 - Grohe Holding GmbH announced in a Monday press release that it plans to sell €400 million minimum of senior secured notes.

Credit Suisse, Morgan Stanley and Deutsche Bank will lead the deal, according to a market source.

The Dusseldorf, Germany, plumbing fixtures company will use the proceeds to fund the concurrent tender offer for a like amount of its senior secured floating-rate notes due Jan. 15, 2014, of which there are $800 million outstanding.

The tender offer ends on March 7.

The company is also soliciting consents for proposed amendments to its credit indenture. Those amendments would allow it to incur debt under a refinancing and incur liens to secure that debt.

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