Pricing set in tender for Grohe's 11½% notes

New York, July 7 - Holders of Grohe AG's 11½% senior notes due 2010 will receive €1,167.70 per €1,000 principal amount in the tender offer to buy the securities if they tendered by the consent deadline of 4 a.m. ET on June 15.

Holders who tender after that date but before the expiration date of 12 p.m. ET on July 9 will receive the same amount less the €20 consent payment or €1,147.70 per €1,000 principal amount.

The prices were calculated using a fixed spread of 50 basis points over the yield to maturity of the 6.5% German Bundesanleihe due Oct. 14, 2005 at 9 a.m. ET on July 7. At that time the reference yield was 2.363%.

Settlement is scheduled for July 14, which means that holders will also receive €18.847 principal amount of accrued interest.

The tender offer is being conducted by Glacier Erste Beteiligungs GmbH (formerly Saphir 45. VV GmbH), a company formed by Texas Pacific Group and DLJ Merchant Banking Partners to acquire Grohe.

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