New Issue: Culligan €185 million 10-year notes yield 8%

By Paul A. Harris

St. Louis, Sept. 21 - Culligan Finance Corp. sold €185 million of 10-year senior subordinated notes (B3/B-) at par on Tuesday to yield 8%, according to market sources.

Revised price talk was the 8% area, having tightened from the 8¼% area.

Citigroup, Banc of America Securities and BNP Paribas ran the books for the Rule 144A/Regulation S issue. The co-managers were Barclays Capital and UBS Investment Bank.

Proceeds will be used to finance the acquisition of Culligan International by Clayton Dubilier & Rice from Veolia Environnement SA.

Culligan is a Northbrook, Ill.-based manufacturer and distributor of water treatment products and bottled water.

Issuer:	Culligan Finance Corp. BV
Amount:	€185 million
Maturity:	Oct. 1, 2014
Security description:	Senior subordinated notes
Bookrunners:	Citigroup, Banc of America Securities, BNP Paribas
Co-managers:	Barclays Capital, UBS Investment Bank
Coupon:	8%
Price:	Par
Yield:	8%
Spread:	403 basis points
Call features:	Callable after Oct. 1, 2009 at 104.0, 102.667, 101.333, par on or after Oct. 1, 2012
Pricing date:	Sept. 21
Settlement date:	Sept. 30
Ratings:	Moody's: B3
	Standard & Poor's: B-
Price talk:	8% area (revised from 8 ¼% area)

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