I was able to reproduce the problem. It seems the grid WYSIWYG printing is a bit off and computes wordwrap slightly differently and hence, an extra line appears in the printing that is not in the normal view. I'll advise the grid supplier.
In the meantime, you can change the column width (in your example, increase it) just a bit. Also, Arial 10 does not seem to suffer from this problem (your grid was set to Arial 11)
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