Mueller Group to launch $635 million credit facility Wednesday

By Sara Rosenberg

New York, March 23 - Mueller Group Inc. is scheduled to hold a bank meeting at 9:30 am ET on Wednesday for a $635 million credit facility, according to a syndicate document. Credit Suisse First Boston is the sole lead arranger and sole bookrunner on the deal.

The facility consists of a $100 million five-year revolver with price talk in the Libor plus 300 to 325 basis points area and a commitment fee of 50 basis points, and a $535 million seven-year term loan with price talk in the Libor plus 300 to 325 basis points area, the document said.

Proceeds will be used to help fund a recapitalization.

Mueller is a Decatur, Ill. maker of fire hydrants and water and gas valves.

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