New Issue: Mueller $110 million proceeds 10-year notes yield 14¾%

By Paul A. Harris

St. Louis, April 22 - The Mueller Group Inc. sold $110 million proceeds of units comprised of 10-year senior discount notes with warrants for 10% of the company at 49.36 on Thursday to yield 14¾%, according to market sources.

The issue had a face amount of $223 million.

Credit Suisse First Boston ran the books.

Proceeds will be used to fund a dividend payment.

The company is a Decatur, Ill.-based producer of flow control products.

Issuer:	The Mueller Group Inc.
Face amount:	$223 million
Proceeds:	$110 million
Maturity:	April 15, 2014
Security description:	Senior discount notes with warrants for 10% of the company
Bookrunner:	Credit Suisse First Boston
Coupon:	Zero for first five years
Price:	49.36
Yield:	14¾%
Spread:	1038 basis points
Call protection:	Callable after April 15, 2009 at 107.375, 104.917, 102.458, par on or after April 15, 2012
Equity clawback:	Until April 15, 2007 for 35% at 114.75
Pricing date:	April 22
Settlement date:	April 29
Ratings:	Non-rated

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