Mueller gets waivers from loan lenders regarding financial reporting delays

By Sara Rosenberg

New York, Feb. 7 - Mueller Group Inc. got waivers from lenders under its credit facility, giving the company until March 31 to provide audited financial statements for its fiscal year ended Sept. 30, 2004 and quarterly financial statements for its fiscal quarter ended Jan. 1, according to an 8-K filed with the Securities and Exchange Commission Monday.

Furthermore, the waivers, which became effective on Friday, also cover any defaults with respect to the financial statements previously delivered for pre-2004 fiscal years and any related fiscal quarters or the first, second, and third fiscal quarters of the 2004 fiscal year.

In return for the waivers, the company paid lenders a fee equal to 0.025% of that lender's outstanding loans, letter-of-credit participations and undrawn loan commitments.

Credit Suisse First Boston is the agent on the deal.

The company had announced at the end of January that it was seeking these waivers because of necessary restatements due to alleged accounting improprieties at Mueller Water Products.

Mueller is a Decatur, Ill., manufacturer of flow control products for use in water distribution, water and wastewater treatment facilities, gas distribution systems and piping systems.

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