Mueller Water to price $450 million eight-year notes on Tuesday

By Paul A. Harris

Portland, Ore., May 18 – Mueller Water Products, Inc. plans to price a $450 million offering of eight-year senior notes (Ba1/BB) in a Tuesday drive-by trailing a conference call with investors, according to a syndicate source.

BofA Securities Inc. is the left bookrunner. J.P. Morgan Securities LLC is the joint bookrunner. Goldman Sachs & Co. LLC, Truist Securities Inc. and TD Securities (USA) LLC are the co-managers.

The Rule 144A and Regulation S notes become callable after three years at par plus 50% of the coupon. They feature a three-year 40% equity clawback at par plus the full coupon and have a 101% poison put.

The Atlanta-based manufacturer and distributor of water infrastructure products plans to use the proceeds plus cash on hand to repay its 5½% notes due 2026.

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