By Paul A. Harris
Portland, Ore., May 18 – Mueller Water Products, Inc. priced a $450 million issue of eight-year senior notes (Ba1/BB) at par to yield 4% in a Tuesday drive-by, according to a syndicate source.
The yield printed at the tight end of the 4% to 4 1/8% yield talk.
BofA Securities Inc. was the left bookrunner. J.P. Morgan Securities LLC was a joint bookrunner.
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.
| Issuer: | Mueller Water Products, Inc.
|
| Amount: | $450 million
|
| Maturity: | June 15, 2029
|
| Securities: | Senior notes
|
| Left bookrunner: | BofA Securities Inc.
|
| Joint bookrunner: | J.P. Morgan Securities LLC
|
| Co-managers: | Goldman Sachs & Co. LLC, Truist Securities Inc. and TD Securities (USA) LLC
|
| Coupon: | 4%
|
| Price: | Par
|
| Yield: | 4%
|
| Spread: | 257 bps
|
| Call protection: | Three years
|
| Trade date: | May 18
|
| Settlement date: | May 28
|
| Ratings: | Moody's: Ba1
|
| S&P: BB
|
| Distribution: | Rule 144A and Regulation S
|
| Price talk: | 4% to 4 1/8%
|
| Marketing: | Drive-by
|
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