Mueller touts no maturities until 2029; net debt ratio falls to 1.4x

By Devika Patel

Knoxville, Tenn., Dec. 15 – Mueller Water Products, Inc. has no debt maturities until June 2029 and has lowered its debt leverage ratio to 2.2x and net debt leverage ratio to 1.4x as of the end of the last quarter.

“At the end of the fourth quarter, our net debt leverage ratio improved to 1.4x,” chief legal officer and chief financial officer Steven S. Heinrichs said on the company’s fourth quarter and year ended Sept. 30 earnings conference call on Thursday.

“We did not have any borrowings under our ABL agreement at year-end nor did we borrow any amounts under our ABL during the year.

“We currently have no maturities on our debt financing before June 2029.

“With $322.7 million of total liquidity at the end of the year, we continue to have ample liquidity and capacity to support our strategic priorities, including acquisitions,” he said.

The company had approximately $162.4 million of excess availability under its ABL agreement, bringing its total liquidity to $322.7 million, as of the end of the last quarter.

As of Sept. 30, Mueller had $447.4 million of total outstanding debt and $160.3 million of cash and cash equivalents.

The manufacturer and marketer of drinking water transmission, distribution and treatment facilities is based in Atlanta.

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