Mueller Water talks $350 million 10-year notes at 7 3/8%-7½%

By Paul A. Harris

St. Louis, May 15 - Mueller Water Products, Inc. set price talk for its $350 million offering of 10-year senior subordinated notes at 7 3/8% to 7½% on Tuesday, according to an informed source.

Pricing is expected on Wednesday afternoon.

Banc of America Securities LLC and JP Morgan are leading the Rule 144A and Regulation S offering.

The notes will come with five years of call protection.

The Atlanta-based manufacturer and marketer of infrastructure and flow control products will use the proceeds to fund the tender for the Mueller Group, LLC/Mueller Group Co-Issuer, Inc. 10% senior subordinated notes due 2012 and its 14¾% senior discount notes due 2014.

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