Mueller Water talks $500 million term loan B at Libor plus 375 bps

By Sara Rosenberg

New York, Nov. 6 – Mueller Water Products Inc. launched on Thursday its $500 million seven-year covenant-light term loan B (BB) with price talk of Libor plus 375 basis points with a 0.75% Libor floor and an original issue discount of 99 to 99½, according to a market source.

The loan has 101 soft call protection for six months, the source said.

Commitments are due on Nov. 20.

Bank of America Merrill Lynch, J.P. Morgan Securities LLC, Wells Fargo Securities LLC, SunTrust Robinson Humphrey Inc., TD Securities (USA) LLC, Goldman Sachs Bank USA, Credit Suisse Securities (USA) LLC and MCS Capital are the lead arrangers on the deal.

Proceeds will be used to refinance existing debt.

Mueller Water is an Atlanta-based manufacturer and marketer of drinking water transmission, distribution and treatment facilities.

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