Mueller Water flexes $500 million term loan B to Libor plus 325 bps

By Sara Rosenberg

New York, Nov. 18 – Mueller Water Products Inc. lowered pricing on its $500 million seven-year covenant-light term loan B (B2/BB) to Libor plus 325 basis points from Libor plus 375 bps, according to a market source.

In addition, the original issue discount on the term loan firmed at 99½, the tight end of the 99 to 99½ talk, and the 101 soft call protection was extended to one year from six months, the source said.

The term loan still has a 0.75% Libor floor.

Recommitments were due at 5 p.m. ET on Tuesday, the source added.

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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