Mueller Water Products guiding $425 million eight-year notes in high 5%-6% area; pricing Thursday

By Paul A. Harris

Portland, Ore., June 6 – Mueller Water Products, Inc. is in the market with a $425 million offering of eight-year senior notes (Ba3/BB) with initial guidance in the high 5% to 6% area, a trader said.

The deal was set to roll out on a Wednesday investor call and is expected to price on Thursday, the source added.

BofA Merrill Lynch has the lead for the Rule 144A and Regulation S offering.

The notes come three years of call protection.

The Atlanta-based manufacturer and distributor of water infrastructure products plans to use the proceeds, together with cash on hand, to repay its senior secured term loan.

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