By Paul A. Harris
Portland, Ore., June 7 – Mueller Water Products, Inc. priced an upsized $450 million issue of eight-year senior notes (Ba3/BB) at par to yield 5½% on Thursday, according to market sources.
The notes were upsized from $425 million.
The yield printed at the tight end of yield talk in the 5 5/8% area and inside of initial guidance in the high 5% to 6% area.
The deal, which was led by BofA Merrill Lynch, was heard to be substantially oversubscribed, an investor said.
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.
| Issuer: | Mueller Water Products, Inc.
|
| Amount: | $450 million, increased from $425 million
|
| Tenor: | Eight years
|
| Securities: | Senior notes
|
| Lead: | BofA Merrill Lynch
|
| Coupon: | 5½%
|
| Price: | Par
|
| Yield: | 5½%
|
| Call protection: | Three years
|
| Trade date: | June 7
|
| Ratings: | Moody's: Ba3
|
| S&P: BB
|
| Distribution: | Rule 144A and Regulation S
|
| Price talk: | 5 5/8% area
|
| Marketing: | Roadshow
|
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