National Waterworks to sell $250 million 10-year PIK notes

New York, Oct. 5 - National Waterworks, Inc. said its parent company National Waterworks Holdings, Inc. plans to sell up to $250.0 million of senior PIK notes due 2014.

Proceeds along with cash on hand will be used to return capital to existing equity holders.

The deal will be sold under Rule 144A.

The Waco, Texas, distributor of water and wastewater transmission products did not disclose further details in its announcement, made after the market closed.

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