National Waterworks sells $250 million PIK notes

New York, Nov. 1 - National Waterworks Holdings Inc. completed a private placement of $250 million senior unsecured pay-in-kind notes on Friday, according to a 10-Q filing with the Securities and Exchange Commission.

The notes mature on Jan. 1, 2014. Interest is paid quarterly.

As previously announced, the deal, along with cash on hand, was used to fund a dividend payment to the equity holders.

National Waterworks is a Waco, Texas-based distributor of water and wastewater transmission products and other equipment for municipal water systems and sewage-treatment plants. The sponsors are JP Morgan Partners and Thomas H. Lee Partners.

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