National Waterworks $200 million 10-year notes talked at 10½%-10¾%, pricing Friday

By Paul A. Harris

St. Louis, Nov. 13 - Price talk of 10½%-10¾% emerged Wednesday on National Waterworks Inc.'s planned offering of $200 million of senior subordinated notes due 2012 (B3/B), according to a syndicate source.

The deal is expected to price Friday, the source added.

Goldman Sachs & Co. and JP Morgan are joint bookrunners. UBS Warburg is co-manager.

The Rule 144A notes are non-callable for five years and contain a three year equity clawback for 35%. The deal is coming with a $325 million senior secured bank credit facility (B1/BB-).

Proceeds will be used to fund the LBO of the assets of U.S. Filter Distribution Group Inc. from U.S. Filter Corp., a subsidiary of Vivendi, by JP Morgan Partners and Thomas H. Lee.

The issuer is a Waco, Tex.-headquartered waterworks transmission products distributor.

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