By Paul A. Harris
St. Louis, Nov. 14 - National Waterworks Inc. priced $200 million of senior subordinated notes due Dec. 1, 2012 (B3/B) at par Thursday to yield 10½%.
Price talk was for a yield of 10½%-10¾%.
Goldman Sachs & Co. and JP Morgan were joint bookrunners. UBS Warburg was the co-manager.
Proceeds from the Rule 144A deal will be used to fund the LBO of 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.
Issuer: National Waterworks Inc.
| Amount: | $200 million
|
| Maturity: | Dec. 1, 2012
|
| Type of securities: | Senior subordinated notes
|
| Managers: | Goldman Sachs, JP Morgan (joint books)
|
| Co-manager: | UBS Warburg
|
| Coupon: | 10½%
|
| Price: | Par
|
| Yield: | 10½%
|
| Price talk: | 10½%-10¾%
|
| Spread: | 645 basis points
|
| Call features: | Callable on Dec. 1, 2007 at 105.25, then at 103.5, 101.75, declining to par on Dec. 1, 2010 and thereafter
|
| Equity clawback: | Until Dec. 1, 2005 for 35% at 110.5
|
| Distribution: | Rule 144A
|
| Settlement date: | Nov. 22, 2002
|
| Ratings: | Moody's: B3
|
| Standard & Poor's: B
|
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