Walter Industries cuts required loan prepayment from Mueller IPO to $100 million

By Angela McDaniels

Seattle, Jan. 27 - Walter Industries Inc. has amended its credit agreement so that it will now be required to use only $100 million of proceeds from the initial public offering of subsidiary Mueller Holding Co. Inc. to prepay its term loan.

The company entered into the amendment on Tuesday, according to an 8-K report filed with the Securities and Exchange Commission.

Bank of America NA is administrative agent for the credit agreement, Morgan Stanley Senior Funding Inc. is syndication agent and SunTrust Bank, BNP Paribas and Calyon New York Branch are co-documentation agents.

Concurrently, Mueller Group LLC amended its credit agreement so that it may pay the Mueller Holding $8.5 million in cash dividends for further distribution to its shareholders.

Walter Industries is a Tampa, Fla.-based diversified company that operates in homebuilding, related financing and water transmission products and is also a producer of high-quality metallurgical coal.

Mueller is a Decatur, Ill.-based supplier of water infrastructure and delivery systems.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.