Mueller to start roadshow Monday for $415 million, two-tranche note offering

By Paul A. Harris

St. Louis, March 25 - Mueller Group Inc. plans to start a roadshow Monday for a combined $415 million, two-tranche note offering, according to a market source.

The deal is expected to price during the week of April 5.

The Decatur, Ill.-based producer of flow control products intends to sell $100 million to $200 million of 7.5-year senior secured second priority floating-rate notes (B3/B-). The floating-rate notes will come with 18 months of call protection.

The company also is offering $200 million to $300 million of eight-year senior subordinated notes (Caa1/B-). The fixed-rate notes come with four years of call protection.

Credit Suisse First Boston is the bookrunner.

Proceeds will be used to repay bank debt and make a cash distribution of $396 million to DLJ Merchant Banking Partners II LP and affiliated funds, owners of 94% of the stock of Muller's parent company, Mueller Holdings (NA) Inc.

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