Walter Industries to use revolver borrowings to help fund share repurchase

By Sara Rosenberg

New York, April 23 - Walter Industries Inc. plans to use funds under its revolving credit facility along with proceeds from its recently completed $175 million convertible senior subordinated note transaction to purchase 2 million shares owned by certain affiliates of Kohlberg Kravis Roberts & Co. for $12.50 per share, according to a company news release.

After the transaction, KKR affiliates will own about 27% of the company's outstanding common stock.

The transaction is expected to close on or before Tuesday.

Walter Industries is a Tampa, Fla., homebuilding company.

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