Mueller Water Products Inc. plans to make an initial public offering of its common stock (Series A), and now has filed the registration for the IPO with the Securities and Exchange Commission. In its announcement, Mueller parent company Walter Industries did not indicate the date of the IPO.
Mueller was acquired by Walter for $1.91 billion merger in October 2005. The group produces a range water infrastructure, flow control, and water transmission products, with brand names that include Mueller, U.S. Pipe, James Jones, Hersey Meters, Henry Pratt, and Anvil.
The SEC filing is consistent with Walter Industries' announcement last October that it would divest its Water Products businesses, including Mueller, U.S. Pipe, and Anvil. Walter also plans to divest its remaining ownership in Mueller in a tax-free spin-off after the IPO.
Mueller will use the IPO income to repay some debts, including some of its senior discount notes (due 2014); some of the senior subordinated notes (due 2012) of its Mueller Group LLC subsidiary; a portion of the term loan outstanding under Mueller Group's credit agreement; and for general corporate purposes. Mueller Water Products Inc. is the corporate successor to Mueller Water Products, LLC.