Walter spinoff sets terms of IPO
Tampa Bay Business Journal - 12:13 PM EDT Friday
tampabay.bizjournals.com
"Mueller Water Products Inc. said it would sell 23.5 million shares of common stock, with each share expected to sell for $16 to $18 a share, in an initial public offering.
Mueller, a wholly owned subsidiary of Walter Industries Inc., estimated it would receive about $374 million from the offering after expenses, or about $430.4 million if the underwriters exercise their option to purchase an additional 3.5 million shares. The company said it would use the proceeds to pay back debt.
Lead underwriters are Banc of America Securities, Morgan Stanley and Lehman Brothers, with SunTrust Robinson Humphrey, Goldman Sachs & Co., Avondale Partners and Calyon Securities (USA) also participating in the deal.
Mueller intends to list its stock on the New York Stock Exchange under the symbol "MWA."
Walter Industries (NYSE: WLT), a Tampa-based holding company with interests in water infrastructure, coal and natural gas production, homebuilding and finance, bought Mueller in October 2005 for $1.9 billion." |
