Mueller Water Sells Deal In Deserted High-Yield Market
19 Août 2010 - 9:40PM
Dow Jones News
The only company planning to sell high-yield debt in the second
half of the week has done so.
Mueller Water Products Inc. (MWA, MWAB) sold $225 million in a
market that saw less than $3 million exchange hands in the
secondary Thursday, according to data from MarketAxess. The deal,
which will help the water-treatment products maker pay down its
debt, including $270 million in bank loans.
The notes priced with an 8.75% coupon, at 98.37 cents on the
dollar, giving initial investors a 9% yield. That's slightly higher
than two of the other three companies issuing debt this week.
Other issuers this week were NRG Energy Inc. (NRG) and Toys R Us
Inc., both, like Mueller, rated B1 by Moody's Investors Service,
and the holding company for Landry's Restaurants Inc. (LNY), which
sold $110 million in 11.5% notes at a discount to initial investors
of 10 cents on the dollar.
The secondary market was slightly weaker, led for a second day
by trades for NewPage Corp. That company's 11.375% notes due
December 2014 have fallen points this week in sparse and volatile
trading.
The Markit CDX high yield index pared yesterday's gains,
dropping 0.5 point to 97.2.
-By Katherine Greene, Dow Jones Newswires; 212-416-2984;
katherine.greene@dowjones.com
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