CORRECT: Mueller Water Sells Deal In Deserted High-Yield Market
19 Août 2010 - 11:22PM
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 5.75 cents on the dollar 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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