ATLANTA, June 18 /PRNewswire-FirstCall/ -- Mueller Water Products, Inc.
(NYSE: MWA) announced today that it has amended its Credit Facility dated as
of May 24, 2007. The amended $765.7 million Credit Facility includes a
$200.0 million revolving line of credit which remains undrawn and is effective
June 18, 2009. The amended Credit Facility includes revised and new financial
covenant ratios through its remaining life, among other changed terms.
"We are very pleased to have completed this amendment, which was driven
by the need for covenant ratio relief and not by liquidity issues," said
Gregory E. Hyland, chairman, president and chief executive officer of Mueller
Water Products. "This amendment allows us to remain focused on meeting our
customers' needs during this economic recession while continuing to improve
our market-leading positions in the water infrastructure and flow control
industries. We appreciate the relationship we have with our lenders and their
support of this amendment."
Additional information concerning the revised financial covenant ratios,
pricing and other changes to the Credit Facility, and a copy of the amendment
to the Credit Facility, can be found in the Company's Form 8-K, to be filed
with the Securities and Exchange Commission.
Safe Harbor Statement
Except for historical information contained herein, the statements in
this release are forward- looking and made pursuant to the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995.
Forward-looking statements involve known and unknown risks and uncertainties
that may cause the actual results in future periods of Mueller Water Products
to differ materially from forecasted results. Those risks include, among
others, changes in customer orders and demand for our products; the liquidity
of the credit markets; changes in raw material, labor, equipment and
transportation costs; pricing actions by the Company and its competitors;
changes in law or the uncertainty of the application of law and regulation;
the ability to attract and retain management and employees; the inability to
successfully execute management strategies with respect to cost containment,
production increases or decreases, inventory control, and the integration of
acquired businesses; and general changes in economic and financial
conditions, residential and non- residential construction, and municipal
spending. Risks associated with forward-looking statements are more fully
described in our filings with the Securities and Exchange Commission. Mueller
Water Products assumes no duty to update its forward-looking statements as of
any future date.
About Mueller Water Products
Mueller Water Products is a leading North American manufacturer and
marketer of infrastructure and flow control products for use in water
distribution networks and treatment facilities. Its broad product portfolio
includes engineered valves, fire hydrants, ductile iron pipe and pipe
fittings, which are used by municipalities, as well as the residential and
non-residential construction, oil and gas, HVAC and fire protection
industries. With latest 12 months net sales of $1.7 billion, the Company is
comprised of three operating segments: Mueller Co., U.S. Pipe and Anvil. Based
in Atlanta, Georgia, the Company employs approximately 5,400 people. Mueller
Water Products Series A common stock trades on the New York Stock Exchange
under the ticker symbol MWA. For more information about Mueller Water
Products, please visit the Company's Web site at www.muellerwaterproducts.com.
Investor Contact: Martie Edmunds Zakas
Sr. Vice President - Strategic Planning & Investor Relations
770-206-4237
[email protected]
Media Contact: John Pensec
Director - Corporate Communications & Public Affairs
770-206-4240
[email protected]
SOURCE Mueller Water Products, Inc.
