TAMPA, Fla., June 1 /PRNewswire-FirstCall/ --
- Walter Industries, Inc.
(NYSE: WLT) and Mueller Water Products, Inc. (NYSE: MWA) announced today the
closing of the initial public offering of Mueller Water Products' Series A
common stock. The closing included the full exercise by the underwriters of
the option to purchase 3.75 million additional Series A shares to cover over-
allotments, for a total of 28.75 million Series A shares at $16.00 per share.
Walter Industries continues to hold all of the 85.85 million Series B shares
outstanding. The aggregate net proceeds to Mueller Water Products, after
underwriters' discount, were $432.4 million.
The underwriters for the offering were led by Banc of America Securities
LLC, Morgan Stanley and Lehman Brothers as joint book-running managers, with
SunTrust Robinson Humphrey, Goldman, Sachs & Co., Avondale Partners and Calyon
Securities (USA) Inc. acting as co-managers.
About Walter Industries
Walter Industries, Inc. is a diversified company with consolidated annual
revenues of approximately $3.1 billion. The Company is a significant producer
of high-quality metallurgical coal and natural gas for worldwide markets and
is a leader in affordable homebuilding and financing. Walter Industries also
is a majority shareholder of Mueller Water Products, a leading water
infrastructure, flow control and water transmission products company.
Including Mueller Water, the Company employs approximately 10,000 people. For
more information about Walter Industries, please visit the Company Web site at
About Mueller Water Products
Mueller Water Products is a majority-owned subsidiary of Walter
Industries, Inc. with pro forma annual revenues of approximately $1.9 billion.
The Company is comprised of three main operating segments: Mueller Co., U.S.
Pipe and Anvil. The Company is a leader in water infrastructure, flow control
and water transmission products. Based in Tampa, Fla., the Company employs
approximately 7,000 people. For more information about Mueller Water Products,
please visit the Company Web site at http://www.muellerwaterproducts.com .
SOURCE Walter Industries, Inc.
CONTACT: Investors, Joseph J. Troy, Sr. Vice President +1-813-871-4404,
or email@example.com, or Media, Michael A. Monahan, Director -
- Corporate Communications +1-813-871-4132, or firstname.lastname@example.org both of Walter Industries