Mueller Water Products Signs Material Definitive Agreement

TL;DR

MWP signed a big deal, details TBD.

AI Summary

Mueller Water Products, Inc. entered into a Material Definitive Agreement on March 28, 2024. The filing does not disclose the specific terms or parties involved in this agreement, only that it is a significant definitive agreement.

Why It Matters

This filing indicates a significant new contractual commitment for Mueller Water Products, which could impact its future operations and financial performance.

Risk Assessment

Risk Level: medium — The lack of specific details about the material definitive agreement introduces uncertainty regarding its potential impact on the company.

Key Players & Entities

• Mueller Water Products, Inc. (company) — Registrant
• March 28, 2024 (date) — Date of earliest event reported

FAQ

Key Financial Figures

• $0.01 — ich registered Common Stock, par value $0.01 per share MWA New York Stock Exchange

Filing Documents

• mwa-20240328.htm (8-K) — 29KB
• 0001350593-24-000025.txt ( ) — 184KB
• mwa-20240328.xsd (EX-101.SCH) — 4KB
• mwa-20240328_def.xml (EX-101.DEF) — 13KB
• mwa-20240328_lab.xml (EX-101.LAB) — 26KB
• mwa-20240328_pre.xml (EX-101.PRE) — 16KB
• mwa-20240328_htm.xml (XML) — 3KB

01. Entry into a Material Definitive Agreement

Item 1.01. Entry into a Material Definitive Agreement. On March 28, 2024, Mueller Water Products, Inc. (the "Company") amended its asset based lending credit agreement (the "ABL Agreement") to, among other things, (i) extend its maturity date from July 29, 2025 to the earlier of (a) March 28, 2029 and (b) 91 days prior to the stated maturity date of the Company's 4.000% senior notes due June 15, 2029 (as the same may be extended from time to time in accordance with the indenture governing such notes) if such senior notes are then outstanding, (ii) decrease its grid-based interest rate margins by approximately 50 bps to 1.50% (SOFR) / 0.50% (base rate) when average availability is greater than 50% of the aggregate revolving credit commitments, and to 1.75% (SOFR) / 0.75% (base rate), when average availability is less than or equal to 50% of the aggregate revolving credit commitments, (iii) replace its previous fixed 37.5 basis point unused commitment fee with a grid-based, quarterly unused commitment fee equal to (a) 37.5 basis points if average daily outstanding credit extensions for such quarter under the ABL Agreement ("Total Outstandings") are less than or equal to 50% of the aggregate revolving credit commitments or (b) 25.0 basis points if Total Outstandings for such quarter are greater than or equal to 50% of the aggregate revolving credit commitments, (iv) allow additional add-backs in the calculation of the Company's consolidated EBITDA, (v) add an additional basket for investments with respect to certain captive insurance subsidiaries and permit such subsidiaries to be designated as unrestricted subsidiaries, (vi) permit the Company and its subsidiaries to insure against certain risks through such captive insurance subsidiaries, (vii) allow letters of credit to be issued under the ABL Agreement for the benefit of such captive insurance subsidiaries, and (viii) provide expanded baskets for making cash dividends to holders of the Company's common stock durin

SIGNATURES

SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, Mueller Water Products, Inc. has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. Dated: April 1, 2024 MUELLER WATER PRODUCTS, INC. By: /s/ Chason A. Carroll Chason A. Carroll Senior Vice President, General Counsel and Corporate Secretary

View Full Filing

View this 8-K filing on SEC EDGAR