Mueller Water Products, Inc. (NYSE: MWA) priced a 32.28 million share secondary offering of common stock at $4.75 through BofA Merrill Lynch and Goldman Sachs. This offering size was increased on demand as the original amount was to be 27.5 million shares. The $144.1 million in gross proceeds is to be used to purchase additional shares and to repay a portion of indebtedness outstanding under its credit agreement. Co-managers a At 8:47 AM EST we have seen 370,000 shares trade and the stock is actually up 2% at $4.95. Expect the volume here to blow though the 1.1 million share average as the opening gets closer. -JON OGG
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