Mueller Water Products, Inc. Announces Pricing of Series A Common Stock Offering

ATLANTA, Sept. 17 /PRNewswire-FirstCall/ -- Mueller Water Products, Inc. (NYSE: MWA) (the "Company") announced today that it has successfully priced a public offering of 32,280,000 shares of its Series A common stock at $4.75 per share to the public. The Company has granted the underwriters a 30-day option to purchase up to 4,842,000 additional shares of its Series A common stock to cover over-allotments, if any. The number of shares of Series A common stock being offered was increased from the previously announced 27,500,000 and the number of Series A common stock subject to the underwriters' option to purchase was increased from 4,125,000. The Company intends to use all of the net proceeds from the offering, estimated to be approximately $144.1 million before giving effect to any exercise of the underwriters' option to purchase additional shares, to repay a portion of indebtedness outstanding under its credit agreement. The offering is expected to close on September 23, 2009, subject to customary closing conditions.

BofA Merrill Lynch and Goldman, Sachs & Co. are acting as joint book-running managers of the offering. Robert W. Baird & Co., Morgan Stanley, SunTrust Robinson Humphrey, BB&T Capital Markets and Brean Murray, Carret & Co., LLC are acting as co-managers for the offering.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such state. The offering of these securities will be made only by means of the prospectus supplement and the accompanying prospectus. Copies of the prospectus supplement and prospectus relating to the offering may be obtained from BofA Merrill Lynch, 4 World Financial Center, New York, NY 10080, Attn: Prospectus Department or Goldman, Sachs & Co., 85 Broad Street, New York, New York 10004, Attention: Prospectus Department, 1-866-471-2526, or by e-mail at prospectus-ny@ny.email.gs.com. You may also obtain these documents by visiting the Securities and Exchange Commission's website at www.sec.gov.

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 the Company 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. The Company assumes no duty to update its forward-looking statements as of any future date.

About Mueller Water Products, Inc.

Mueller Water Products, Inc. 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 & gas, HVAC and fire protection industries. With latest 12 months net sales as of June 30, 2009 of $1.6 billion, the Company is comprised of three operating segments: Mueller Co., U.S. Pipe and Anvil. Based in Atlanta, Georgia, the Company employs approximately 5,300 people. Series A common stock trades on the New York Stock Exchange under the ticker symbol MWA. For more information about Mueller Water Products, Inc., 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
    mzakas@muellerwp.com

    Media Contact:
    John Pensec
    Director - Corporate Communications & Public Affairs
    770-206-4240
    jpensec@muellerwp.com

SOURCE Mueller Water Products, Inc.