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Registration Rights Agreement

 

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Title:

Registration Rights Agreement

Entities:

Banc One Capital Markets, Inc.; Credit Suisse First Boston LLC; Deutsche Bank Securities Inc.; J.P. Morgan Securities Inc.; Mueller International, LLC; Wachovia Bank, NA; Davis Polk & Wardwell; Latham & Watkins; Shearman & Sterling

Date:

2004

Size:

Preview shows 15KB of 81KB total

Price:

$44

ID:

#1891162

 

 

► Corporate ► Rights ► Registration Rights Agreements
► Financial
► Services ► Legal

 

 

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                         REGISTRATION RIGHTS AGREEMENT


MUELLER GROUP, INC.

as Issuer

EACH OF THE GUARANTORS PARTY HERETO

as Guarantors




$100,000,000 SECOND PRIORITY SENIOR SECURED FLOATING RATE NOTES DUE 2011
$315,000,000 10% SENIOR SUBORDINATED NOTES DUE 2012
Dated as of April 23, 2004

___________________


CREDIT SUISSE FIRST BOSTON LLC,
BANC ONE CAPITAL MARKETS, INC.
DEUTSCHE BANK SECURITIES INC.
J.P. MORGAN SECURITIES INC.


{PAGE}



This Registration Rights Agreement (this "Agreement") is made and entered
into as of April 23, 2004, by and among Mueller Group, Inc., a Delaware
corporation (the "Company"), each of the Guarantors party hereto (collectively,
the "Guarantors"), and Credit Suisse First Boston LLC, Banc One Capital
Markets, Inc., Deutsche Bank Securities Inc., and J.P. Morgan Securities Inc.
(collectively, the "Initial Purchasers"), who have agreed to purchase the
Company's Second Priority Senior Secured Floating Rate Notes due 2011 (the
"Secured Notes") and the Company's 10% Senior Subordinated Notes due 2012 (the
"Subordinated Notes," and, together with the Secured Notes, the "Initial
Notes") pursuant to the Purchase Agreement (as defined below).

This Agreement is made pursuant to the Purchase Agreement, dated April 8,
2004 (the "Purchase Agreement"), by and among the Company, the Guarantors and
the Initial Purchasers. In order to induce the Initial Purchasers to purchase
the Initial Notes, the Company has agreed to provide the registration rights
set forth in this Agreement. The execution and delivery of this Agreement is a
condition to the obligations of the Initial Purchasers set forth in Section 6
of the Purchase Agreement. Capitalized terms used herein and not otherwise
defined shall have the meaning assigned to them in the Indenture, dated as of
April 23, 2004 (the "Secured Notes Indenture"), among the Company, the
Guarantors and Wachovia Bank, National Association, as Trustee (the "Trustee"),
relating to the Secured Notes (to the extent related to the Secured Notes) the
Indenture dated as of April 23, 2004 (the "Subordinated Notes Indenture"),
among the Company, the Guarantors and the Trustee relating to the Subordinated
Notes (to the extent related to the Subordinated Notes). The Secured Notes
Indenture and the Subordinated Notes Indenture are collectively referred to as
the "Indentures."

The parties hereby agree as follows:

SECTION 1. DEFINITIONS

As used in this Agreement, the following capitalized terms shall have the
following meanings:

Act: The Securities Act of 1933, as amended.

Affiliate: As defined in Rule 144.

Affiliated Market Maker: A Broker-Dealer or one of its Affiliates who is
deemed to be an Affiliate of the Company and intends to make a market in the
Exchange Notes.

Broker-Dealer: Any broker or dealer registered under the Exchange Act.

Certificated Securities: Definitive Notes, as defined in the Indentures.

Closing Date: The date hereof.

Commission: The Securities and Exchange Commission.

Consummate: An Exchange Offer shall be deemed "Consummated" for purposes
of this Agreement upon the occurrence of (a) the filing and effectiveness under
the Act of the Exchange Offer Registration Statement relating to the Exchange
Notes to be issued in the Exchange Offer, (b) the keeping of the Exchange Offer
open for a period not less than the period required pursuant to Section 3(b)
hereof and (c) the delivery by the Company to the Registrar under the Secured
Notes Indenture of Secured Exchange Notes (as defined below) and under the
Subordinated Notes Indenture of Subordinated Exchange Notes (as defined below)
in the same aggregate principal

{PAGE}

amount as the aggregate principal amount of Secured Notes and Subordinated
Notes, respectively, validly tendered and not withdrawn by Holders (as defined
below) thereof pursuant to the Exchange Offer.

Consummation Date: The date on which the Exchange Offer is Consummated.

Consummation Deadline: As defined in Section 3(b) hereof.

Effectiveness Deadline: As defined in Sections 3(a) and 4(a) hereof.

Exchange Act: The Securities Exchange Act of 1934, as amended.

Exchange Notes: The Company's Second Priority Senior Secured Floating Rate
Exchange Notes due 2011 (the "Secured Exchange Notes") and the Company's 10%
Senior Subordinated Exchange Notes due 2012 (the "Subordinated Exchange Notes")
to be issued pursuant to the Secured Notes Indenture or Subordinated Notes
Indenture, as applicable (i) in the Exchange Offer or (ii) as contemplated by
Section 6(b) hereof.

Exchange Offer: The exchange and issuance by the Company of a principal
amount of Secured Exchange Notes and Subordinated Exchange Notes (which shall
be registered pursuant to the Exchange Offer Registration Statement) equal to
the aggregate principal amount of Secured Notes and Subordinated Notes,
respectively, that are validly tendered and not withdrawn in connection with
such exchange and issuance.

Exchange Offer Registration Statement: The Registration Statement relating
to the Exchange Offer, including the related Prospectus.

Filing Deadline: As defined in Sections 3(a) and 4(a) hereof.

Holders: As defined in Section 2 hereof.

Liquidated Damages: As defined in Section 5 hereof.

Notes: The Initial Notes and the Exchange Notes together.

Participating Broker Dealer: As defined in Section 3(a) hereof.

Prospectus: The prospectus included in a Registration Statement at the
time such Registration Statement is declared effective, as amended or
supplemented by any prospectus supplement and by all other amendments thereto,
including post-effective amendments, and all material incorporated by reference
into such prospectus.

Recommencement Date: As defined in Section 6(d) hereof.

Registration Default: As defined in Section 5 hereof.

Registration Statement: Any registration statement of the Company and the
Guarantors relating to (a) an offering of Exchange Notes pursuant to an
Exchange Offer or (b) the registration for resale of Transfer Restricted
Securities pursuant to the Shelf Registration Statement, in each case, (i) that
is filed pursuant to the provisions of this Agreement and (ii) including the
Prospectus included therein and all exhibits thereto.

2
{PAGE}

Regulation S: Regulation S promulgated under the Act.

Rule 144: Rule 144 promulgated under the Act.

Shelf Registration Statement: As defined in Section 4 hereof.

Suspension Notice: As defined in Section 6(d) hereof.

TIA: The Trust Indenture Act of 1939 (15 U.S.C. Section 77aaa-77bbbb), as
in effect on the date of the Indentures.

Transfer Restricted Securities: Each (a) Initial Note, until the earliest
to occur of (i) the date on which such Initial Note is exchanged in the
Exchange Offer for an Exchange Note that is entitled to be resold to the public
by the holder thereof without complying with the prospectus delivery
requirements of the Securities Act, (ii) the date on which such Initial Note
has been disposed of in accordance with a Shelf Registration Statement (and the
purchasers thereof have been issued Exchange Notes), and (iii) the date on
which such Initial Note is distributed to the public pursuant to Rule 144 under
the Act and (b) Exchange Note issued to a Participating Broker-Dealer in the
Exchange Offer until the date on which such Exchange Note is disposed of by
such Participating Broker-Dealer pursuant to the "Plan of Distribution"
contemplated by the Exchange Offer Registration Statement (including the
delivery of the Prospectus contained therein).

SECTION 2. HOLDERS

A Person is deemed to be a holder of Transfer Restricted Securities (each,
a "Holder") whenever such Person is the holder of record of Transfer Restricted
Securities.

SECTION 3. REGISTERED EXCHANGE OFFER

(a) Unless the Exchange Offer shall not be permitted by applicable federal
law or Commission policy (after the procedures set forth in Section 6(a)(i)
hereof have been complied with), the Company and the Guarantors shall use their
respective reasonable best efforts to (i) cause the Exchange Offer Registration
Statement to be filed with the Commission as promptly as practicable after the
Closing Date, but in no event later than 90 days after the Closing Date (such
90th day, the "Filing Deadline"), (ii) cause such Exchange Offer Registration
Statement to become effective as promptly as practicable, but in no event later
than 180 days after the Closing Date (such 180th day, the "Effectiveness
Deadline"), (iii) in connection with the foregoing, (A) file all pre-effective
amendments to such Exchange Offer Registration Statement as may be necessary in
order to cause it to become effective, and (B) subject to the proviso in
Section 6(c)(xii) hereof, cause all necessary filings, if any, in connection
with the registration and qualification of the Exchange Notes to be made under
the Blue Sky laws of such jurisdictions as are necessary to permit Consummation
of the Exchange Offer, and (iv) upon the effectiveness of such Exchange Offer
Registration Statement, commence and, within the time periods contemplated by
Section 3(b) hereof, Consummate the Exchange Offer. The Exchange Offer shall be
on the appropriate form permitting (i) registration of the Exchange Notes to be
offered in exchange for the Initial Notes that are Transfer Restricted
Securities and (ii) resales of Exchange Notes by Broker-Dealers that tendered
into the Exchange Offer Initial Notes that such Broker-Dealer acquired for its
own account as a result of its market-making activities or other trading
activities (other than Initial Notes acquired directly from the Company or any
of its Affiliates) as contemplated by Section 3(c) hereof (each, a
"Participating Broker Dealer").



3
{PAGE}

(b) The Company and the Guarantors shall use their respective reasonable
best efforts to cause the Exchange Offer Registration Statement to be effective
continuously, and shall keep the Exchange Offer open for a period of not less
than the minimum period required under applicable federal and state securities
laws to Consummate the Exchange Offer; provided that in no event shall such
period be less than 20 Business Days. The Company and the Guarantors shall
cause the Exchange Offer to comply with all applicable federal and state
securities laws. No securities other than the Exchange Notes (and the
guarantees thereof) shall be included in the Exchange Offer Registration
Statement. The Company and the Guarantors shall use their respective reasonable
best efforts to cause the Exchange Offer to be Consummated within 30 Business
Days after the Exchange Offer Registration Statement has become effective, but
in no event later than 40 Business Days after the Effectiveness Deadline (such
40th day, the "Consummation Deadline").

(c) The Company shall include a "Plan of Distribution" section in the
Prospectus contained in the Exchange Offer Registration Statement and indicate
therein that any Broker-Dealer who holds Transfer Restricted Securities that
were acquired for the account of such Broker-Dealer as a result of
market-making activities or other trading activities (other than Initial Notes
acquired directly from the Company or any of its Affiliates), may exchange such
Transfer Restricted Securities pursuant to the Exchange Offer. Such "Plan of
Distribution" section shall also contain all other information with respect to
such sales by such Broker-Dealers that the Commission may require in order to
permit such sales pursuant thereto, but such "Plan of Distribution" shall not
name any such Broker-Dealer or disclose the amount of Transfer Restricted
Securities held by any such Broker-Dealer, except to the extent required by the
Commission.

Because such Broker-Dealer may be deemed to be an "underwriter" within the
meaning of the Act and must, therefore, deliver a prospectus meeting the
requirements of the Act in connection with its initial sale of any Exchange
Notes received by such Broker-Dealer in the Exchange Offer, the Company and the
Guarantors shall permit the use of the Prospectus contained in the Exchange
Offer Registration Statement by such Broker-Dealer to satisfy such prospectus
delivery requirement for a period of 90 days following the Consummation Date.
To the extent necessary to ensure that the Prospectus contained in the Exchange
Offer Registration Statement is available for sales of Exchange Notes by
Broker-Dealers, the Company and the Guarantors agree to use their respective
reasonable best efforts to keep the Exchange Offer Registration Statement
continuously effective, supplemented, amended and current as required by and
subject to the provisions of Sections 6(a) and (c) hereof and in conformity
with the requirements of this Agreement, the Act and the policies, rules and
regulations of the Commission as announced from time to time, for a period of
90 days from the Consummation Date or such shorter period as will terminate
when no Transfer Restricted Securities are outstanding. The Company and the
Guarantors shall provide sufficient copies of the latest version of such
Prospectus to such Broker-Dealers, promptly upon request, at any time during
such period.

SECTION 4. SHELF REGISTRATION

(a) Shelf Registration. If (i) the Exchange Offer is not permitted by
applicable law or Commission policy (after the Company and the Guarantors have
complied with the procedures set forth in Section 6(a)(i) hereof) or (ii) if

 

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