Company: MWA
Filing Date: 2025-08-05
Form Type: 10-Q
Source: 0001350593-25-000043
Chunk: 90

Company: Mueller Water Products, Inc.
Filing Date: 2025-08-05
Form: 10-Q
Item: Part I, Item 8
Chunk 90
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ants that limit our ability to incur certain debt and liens.  There are no financial maintenance covenants associated with the Indenture.  We believe we were in compliance with these covenants at June 30, 2025.  

We may redeem some or all of the 4.0% Senior Notes at any time after June 15, 2024, at specified redemption prices.  Upon a Change of Control (as defined in the Indenture), we could be required to offer to purchase the 4.0% Senior Notes at a price equal to 101% of the outstanding principal amount if there is a Ratings Decline (as defined in the Indenture).

Our corporate credit rating and the credit rating for our debt and outlook are presented below:

 Moody’s  Standard & Poor’sJune 30,September 30, June 30,September 30, 2025202420252024Corporate credit ratingBa1Ba1BBBBABL AgreementNot ratedNot ratedNot ratedNot rated4.0% Senior NotesBa1Ba1BBBBOutlookStableStablePositiveStable

These ratings are not a recommendation to buy, sell or hold securities and may be subject to revision or withdrawal at any time by the assigning rating agencies.

34

Material Cash Requirements

We enter into a variety of contractual obligations as part of our normal operations in addition to capital expenditures.  As of June 30, 2025, we had (i) debt obligations related to our $450.0 million 4.0% Senior Notes which mature in 2029 and include annual cash interest payments of $18.0 million in 2025 through 2029, (ii) cumulative cash obligations of $33.1 million for operating leases through 2034 and $4.0 million for finance leases through 2030, and (iii) purchase obligations for raw materials and other purchased parts of approximately $128.7 million which we expect to incur during the next 12 months and $1.4 million beyond June 30, 2026.  Additionally, we expect to invest to strengthen our systems, cybersecurity training, policies, programs, response plans and other similar measures.  We expect to fund these cash requirements from cash on hand and cash generated from operations.

Off-Balance Sheet Arrangements

We do not have any relationships with unconsolidated entities or financial partnerships, such as entities often referred to as