8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K  

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): February 22, 2021

MUELLER INDUSTRIES INC.

(Exact name of registrant as specified in its charter)  

Delaware	1-6770	25-0790410
(State or other jurisdiction	(Commission File	(IRS Employer
of incorporation)	Number)	Identification No.)

150 Schilling Boulevard	Suite 100
Collierville	Tennessee	38017
(Address of principal executive offices)		(Zip Code)

Registrant’s telephone number, including area code: (901) 753-3200

Registrant’s Former Name or Address, if changed since last report: N/A

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol	Name of exchange on which registered
Common Stock	MLI	NYSE

 Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new of revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 8.01 Other Events.

On February 22, 2021 the Registrant issued a press release announcing that its Board has declared a regular quarterly cash dividend of 13 cents per share on its common stock.  The dividend will be payable April 2, 2021 to shareholders of record on March 19, 2021.  A copy of the press release announcing the payment and record dates is attached as Exhibit 99.1.

In addition, the Board also authorized the full redemption of the Company’s Subordinated Debentures due 2027 pursuant to the terms of the underlying indenture. The Company expects to issue a notice of full redemption to the holders of the Debentures on or about February 25, 2021.

The redemption of the Debentures, which incur a 6% annual interest rate, will be funded with cash on hand and draws on the Company’s revolving credit facility, currently with an interest rate of 1.5%. In 2020, the Company paid $17 million in interest related to the outstanding Debentures.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

99.1 Press release dated February 22, 2021

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this Report to be signed on its behalf by the undersigned hereunto duly authorized.

	MUELLER INDUSTRIES, INC.
	By:	/s/ ANTHONY J. STEINRIEDE
	Name:	Anthony J. Steinriede
	Title:	Vice President - Corporate Controller
Date: February 22, 2021

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Exhibit Index

Exhibit No.	Description
99.1	Press release, dated Press release, dated February 22, 2021

4

EX-99.1

Mueller Industries, Inc. Announces 30 Percent Increase in Quarterly Cash Dividend and Authorization to Redeem the

2027 Subordinated Debentures

COLLIERVILLE, Tenn., February 22, 2021 -- Mueller Industries, Inc. (NYSE: MLI) announced today that its Board of Directors has declared a regular quarterly cash dividend on its common stock of 13 cents per share.  The dividend will be payable April 2, 2021, to shareholders of record on March 19, 2021.

In addition, the Board also authorized the full redemption of the Company’s Subordinated Debentures due 2027 pursuant to the terms of the underlying indenture. The Company expects to issue a notice of full redemption to the holders of the Debentures on or about February 25, 2021.

The redemption of the Debentures, which incur a 6% annual interest rate, will be funded with cash on hand and draws on the Company’s revolving credit facility, currently with an interest rate of 1.5%. In 2020, the Company paid $17 million in interest related to the outstanding Debentures.

Mueller Industries, Inc. (NYSE: MLI) is an industrial corporation whose holdings manufacture vital goods for important markets such as air, water, oil and gas distribution; climate comfort; food preservation; energy transmission; medical; aerospace; and automotive. It includes a network of companies and brands throughout North America, Europe, Asia, and the Middle East.

*********************

Statements in this release that are not strictly historical may be "forward-looking" statements, which involve risks and uncertainties.  These include economic and currency conditions, continued availability of raw materials and energy, market demand, pricing, competitive and technological factors, and the availability of financing, among others, as set forth in the Company's SEC filings.  The words "outlook," "estimate," "project," "intend," "expect," "believe," "target," "encourage," "anticipate," "appear," and similar expressions are intended to identify forward-looking statements.  The reader should not place undue reliance on forward-looking statements, which speak only as of the date of this report.  The Company has no obligation to publicly update or revise any forward-looking statements to reflect events after the date of this report.

CONTACT

Jeffrey A. Martin

(901)753-3226

XML

Cover	Feb. 22, 2021
Cover [Abstract]
Document Type	8-K
Document Period End Date	Feb. 22, 2021
Entity Registrant Name	MUELLER INDUSTRIES INC
Entity Central Index Key	0000089439
Amendment Flag	false
Entity Incorporation, State or Country Code	DE
Entity File Number	1-6770
Entity Tax Identification Number	25-0790410
Entity Address, Address Line One	150 Schilling Boulevard
Entity Address, Address Line Two	Suite 100
Entity Address, City or Town	Collierville
Entity Address, State or Province	TN
Entity Address, Postal Zip Code	38017
City Area Code	(901)
Local Phone Number	753-3200
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Entity Emerging Growth Company	false