Primo Brands Corporation announced today amendments to its previously initiated private offers to exchange three series of outstanding senior notes. The amendment specifically alters the exchange consideration for eligible holders who tender their existing notes after the early tender date of February 7, 2025, and prior to the expiration date of February 25, 2025.
Under the amended terms, eligible holders of 'Late Tender Notes' will now receive a 1:1 exchange in aggregate principal amount of new notes for their tendered existing notes. Specifically, for each €1,000 of Existing Primo 2028 Notes, holders will receive €1,000 of New Secured Euro Notes. Similarly, for each $1,000 of Existing Primo 2029 Notes, holders will receive $1,000 of New Secured Dollar Notes, and for each $1,000 of Existing BlueTriton Notes, holders will receive $1,000 of New Unsecured Notes.
This adjustment simplifies the exchange consideration for late tenders, removing the previous early exchange premium structure for those tendering after February 7, 2025. The withdrawal deadline for the offers passed on February 7, 2025, and the company is not extending the expiration date. Final settlement for the Late Tender Notes is expected to occur on February 28, 2025.
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