Primo Brands Corporation today announced the commencement of separate private offers to exchange three series of outstanding senior notes. These notes were originally issued by either Primo Water Holdings Inc. or Triton Water Holdings, Inc., both indirect, wholly owned subsidiaries of Primo Brands. The exchange offers aim to consolidate these into three new series of senior notes, co-issued by the Issuers, along with a cash component.
The offers are subject to several conditions, including a minimum issuance amount of $300.0 million aggregate principal amount for each tranche of new notes. Additionally, requisite consents for the existing notes and the consummation of credit facilities transactions are required. This initiative is part of a broader refinancing strategy to streamline the company's debt obligations.
Eligible holders who tender their existing notes by the early tender date of February 7, 2025, will be eligible to receive total consideration including new secured or unsecured notes and a cash payment of $2.50 per $1,000 principal amount. The company expects to repay outstanding amounts under existing revolving credit facilities and enter into an amended credit agreement, repricing its existing term loan facility and establishing a new $750.0 million revolving credit facility maturing in February 2030.
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