Primo Brands Corporation today reported strong early tender results for its previously announced private exchange offers for outstanding senior notes. As of the early tender date on February 7, 2025, a significant majority of notes were tendered, with €439,237,000 (97.61%) of Existing Primo 2028 Notes, $746,331,000 (99.51%) of Existing Primo 2029 Notes, and $699,072,000 (98.04%) of Existing BlueTriton Notes validly tendered. This high participation rate indicates strong support for the company's refinancing efforts.
The company has elected for an early settlement of the tendered notes, expected to occur on February 12, 2025, contingent on the satisfaction of all offer conditions, including the consummation of credit facilities transactions. This early settlement will facilitate the issuance of new secured and unsecured notes, simplifying the capital structure and reducing borrowing costs.
In conjunction with the successful consent solicitations, supplemental indentures have been executed to eliminate restrictive covenants and certain default provisions in the existing indentures. This will also lead to the automatic conversion of all shares of the company's Class B common stock, held by an affiliate of One Rock Capital Partners, LLC, into an equal number of Class A common stock shares. This change removes the previous voting limitation on One Rock Capital Partners, LLC, enhancing corporate governance.
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