Primo Brands Corporation today announced the final tender results and expiration of its private exchange offers for outstanding senior notes. The early settlement for notes tendered by February 7, 2025, occurred on February 12, 2025. Following the early tender date, an additional €2,640,000 of Existing Primo 2028 Notes, $120,000 of Existing Primo 2029 Notes, and $13,688,000 of Existing BlueTriton Notes were validly tendered by the February 25, 2025 expiration date.
The final settlement for these late tendered notes is expected on February 28, 2025, subject to all offer conditions being met. Upon completion, the aggregate principal amount of outstanding Existing Primo 2028 Notes will be €8,123,000, Existing Primo 2029 Notes will be $3,549,000, and Existing BlueTriton Notes will be $263,000. This indicates a near-complete conversion of the legacy notes into the new series.
The successful completion of these exchange offers significantly streamlines Primo Brands' capital structure. The new notes are guaranteed by Primo Brands and its material domestic subsidiaries, with the new secured notes also secured on a first-lien basis by substantially all assets, pari passu with the amended credit agreement. This refinancing effort enhances the company's financial foundation post-merger.
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