Primo Brands launches exchange offers for up to €450M/$1.46B of senior notes

Primo Brands Corp

Offers to exchange three series: €450M 3.875% notes due 2028, $750M 4.375% notes due 2029, and $713M 6.250% notes due 2029.
Eligible holders tendering by Feb 7, 2025 receive $1,000 of new notes plus $2.50 cash per $1,000 principal; later tenders get $970 of new notes.
Consents sought to eliminate restrictive covenants and release guarantees on existing notes; $300M minimum issuance per tranche required.
Concurrent credit facility transactions include repricing existing term loan and new $750M revolver due 2030.
No cash proceeds to company; cash on hand used for early exchange premium, accrued interest, and fees.

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