Primo Brands completes exchange of 97-99% of three senior note series; Class B shares to convert

Primo Brands Corp

Tender results: 97.61% of Primo 2028 Notes, 99.51% of Primo 2029 Notes, 98.04% of BlueTriton 2029 Notes validly tendered.
Early settlement expected Feb 12, 2025; supplemental indentures executed to eliminate restrictive covenants and release guarantees.
Upon effectiveness, One Rock's Class B shares convert to Class A, removing 49% voting cap.
Issuers to enter amended credit agreement with repriced term loan and new $750M revolver maturing Feb 2030.
Tendered notes receive $1,000/€1,000 principal of new notes plus $2.50/€2.50 cash per $1,000/€1,000 plus accrued interest.

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