Primo Brands Corp (PRMB): debt financing — Primo Brands refinances ~$1.9B debt; One Rock gains 57.5% voting control via Class B conversion

Primo Brands Corp

Exchanged and cancelled €439M of 3.875% Primo 2028 notes, $746M of 4.375% Primo 2029 notes, and $699M of 6.25% BlueTriton 2029 notes.
Issued new secured notes (3.875% due 2028, 4.375% due 2029) and unsecured notes (6.25% due 2029) plus cash consideration.
Repriced $3.098B term loan to SOFR+2.25%; established new $750M revolver due 2030 with SOFR+1.50% to 2.25% margin.
Supplemental indentures eliminated restrictive covenants on remaining outstanding existing notes and released guarantees.
64.5M Class B shares converted to Class A; One Rock now owns 57.5% of voting stock and controls board with 8 directors.

item 1.01 item 1.02 item 2.03 item 3.02 item 5.01 item 3.03 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.95

Primo Brands Corp incurred senior notes of €439,237,000 aggregate principal amount with holders of Existing Primo 2028 Notes at 3.875% per annum maturing due 2028.

Instrument: senior notes
Principal: €439,237,000 aggregate principal amount
Counterparty: holders of Existing Primo 2028 Notes
Rate: 3.875% per annum
Maturity: due 2028
Event: incurrence

Exact text from the filing

€439,237,000 aggregate principal amount of their new 3.875% Senior Secured Notes due 2028 (the “New Secured Euro Notes”), and will pay an aggregate of €1,098,092.50 in cash consideration, excluding accrued and unpaid interest, in exchange for the validly tendered and accepted Existing Primo 2028 Notes

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Primo Brands Corp filing history →

Source: SEC EDGAR

accession 0001193125-25-025172

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