Company: PRMB
Filing Date: 2025-11-06
Form Type: 10-Q
Source: 0001628280-25-049952
Chunk: 61

Company: Primo Brands Corp
Filing Date: 2025-11-06
Form: 10-Q
Item: Part I, Item 1
Chunk 61
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 in which a material acquisition is consummated, and (ii) a minimum interest coverage ratio of 2.00 to 1.00 at the end of each fiscal quarter.Under the Secured Indenture and Unsecured Indenture, the Company is subject to a number of covenants, including covenants that limit the Company and certain of its subsidiaries’ ability, subject to certain exceptions and qualifications, to, among other things, (i) incur additional debt or issue certain preferred stock, (ii) pay dividends, redeem stock, or make other distributions, (iii) make other restricted payments or investments, (iv) create liens on assets, (v) transfer or sell assets, (vi) create restrictions on payment of dividends or other amounts by the Company to the Company's restricted subsidiaries, (vii) engage in mergers or consolidations, (viii) engage in certain transactions with affiliates, and (ix) designate the Company's subsidiaries as unrestricted subsidiaries. The covenants are substantially similar across each series of the New Notes. Many of 

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the covenants contained in the Secured Indenture and Unsecured Indenture will not be applicable, and the guarantees of the New Notes will be released, during any period where the New Notes have an investment grade rating. In connection with the Exchange Offers, substantially all of the restrictive covenants, certain of the default provisions, and certain other provisions contained in the indentures governing the Original Notes were eliminated.The Company was in compliance with all covenants as of September 30, 2025.The following tables summarize amounts available for borrowing under the revolving credit facilities as of the periods presented:September 30, 2025($ in millions)Revolving Credit FacilityRevolver availability:Revolver committed availability$750.0Less: Outstanding letters of credit(138.0)Net availability612.0Borrowings—Available borrowing capacity$612.0 December 31, 2024($ in millions)ABL Credit FacilityOriginal Revolving Credit FacilityTotalRevolver availability:Gross availability$350.0$350.0$700.0Less: Adjustment for gross availability(14.8)—(14.8)Less: Outstanding letters of credit(51.6)(65.4)(117.0)Net availability283.6284.6568.2Borrowings———Available borrowing capacity$283.6 $284.6 $568.2