Company: PRMB
Filing Date: 2025-05-08
Form Type: 10-Q
Source: 0002042694-25-000007
Chunk: 108

Company: Primo Brands Corp
Filing Date: 2025-05-08
Form: 10-Q
Item: Part I, Item 8
Chunk 108
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 (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 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 March 31, 2025.The following tables summarize amounts available for borrowing under the revolving credit facilities as of the periods presented:March 31, 2025($ in millions)Revolving Credit FacilityRevolver availability:Revolver committed availability$750.0Less: Outstanding letters of credit(138.5)Net availability611.5Borrowings—Available borrowing capacity$611.5 December 31, 2024($ in millions)ABL Credit FacilityOriginal Revolving Credit AgreementTotalRevolver 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 

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Table of Contents

NOTE 7—STOCKHOLDERS' EQUITY 

Preferred StockAs of March 31, 2025, the Company's Amended and Restated Certificate of Incorporation (the "Certificate") authorized the issuance of 100,000,000 shares of preferred stock, par value $0.01 per share. As of March 31, 2025 and December 31, 2024, there were no shares of preferred stock issued or outstanding.Shares of preferred stock may be issued from time to time in one or more series by the Company's