Company: PRMB
Filing Date: 2025-02-07
Form Type: S-1/A
Source: 0001193125-25-022806
Chunk: 297

Company: Primo Brands Corp
Filing Date: 2025-02-07
Form: S-1/A
Chunk 297
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 Term Loans mature on March 31, 2028, and bear interest at the same rate as the Original Term Loans described above (collectively “the Term Loans”). The Term Loans bear interest at a rate, which resets every one, three or six months, depending on the Company’s interest period election. The applicable rate is derived from the addition of (1) a spread that ranges from 3.25% to 3.5% based on the Company’s leverage plus (2) the greater of 0.5% or Term SOFR, which is defined as a SOFR rate, plus a SOFR Adjustment based on the interest period as determined by CME Group Benchmark Administration Limited (“CBA”). The Company incurred $80.3 million of debt issuance costs, which were recorded as a reduction of the carrying amount of the Original Term Loans. As part of the First Amendment to the First Lien Credit Agreement, the Company incurred an additional $3.4 million in transaction fees that were expensed as incurred and recorded an F-32

additional debt discount of $3.6 million, which is being amortized using the effective interest method over the remaining term to maturity of the Term Loans. At December 31, 2023 and
2022 (Successor), unamortized debt issuance costs related to the Term Loans were $54.9 million and $65.3 million, respectively.

Interest rates
on the Term Loans at December 31, 2023 and 2022 was 8.86% and 7.17%, respectively.

On the last business day of each fiscal quarter the Company is
required to make an aggregate principal amount equal to 0.25% of the aggregate principal amount of the Term Loans, or $28 million annually, as presented in the Consolidated Statements of Cash Flows.

Senior Notes

On March 31, 2021, Triton Water
Holdings, Inc., a wholly owned subsidiary of the Company, issued $770 million aggregate principal amount of unsecured 6.250% Senior Notes due 2029 (“Senior Notes”) that mature on April 1, 2029. The proceeds from the issuance of
the Senior Notes were used to finance the acquisition of NWNA.

The Company incurred $19.0 million of debt issuance costs of the Senior Notes, which
were recorded as a reduction of the carrying amount of the Senior Notes. The debt issuance costs are being amortized using the effective interest method over a period of eight