Company: PRMB
Filing Date: 2025-01-24
Form Type: S-1
Source: 0001193125-25-012325
Chunk: 287

Company: Primo Brands Corp
Filing Date: 2025-01-24
Form: S-1
Chunk 287
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.00 during any period commencing on any day when specified excess availability is less than the greater of (1) $25 million or (2) 10% of the maximum borrowing amount. As of December 31, 2023, the Company was not required to maintain this ratio as the excess availability exceeded the designed thresholds. Fair Value of Debt The Company estimates the fair values of its debt set forth below as of December 31, 2023 and 2022 (Successor), as follows (in millions):

| 2023         |     | Book Value |         |     | Fair Value |         |
|:-------------|:----|:-----------|--------:|:----|:-----------|--------:|
| Senior Notes |     | $          |   713.0 |     | $          |   624.7 |
| Term Loans   |     | $          | 2,730.6 |     | $          | 2,710.1 |
| 2022         |     |            |         |     |            |         |
| Senior Notes |     | $          |   713.0 |     | $          |   577.6 |
| Term Loans   |     | $          | 2,758.6 |     | $          | 2,575.9 |

The fair value of Senior Notes and Term Loans is estimated using quoted market prices for similar issues and the valuation is categorized within Level 2 of the fair value hierarchy, as defined in Note 2-Summaryof Significant Accounting Policies. Given the variable interest rates, the carrying value of the Revolver and other debts approximate their fair values. NOTE 11—SHAREHOLDERS’ EQUITY Preferred Stock The Series A Preferred Stock (“preferred stock”) vote in together, as a single class, with common stockholders. The preferred stock are not convertible and rank senior to all shares of common stock with respect to the preferences as to redemptions, dividends, distributions and rights upon the liquidation of the Company. On the F-34

first day of each calendar quarter the preferred stockholders are entitled to a cumulative dividend equal to a dividend rate, times the dividend base, as and if declared by the Board of Directors. The dividend base amount is equal to the stated value of the shares plus any unpaid dividends. The dividend rate was 12.50% from issuance through March 31, 2023, after which time the rate increased 25 basis points per