Company: PRMB
Filing Date: 2025-01-24
Form Type: CORRESP
Source: 0001193125-25-012417
Chunk: 2

Company: Primo Brands Corp
Filing Date: 2025-01-24
Form: CORRESP
Chunk 2
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imo Water’s respective debt have not been, and are not expected to be, adjusted as a result of the Transaction. Our credit ratings will be subject to ongoing evaluation, page 31

| 8. | Please update to disclose the status and outcome of your credit rating applications. |

Response:The Company respectfully notes the Staff’s comment and has revised the disclosure on page 34. The Company respectfully advises the Staff that Triton Water Holdings, Inc., the issuer of BlueTriton’s senior notes, received an upgraded credit rating as a result of the Transaction. There has not been a change in the credit rating of Primo Water Holdings Inc. as a result of the Transaction. Use of Proceeds, page 37

| 9. | Please revise to quantify the amount of proceeds you will receive upon the exercise of options, including 
 assumptions as needed.                                                                                    |

Response:The Company respectfully notes the Staff’s comment and has revised the disclosure on page 40 to quantify the amount of proceeds it will receive upon the exercise of options, including related assumptions. Dividend Policy, page 39

| 10. | We note disclosure that you expect to make quarterly cash dividends. Please revise this section to more                                                                                                                                                
 fully discuss the dividend restrictions or limitations in debt agreements referenced on pages 32 and 34. In addition, please revise your risk factor disclosure as appropriate for consistency with your stated dividend policy. For instance, we note 
 disclosure on page 22 that indicates the only way for stockholders to realize any return on investment is through selling shares.                                                                                                                      |

January 24, 2025 Page 4 Response:The Company respectfully notes the Staff’s comment and has revised the disclosure on pages 23, 24, and 42 for consistency with its stated dividend policy and to more fully discuss the dividend restrictions or limitations in its debt agreements. Anticipated Accounting Treatment, page 41

| 11. | We note your disclosure that you have determined that BlueTriton is the accounting acquirer in the                                                                                                                                                       
 business combination transaction. We also note that Primo Brands issued common shares and other equity instruments to Primo Shareowners and associates such that, upon Closing, former BlueTriton shareholders owned 57% of the Fully Diluted Shares and 
 former Primo Shareowners and associates owned 43% of the Fully Diluted Shares. Please revise to provide additional considerations used in the determination of the accounting acquirer. In this regard we note that management of the new company        
 including the CEO and CFO