Company: PRMB
Filing Date: 2025-02-07
Form Type: S-1/A
Source: 0001193125-25-022806
Chunk: 65

Company: Primo Brands Corp
Filing Date: 2025-02-07
Form: S-1/A
Chunk 65
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 limiting our ability to obtain additional financing to fund future working capital, capital expenditures, 
 investments, or acquisitions or other general corporate purposes;                                         |

| • |     | requiring a substantial portion of our cash flows to be dedicated to debt service payments instead of other                                                                 
 purposes, thereby reducing the amount of cash flows available for working capital, capital expenditures, investments, or acquisitions and other general corporate purposes; |

| • |     | increasing our vulnerability to general adverse economic and market conditions, including inflation and rising 
 interest rates;                                                                                                |

| • |     | exposing us to the risk of increased interest rates as certain of our borrowings, including borrowings under the              
 BlueTriton Senior Secured Credit Facilities and the Primo Water Revolving Credit Facility, are at variable rates of interest; |

| • |     | limiting our flexibility in planning for and reacting to changes in the markets in which we compete and to 
 changing business and economic conditions;                                                                 |

| • |     | restricting us from making strategic acquisitions or causing us to make                                  
 non-strategic divestitures in order to generate cash proceeds necessary to satisfy our debt obligations; |

| • |     | impairing our ability to obtain additional financing in the future; |

| • |     | preventing us from raising the funds necessary to repurchase all BlueTriton Senior Notes or Primo Senior Notes                                                                                                         
 tendered to us upon the occurrence of certain changes of control, which failure to repurchase would constitute an event of default under the indenture governing the BlueTriton Senior Notes and the Primo Indentures; |

| • |     | placing us at a disadvantage compared to other, less leveraged competitors and affecting our ability to compete; 
 and                                                                                                              |

| • |     | increasing our cost of borrowing or limiting our ability to refinance indebtedness. |

The occurrence of any one of these events could have a material adverse effect on our business, financial condition, results of operations, and ability to satisfy our obligations in respect of our outstanding debt. Our indebtedness may expose us to substantial risks. As of September 30, 2024, BlueTriton had $3,750.1 million in long-term debt outstanding and Primo Water had $1,268.8 million in long-term debt outstanding. We expect to continue to utilize debt to finance our 33

operations, which will expose us to the typical risks associated with the use of leverage. An increase in leverage could make it more difficult for us to