Company: PRMB
Filing Date: 2025-02-07
Form Type: S-1/A
Source: 0001193125-25-022806
Chunk: 64

Company: Primo Brands Corp
Filing Date: 2025-02-07
Form: S-1/A
Chunk 64
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 assumptions change or if actual circumstances differ from those in our assumptions, which could cause our results of operations to fall below
the expectations of securities analysts and investors.

Risks Related to Our Indebtedness

Our substantial indebtedness could adversely affect our financial condition, limit our ability to raise additional capital to fund our operations, and prevent us from fulfilling our obligations under our indebtedness.

We have a significant amount of indebtedness. As a result of
our substantial indebtedness, a significant amount of our cash flows will be required to pay interest and principal on our outstanding indebtedness, and we do not expect to generate sufficient cash flows from operations or have future borrowings
available under the BlueTriton ABL Credit Facility (as defined below), the Primo Water Revolving Credit Facility (as defined

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below), or our other debt instruments to enable us to repay the entirety of our indebtedness at maturity. If we do not generate sufficient cash from operations to repay at maturity the entirety of the then-outstanding balances of our indebtedness, we will then be dependent upon our ability to refinance such indebtedness or access the credit markets or source additional equity investments to repay the outstanding balances of our indebtedness. Failure to raise sufficient amounts of funding to repay these obligations or to refinance on beneficial terms at maturity would adversely affect our financial condition. See “Management’s Discussion and Analysis of Financial Condition and Results of Operations of BlueTriton—Liquidity and Capital Resources—Description of Certain BlueTriton Indebtedness” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations of Primo Water—Other Liquidity Matters—Debt.” Subject to the limits contained in the BlueTriton Senior Secured Credit Facilities, the indenture governing the BlueTriton Senior Notes (each as defined below), the Primo Indentures, the Primo Water Credit Agreement (as defined below), the Primo Water Revolving Credit Facility (as defined below), and our other debt instruments, we may incur substantial additional debt from time to time to finance working capital, capital expenditures, investments, or acquisitions or for other purposes. If we do so, the risks related to our substantial level of debt would further increase. Specifically, our substantial indebtedness could negatively impact our business, including:

| • |     | making it more difficult for us to satisfy our obligations under our debt instruments, and events of default 
 could result if we fail to comply with these obligations;                                                    |

| • |     |