Company: PRMB
Filing Date: 2025-02-07
Form Type: S-1/A
Source: 0001193125-25-022806
Chunk: 298

Company: Primo Brands Corp
Filing Date: 2025-02-07
Form: S-1/A
Chunk 298
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 years, which represents the term to maturity of the Senior Notes. At
December 31, 2023 and 2022 (Successor), unamortized debt issuance costs related to the Senior Notes were $12.0 million and $12.6 million, respectively.

During the year ended December 31, 2022 (Successor), the Company paid $47.0 million to repurchase $57.0 million in aggregate principal amount
of the Senior Notes. As a result of these transactions the Company recorded a gain of $8.7 million on extinguishment of debt, net of write-off of $1.3 million of capitalized debt issuance costs.

Revolver

On March 31, 2021, the Company
entered into the asset based lending (“ABL”) Revolving Credit Agreement (“Revolver Agreement”) with the Lenders for up to $350 million of revolving loans, up to $50 million in swing line loans, and up to
$75 million in letters of credit (collectively “Revolver Loans”), which letters of credit shall expire no more than twelve-months after the date of issuance (with options for auto renewal) (collectively the “Revolver”). The
Revolver Agreement, including the commitment of the various lenders to provide the Company with the Revolver Loans, terminates five years from the closing date of the Revolver Agreement, or March 31, 2026. The proceeds of the Revolver Loans, if
drawn, are used for working capital and general corporate purposes, including capital expenditures and debt service, dividends and acquisitions. As part of the issuance of the Revolver, the Company incurred $6.0 million of debt issuance costs,
which were recorded in other non-current assets and are being amortized ratably over the 5-year term of the Revolver Agreement. The unamortized debt issuance costs
related to the Revolver were $2.7 million and $3.9 million as of December 31, 2023 and 2022 (Successor), respectively, and are classified as a component of other non-current assets. Following
the aforementioned Reference Rate Reform, the Revolver Loans bear interest at a rate that fluctuates periodically based on the aggregate outstanding borrowings under the Revolver Agreement and ranges from a spread of 1.50% to 2.00% above the
benchmark SOFR rate, plus a SOFR Adjustment based on the interest period as determined by CBA”). The Company has the ability to