Company: PRMB
Filing Date: 2025-05-08
Form Type: 10-Q
Source: 0002042694-25-000007
Chunk: 16

Company: Primo Brands Corp
Filing Date: 2025-05-08
Form: 10-Q
Item: Part I, Item 1
Chunk 16
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ed Rate to the Secured Overnight Financing Rate ("SOFR").

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Table of Contents

On March 1, 2024, Triton Water Holdings and Intermediate Holdings entered into the Third Amendment to the Amended  Credit Agreement and incurred incremental term loans in an aggregate principal amount of $400.0 million (the “2024 Incremental Term Loans”). On February 12, 2025, Primo Brands, along with Triton Water Holdings and Primo Water Holdings Inc. ("Primo Water Holdings") entered into the Fourth Amendment to the Amended Credit Agreement. This amendment modified certain covenant requirements related to the $3,098.6 million principal balance of Term Loans outstanding at that date. In addition to the amendment, the Term Loans' variable interest rate was repriced and the ABL Credit Facility (as defined below) was replaced by the Revolving Credit Facility (as defined below). The Term Loans retain the maturity date of March 31, 2028. As of March 31, 2025 and December 31, 2024, unamortized debt issuance costs and discount related to the Term Loans were $51.6 million and $54.4 million, respectively.Interest Rate and FeesThe interest rate applicable to borrowings under the Term Loans will be, at the Company’s option, either (1) the Base Rate (which is the highest of (x) the Federal Funds Rate, plus 0.50%, (y) the Prime Rate on such day, and (z) Adjusted Term-SOFR published on such date, plus 1.00%), plus an applicable spread, or (2) one-, three- or six-month SOFR or, if available from all lenders, 12-month SOFR, or any shorter period less than one month (as may be consented to by each applicable lender thereunder), plus an applicable spread. The applicable spread for SOFR loans under the Amended Credit Agreement will be 2.25%. The Term Loans are subject to a SOFR floor of 0.50%.On the last business day of each fiscal quarter the Company is required to make an aggregate principal payment equal to 0.25% of the aggregate principal amount of the Term Loans. As of March 31, 2025 and December 31, 2024, the weighted-average interest rate for the Term Loans was 7.19% and 7.90%, respectively.Revolving Credit Facility The Fourth Amendment to the Amended Credit