Company: PRMB
Filing Date: 2025-11-06
Form Type: 10-Q
Source: 0001628280-25-049952
Chunk: 75

Company: Primo Brands Corp
Filing Date: 2025-11-06
Form: 10-Q
Item: Part I, Item 1
Chunk 75
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 market price for identical assets in active markets. The fair value of the Company's split-dollar life insurance policies are the cash surrender value based on the fair value of underlying investment.The changes in the fair value of the Company's commodity forwards recorded at fair value, which are Level 3 financial liabilities, are reflected within Other operating (income) expense, net on the Condensed Consolidated Statements of Operations.The Company had no transfers into or out of Level 3 of the fair value hierarchy for any of the periods presented.

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Table of Contents

Fair Value of DebtThe following table summarizes the Company's estimates of the fair values of its debt as of the periods presented:September 30, 2025December 31, 2024($ in millions)Carrying ValueFair ValueCarrying ValueFair ValueTerm Loans$3,075.4 $3,083.1 $3,098.6 $3,121.8 6.250% Senior Notes 1712.8 715.5 713.0 709.4 3.875% Senior Notes 1509.9 519.2 459.8 459.9 4.375% Senior Notes 1712.7 725.7 710.0 701.2 Non-tendered Original Senior Notes13.2 13.1 — — Total$5,024.0 $5,056.6 $4,981.4 $4,992.3 ______________________1  The December 31, 2024 balances for the 6.250% Senior Notes, 3.875% Senior Notes and the 4.375% Senior Notes represent the Original Notes as defined in Note 7 - "Debt". The balances as of September 30, 2025 for the 6.250% Senior Notes,  3.875% Senior Notes and the 4.375% Senior Notes represent the New Notes as described in Note 7 - "Debt". The fair value of the Term Loans is estimated using quoted market prices for similar issues and are categorized within Level 2 of the fair value hierarchy. The fair values of the 6.250% Senior Notes, 3.875% Senior Notes, and 4.375% Senior Notes are based on the trading levels and bid/offer prices observed by a market participant and are categorized within Level 2 of the fair value hierarchy.Given the variable interest rates