Company: PRMB
Filing Date: 2025-02-07
Form Type: S-1/A
Source: 0001193125-25-022806
Chunk: 368

Company: Primo Brands Corp
Filing Date: 2025-02-07
Form: S-1/A
Chunk 368
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 or consolidate with another company or sell all or substantially all of our assets taken as a whole,
(v) enter into transactions with affiliates and (vi) sell assets. The covenants are substantially similar across the series of notes. As of December 30, 2023, we were in compliance with all of the covenants under each series of notes.
There have been no amendments to any covenants of our outstanding notes since the date of their issuance or assumption, as applicable.

Revolving Credit Facility

The Credit Agreement has two financial covenants, a consolidated secured leverage ratio and an interest coverage
ratio. The consolidated secured leverage ratio must not be more than 3.50 to 1.00, with an allowable temporary increase to 4.00 to 1.00 for the quarter in which the Company consummates a material acquisition with a price not less than
$125.0 million, for three quarters. The interest coverage ratio must not be less than 3.00 to 1.00. The Company was in compliance with these financial covenants as of December 30, 2023.

In addition, the Credit Agreement has certain non-financial covenants, such as covenants regarding
indebtedness, investments, and asset dispositions. The Company was in compliance with all covenants as of December 30, 2023.

Note 17—Retirement
Plans

The Company maintains certain defined contribution (“DC”) retirement plans covering qualifying employees. The total
expense with respect to these DC plans was $7.4 million, $6.4 million, and $5.7 million for the fiscal years ended December 30, 2023, December 31, 2022, and January 1, 2022, respectively.

The Company also maintained defined benefit (“DB”) plans acquired as a part of acquisitions covering certain U.S. employees (the
“ U.S. Plan”). Retirement benefits are based on years of service multiplied by a monthly benefit factor. Pension costs are funded in accordance with the provisions of the applicable law.

Effective as of December 31, 2021, the U.S. Plan was terminated. In accordance with the amended plan documents, we made distributions for
all plan participants and distributed all plan assets during the fiscal year ended December 30, 2023.

F-107

Obligations and Funded Status The following table summarizes the change in the projected benefit obligation, change in plan assets and