Company: PRMB
Filing Date: 2025-01-24
Form Type: S-1
Source: 0001193125-25-012325
Chunk: 153

Company: Primo Brands Corp
Filing Date: 2025-01-24
Form: S-1
Chunk 153
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 duration of the
Primo Water Revolving Credit Facility.

As of December 30, 2023, there were no outstanding borrowings under the Primo Water Revolving
Credit Facility. Outstanding letters of credit totaled $66.7 million, resulting in total utilization under the Primo Water Revolving Credit Facility of $66.7 million. Accordingly, unused availability under the Primo Water Revolving Credit
Facility as of December 30, 2023 amounted to $283.3 million.

The weighted-average effective interest rate on the outstanding
borrowings under the Primo Water Revolving Credit Facility as of December 30, 2023 and December 31, 2022 was nil and 5.9%, respectively. The effective interest rates are based on Primo Water’s aggregate availability.

On January 13, 2023, Primo Water entered into the Second LIBOR Transition Amendment to the Primo Water Credit Agreement, which replaced
interest rate calculations based on LIBOR with calculations based on SOFR. On July 11, 2024, Primo Water entered into the Third Amendment to the Primo Water Credit Agreement, which (i) extended the maturity date to September 30, 2026
with no change to the initial aggregate availability of $350.0 million, (ii) transitioned the benchmark interest rate applicable to eurocurrency rate loans denominated in Canadian Dollars from the CDOR to the CORRA, and (iii) provides
an exception to the restricted payments covenant for a one-time special dividend in conjunction with the Transaction. As of December 30, 2023, borrowings under the Primo Water Credit Agreement bore
interest at a rate per annum equal to either: (a) a euro currency rate as determined under the Primo Water Credit Agreement, plus the applicable margin, or (b) a term SOFR rate, as determined under the Primo Water Credit Agreement, plus
the applicable margin, (c) a base rate equal to the highest of (i) Bank of America’s prime rate, (ii) 0.5% per annum above the federal funds rate, and (iii) the term SOFR rate, as determined under the Primo Water Credit
Agreement, for a one month interest period, plus 1.0%, plus the applicable margin, or (d) an alternative currency daily or term rate, as determined under the Primo Water Credit Agreement, plus the applicable margin. The applicable margin for
euro currency,