Company: PRMB
Filing Date: 2025-02-07
Form Type: S-1/A
Source: 0001193125-25-022806
Chunk: 133

Company: Primo Brands Corp
Filing Date: 2025-02-07
Form: S-1/A
Chunk 133
---
 a credit agreement among Primo Water, as parent borrower, Primo Water Holdings Inc. and
certain other subsidiary borrowers, certain other subsidiaries of Primo Water from time to time designated as subsidiary borrowers, Bank of America, N.A., as administrative agent and collateral agent, and the lenders from time to time party thereto
(the “Primo Water Credit Agreement”).

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. See Note 16 to Primo Water’s consolidated financial statements for more details.

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 Canadian
Dollar Offered Rate (“CDOR”) to the Canadian Overnight Repo Rate Average (“CORRA”), and (iii) provides an exception to the restricted payments covenant for a one-time special dividend
in conjunction with the Transaction.

The Primo Water Credit Agreement provides for a senior secured revolving credit facility in an
initial aggregate committed amount of $350.0 million (the “Primo Water Revolving Credit Facility”), which may be increased by incremental credit extensions from time to time in the form of term loans or additional revolving credit
commitments. The Primo Water Revolving Credit Facility has a five year maturity date and includes letter of credit and swing line loan sub facilities.

83

The material terms of the Primo Water Credit Agreement were not amended as a result of the Transaction. Summary Financial Results for the Three and Nine Months Ended September 28, 2024 Net income from continuing operations for the three months ended September 28, 2024 (the “third quarter”) and nine months ended September 28, 2024 (the “first nine months of 2024” or “year to date”) was $38.2 million, or $0.24 per diluted share, and $70.2 million, or $0.43 per diluted common share, respectively, compared with net income from continuing operations of $33.7 million, or $0.21 per diluted share, and $50.5 million, or $0.