Company: PRMB
Filing Date: 2025-02-07
Form Type: S-1/A
Source: 0001193125-25-022806
Chunk: 162

Company: Primo Brands Corp
Filing Date: 2025-02-07
Form: S-1/A
Chunk 162
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 of €450.0 million and a
maturity date of October 31, 2025. Primo Water is utilizing the derivative financial instrument to hedge foreign exchange risk associated with the Primo 2028 Notes.

Covenant Compliance

Indentures Governing Primo Water’s Outstanding Notes

Under the indentures governing Primo Water’s outstanding notes, it is subject to a number of
covenants, including covenants that limit Primo Water’s and certain of its subsidiaries’ ability, subject to certain exceptions and qualifications, to (i) pay dividends or make distributions, repurchase equity securities, prepay
subordinated debt or make certain investments, (ii) incur additional debt or issue certain disqualified stock or preferred stock, (iii) create or incur liens on assets securing indebtedness, (iv) merge or consolidate with another
company or sell all or substantially all of Primo Water’s 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 the date
of this prospectus, Primo Water was in compliance with all of the covenants under each series of notes. There have been no amendments to any such covenants of Primo Water’s outstanding notes since the date of their issuance or assumption, as
applicable.

Primo Water Revolving Credit Facility

Under the Primo Water Credit Agreement governing the Primo Water Revolving Credit Facility, Primo Water and its restricted subsidiaries are
subject to a number of business and financial covenants, including 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 Primo Water 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. Primo Water was in compliance
with these financial covenants as of the date of this prospectus.

108

In addition, the Primo Water Credit Agreement has certain
non-financial covenants, such as covenants regarding indebtedness, investments, and asset dispositions. Primo Water was in compliance with all of the applicable covenants as of the date of this prospectus.

On July 11, 202