Company: PRMB
Filing Date: 2025-01-24
Form Type: S-1
Source: 0001193125-25-012325
Chunk: 156

Company: Primo Brands Corp
Filing Date: 2025-01-24
Form: S-1
Chunk 156
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 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.

107

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, 2024, Primo Water entered into the Third Amendment to the Primo Water Credit Agreement, which provides an exception to
the restricted payments covenant for a one-time special dividend in conjunction with the Transaction.

Issuer Purchases of Equity Securities

Common Share Repurchase Programs

On August 9, 2023, the Primo Water board of directors approved a share repurchase program for up to $50.0 million of its outstanding
common shares. Upon the closing of the European Divestiture on December 29, 2023, an incremental $25.0 million share repurchase was authorized, revising the total share repurchase authorization to $75.0 million. For the nine months
ended September 28, 2024 and during the fiscal year ended December 30, 2023, respectively, Primo Water purchased 932,896 and 131,409 common shares, respectively, for approximately $15.9 million and $1.9 million, respectively,
through open market transactions under this repurchase plan.

On August 9, 2022, the Primo Water board of directors approved a share
repurchase program for up to $100.0 million of Primo Water’s outstanding common shares over a 12-month period that expired on August 14, 2023. During the fiscal year ended December 30,
2023, Primo Water repurchased 1,272,612 common shares for approximately $19.0 million through open market transactions under this repurchase plan. During the fiscal year ended December 31, 2022, Primo Water repurchased 1,753,479 common
shares for $23.8 million through open market transactions under this repurchase plan.

On May 4