Company: PRMB
Filing Date: 2025-05-08
Form Type: 10-Q
Source: 0002042694-25-000007
Chunk: 48

Company: Primo Brands Corp
Filing Date: 2025-05-08
Form: 10-Q
Item: Part I, Item 1
Chunk 48
---
 31, 2025, acquisition, integration and restructuring expenses were $39.8 million, an increase of $34.0 million, as compared to the three months ended March 31, 2024, primarily due to integration related charges related to the Transaction, consisting primarily of consulting fees and IT optimization costs, incurred during the three months ended March 31, 2025.

Other Operating Expense (Income), Net

Other operating expense (income), net, includes primarily foreign exchange, unrealized mark-to-market adjustments for commodity forwards and other infrequent income or charges.

Other operating expense during the three months ended March 31, 2025 was $0.2 million, compared to other operating income during three months ended March 31, 2024 of $3.8 million, primarily due to an unrealized gain of $4.2 million on commodity forwards during three months ended March 31, 2024.

Loss on Modification and Extinguishment of Debt

During the three months ended March 31, 2025, we consummated the Refinancing Transactions (as defined below) to simplify our capital structure, streamline our reporting and compliance requirements and reduce the overall cost of our borrowings. As a result of these transactions, we recorded charges totaling $18.6 million during the three months ended March 31, 2025.

Interest and Financing Expense, Net

Interest and financing expense, net, primarily related to interest expense on our debt and finance leases, revolver commitment fees and costs associated with our debt, partially offset by interest income earned on cash and cash equivalents, including restricted cash.

During the three months ended March 31, 2025, interest and financing expense, net, was $82.1 million, an increase of $2.2 million, or 2.8%, as compared to the three months ended March 31, 2024,  primarily due to an increase of $13.5 million of interest and financing expenses largely driven by the addition of the 3.875% Senior Notes and the 4.375% Senior Notes as part of the Transaction, substantially offset by the lower effective interest rate on the Term Loans (as defined below) and no outstanding revolving debt during the three months ended March 31, 2025.

Provision for Income Taxes

Income tax expense was $17.7 million for the three months ended March 31, 2025 compared to $11.4 million for the three months ended March 31,