Company: PRMB
Filing Date: 2025-02-07
Form Type: S-1/A
Source: 0001193125-25-022806
Chunk: 131

Company: Primo Brands Corp
Filing Date: 2025-02-07
Form: S-1/A
Chunk 131
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 $7.7 million which was recorded in Net income from discontinued operations, net of income taxes on the Consolidated Statements of Operations during the three and nine months ended September 28, 2024.

On June 7, 2024, Primo Water completed the sale of its Aimia and Farrers businesses for aggregate deal consideration of
$75.5 million, resulting in a loss on sale in the amount of $2.0 million which was recorded in Net income from discontinued operations, net of income taxes on the Consolidated Statements of Operations during the nine months ended
September 28, 2024.

On November 2, 2023, Primo Water entered into the Purchase Agreement providing for the sale of the European
Business to a subsidiary of the Culligan Group. As described above, the European Divestiture closed on December 29, 2023.

During the
second quarter of 2022, Primo Water’s board of directors approved the exit from its business in Russia. Accordingly, Primo Water recorded an impairment charge of $11.2 million during the second quarter to reduce the carrying value of the
assets to the estimated fair value less costs to sell. The exit from Primo Water’s business in Russia was completed during the third quarter of 2022.

In the second quarter of 2022, as part of Primo Water’s overall strategy to increase profitability and further reduce its environmental
footprint, Primo Water exited the North America single-use retail bottled water category, which consisted primarily of 1-gallon, 2.5-gallon, and case-pack water. The exit did not affect Primo Water’s large format exchange, refill, and dispenser business or its Mountain Valley brand, which sells products primarily in glass bottles.
On an annualized basis, these products have accounted for revenue of approximately $140.0 million.

82

Financing Activity

On April 30, 2021, Primo Water issued $750.0 million of the Primo 2029 Notes to qualified purchasers in a private placement offering
under Rule 144 under the Securities Act, and outside the United States to non-U.S. purchasers pursuant to Regulation S under the Securities Act and other applicable laws. The Primo 2029 Notes were issued by
Primo Water’s wholly-owned subsidiary Primo Water Holdings Inc. The Primo 2029 Notes are guaranteed by Primo Water and certain subsidiaries that are currently obligors under the Primo Water Revolving Credit Facility and