Primo Water tightens talk on €450 million eight-year notes to 4% area; pricing Thursday

By Paul A. Harris

Portland, Ore., Oct. 8 – Primo Water Corp. plans to sell €450 million of eight-year senior notes (B1/B) on Thursday, according to market sources.

Final talk has the Rule 144A and Regulation S deal coming to yield in the 4% area, tightened from earlier talk of 4% to 4¼%.

BofA Securities Inc. is leading the notes offering.

The notes come with three years of call protection.

The issuing entity will be Primo Water Holdings Inc., a wholly owned subsidiary of Primo Water Corp.

The Tampa, Fla.-based provider of pure-play water solutions in North America, Europe and Israel plans to use the proceeds, together with borrowings under a revolver, to redeem all of Primo's outstanding 2024 notes.

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