Chicago, Oct. 8 – Primo Water Corp. sold €450 million 3 7/8% eight-year senior notes (B1/B) on Thursday, according to a press release.
Final talk had the Rule 144A and Regulation S deal coming to yield in the 4% area, tightened from earlier talk of 4% to 4¼%, according to market sources.
BofA Securities Inc. was 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.
| Issuer: | Primo Water Holdings Inc.
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| Guarantor: | Primo Water Corp.
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| Issue: | Senior notes
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| Amount: | €450 million
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| Maturity: | Oct. 31, 2028
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| Bookrunner: | BofA Securities Inc.
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| Coupon: | 3 7/8%
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| Call option: | Non-callable for first three years
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| Pricing date: | Oct. 8
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| Settlement date: | Oct. 22
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| Ratings: | Moody’s: B1
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| S&P: B
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| Distribution: | Rule 144A and Regulation S
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| Price talk: | 4% area, tightened from earlier talk of 4% to 4¼%
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