Primo Water to price $750 million eight-year notes on Wednesday

By Paul A. Harris

Portland, Ore., April 21 – Primo Water Holdings Inc. plans to price a $750 million offering of eight-year senior notes (existing ratings B1/B) in a Wednesday drive-by trailing a conference call with investors, according to a syndicate source.

BofA Securities Inc. is the left bookrunner. Deutsche Bank Securities Inc., CIBC World Markets Corp., J.P. Morgan Securities LLC, Truist Securities Inc. and Wells Fargo Securities LLC are the joint bookrunners.

The Rule 144A and Regulation S notes become callable after three years at par plus 50% of the coupon. They feature a three-year 40% equity clawback at par plus the coupon and a 101% poison put.

The Tampa, Fla.-based purified water supplier plans to use the proceeds plus cash on hand and a draw on its revolver to redeem all of its 5½% senior notes due 2025.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.