Primo Brands Corporation (NYSE: PRMB) has announced a secondary offering of 45,000,000 shares of its Class A common stock by an affiliate of One Rock Capital Partners. The offering, made pursuant to the company's shelf registration statement on Form S-1 filed with the Securities and Exchange Commission (SEC), will see the selling stockholder receive all the net proceeds from this transaction. It's important to note that no shares are being sold by the company itself.
The underwriters for the offering include Morgan Stanley, BofA Securities, J.P. Morgan, RBC Capital Markets, and Barclays, among others. The company intends to repurchase 4,000,000 shares of the Class A common stock being sold in the offering at a price per share equal to the price per share paid by the underwriters to the selling stockholder in the offering. This repurchase will be funded with the company's cash on hand.
It's worth mentioning that the offering is subject to market and other conditions, and there is no assurance as to whether or when the offering may be completed. The company advises that the offering will be made only by means of a prospectus supplement and an accompanying prospectus.
As a leading North American branded beverage company, Primo Brands Corporation focuses on healthy hydration and delivers responsibly and domestically sourced diversified offerings across products, formats, channels, price points, and consumer occasions, distributed in every state and Canada. The company currently employs more than 13,000 associates with dual headquarters in Tampa, Florida, and Stamford, Connecticut. As a result of these announcements, the company's shares have moved -5.2% on the market, and are now trading at a price of $29.98. For more information, read the company's full 8-K submission here.
