Primo Brands Corporation (NYSE: PRMB) has announced a secondary offering of 45,000,000 shares of the company’s class A common stock by an affiliate of One Rock Capital Partners. The offering is being made pursuant to the company’s shelf registration statement on Form S-1 filed with the Securities and Exchange Commission (SEC).
Morgan Stanley and BofA Securities are acting as joint lead book-running managers for the offering, with J.P. Morgan, RBC Capital Markets, and Barclays acting as joint book-running managers, and several other firms acting as joint bookrunners and co-managers for the offering.
In connection with the offering, Primo Brands intends to repurchase 4,000,000 shares of the class A common stock being sold at a price per share equal to the price paid by the underwriters to the selling stockholder. The company plans to fund the share repurchase with cash on hand.
The offering is subject to market and other conditions, and there is no assurance as to whether or when the offering may be completed.
As of the most recent filing, Primo Brands is a leading North American branded beverage company with a focus on healthy hydration, offering a diverse range of products distributed across various channels and consumer occasions. The company employs over 13,000 associates and has dual headquarters in Tampa, Florida, and Stamford, Connecticut. The market has reacted to these announcements by moving the company's shares -5.8% to a price of $29.77. Check out the company's full 8-K submission here.
