Primo Brands Announces Offering Of 45 Mln Shares By An Affiliate Of One Rock Capital Partners

(RTTNews) - Beverage company Primo Brands Corp. (PRMB) announced Monday that one of its stockholders, an affiliate of One Rock Capital Partners, intends to offer for sale in an underwritten secondary offering 45 million shares of the Company's Class A common stock, par value $0.01 per share. This is pursuant to the Company's shelf registration statement on Form S-1 filed with the Securities and Exchange Commission.

The selling stockholder will receive all of the net proceeds from this offering and no shares are being sold by the company. The selling Stockholder expects to grant the underwriters a 30-day option to purchase up to 6.75 million additional shares of Class A Common Stock.

Subject to the completion of the Offering, the Company intends to repurchase from the underwriters 4.0 million 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.

The Company intends to fund the share repurchase with cash on hand. The closing of the share repurchase is conditioned on, and expected to occur simultaneously with, the closing of the offering, subject to market and other conditions.