Primo Brands - PRMB STOCK NEWS

Primo Brands (NYSE: PRMB) has announced amendments to its previously announced private exchange offers for three series of outstanding senior notes. The exchange offers include:

- €450,000,000 of 3.875% Senior Notes due 2028 for new 3.875% Senior Secured Notes due 2028 plus cash
- $750,000,000 of 4.375% Senior Notes due 2029 for new 4.375% Senior Secured Notes due 2029 plus cash
- $713,023,000 of 6.250% Senior Notes due 2029 for new 6.250% Senior Notes due 2029 plus cash

The amended terms now offer a 1:1 exchange ratio for notes tendered after February 7, 2025 (Early Tender Date) and before February 25, 2025 (Expiration Date). The final settlement is expected on February 28, 2025. The exchange offers are to eligible institutional investors and are being conducted under Securities Act exemptions.

Primo Brands (NYSE: PRMB) reported strong results for Q4 and full-year 2024. Q4 Combined Net Sales increased 5.5% to $1.609 billion, driven by 4.4% volume gains. Full-year 2024 Combined Net Sales rose 5.4% to $6.810 billion.

The company announced accelerated integration progress, increasing estimated cost synergy targets to $300 million by 2026, with $200 million expected in 2025. Q4 2024 Combined Adjusted EBITDA grew 3.7% to $301.4 million, while full-year Combined Adjusted EBITDA increased 19.5% to $1.353 billion.

The Board declared a quarterly dividend increase to $0.10 per share, payable March 24, 2025. The company reported a Q4 net loss of $153.9 million ($0.49 per diluted share) and a full-year net loss of $12.6 million ($0.05 per diluted share).

Primo Brands (NYSE: PRMB) has announced it will host and webcast an Investor Day on Thursday, February 27, 2025. The event will feature presentations by CEO Robbert Rietbroek and other leadership team members, who will outline the company's long-term growth strategy, outlook, and financial targets.

The presentations are scheduled to run from 1:00 p.m. to after 4:00 p.m. Eastern Time. Investors can access the webcast through the company's Investor Relations website at https://ir.primobrands.com. A replay of the webcast and presentation materials will be made available on the same website after the event.

Primo Brands (NYSE: PRMB) announced early tender results for its exchange offers of three series of outstanding senior notes. The exchange offers achieved high participation rates: 97.61% for €450M 3.875% Senior Notes due 2028, 99.51% for $750M 4.375% Senior Notes due 2029, and 98.04% for $713M 6.250% Senior Notes due 2029.

The company will issue new secured and unsecured notes in exchange for existing notes, plus cash payments of $2.50 or €2.50 per $1,000 or €1,000 principal amount. Early settlement is expected on February 12, 2025. The new notes will be guaranteed by Primo Brands and its material subsidiaries, with secured notes having first-lien security on substantially all assets.

Concurrent with the exchange, Primo Brands will execute credit facilities transactions, including terminating existing revolving credit facilities and entering an amended credit agreement with a new $750M revolving credit facility maturing in February 2030.

Primo Brands (NYSE: PRMB) has scheduled its fourth quarter 2024 earnings release and conference call. The company will release financial results for the quarter ended December 31, 2024, before markets open on Thursday, February 20, 2025.

A conference call and simultaneous webcast will be held at 10:00 a.m. Eastern Time on the same day, featuring a management presentation followed by a question-and-answer session. The event will be accessible via North America dial-in (888-510-2154), International dial-in (437-900-0527), and through a live webcast on the company's investor relations website. The webcast will be recorded and archived for later playback.

Primo Brands (NYSE: PRMB) has announced private exchange offers for three series of outstanding senior notes. The offers include exchanging €450 million of 3.875% Senior Notes due 2028, $750 million of 4.375% Senior Notes due 2029, and $713 million of 6.250% Senior Notes due 2029 for new secured and unsecured notes plus cash.

Holders who tender their notes by February 7, 2025 (Early Tender Date) will receive the full principal amount in new notes plus $2.50 cash per $1,000. Those who tender after the Early Tender Date but before February 25, 2025 (Expiration Date) will receive 970 in principal amount of new notes per 1,000.

The exchange offers are subject to conditions including minimum issuance requirements, consent solicitations, and credit facilities transactions. The company plans to amend its credit agreement to include repricing of existing term loan facility and a new $750 million revolving credit facility maturing in February 2030.

Primo Brands (NYSE: PRMB) announced that Pantone® has officially designated the cobalt blue of Saratoga® Spring Water bottles as Saratoga® Signature Blue: Color 286 C. The designation is being celebrated at Design Miami with an immersive experience featuring Michelin-Starred chef Curtis Stone and TV personality Kathy Hilton. The brand is launching the Saratoga Supper Club experience, which will be available to the public starting December 4 in Miami, with subsequent seatings in select cities through January 2025.

Primo Brands (NYSE: PRMB) announced the return of the Saratoga® Supper Club experience, featuring exclusive dining events at top restaurants across the U.S. The series will take place between December 2024 and January 2025 in Miami, Boston, New York, Chicago, and Los Angeles. The events will be hosted at prestigious venues including the Tambourine Room, Amar, One White Street, Esme, and Camphor, with reservations available through Resy. Each location offers unique culinary experiences, from Portuguese cuisine in Boston to French-Asian fusion in Miami, highlighting Saratoga's signature cobalt blue bottle as a centerpiece of these dining experiences.

Primo Brands (NYSE: PRMB) has announced its participation in the J.P. Morgan Opportunities Forum. The company's leadership team, including CEO Robbert Rietbroek, CFO David Hass, and Board Chairman Dean Metropoulos, will join J.P. Morgan analyst Andrea Texiera for a virtual webinar on November 14, 2024, at 2:00 p.m. Eastern Time. The presentation will be accessible through the investor relations section of Primo Brands' website at ir.primobrands.com, with replay available after the event.