Primo Brands Corporation Announces Secondary Offering of 45,000,000 Shares of Class A Common Stock by an Affiliate of One Rock Capital Partners
Primo Brands (NYSE: PRMB) has announced a significant secondary offering where an affiliate of One Rock Capital Partners plans to sell 45,000,000 shares of Class A common stock. The Selling Stockholder will grant underwriters a 30-day option to purchase up to 6,750,000 additional shares.
The offering will be managed by multiple financial institutions, with Morgan Stanley and BofA Securities acting as joint lead book-running managers. Notably, Primo Brands intends to repurchase 4,000,000 shares from the underwriters at the same price paid to the Selling Stockholder, funded through cash on hand.
The company itself is not selling any shares, and all net proceeds will go to the Selling Stockholder. The offering will be conducted through a shelf registration statement on Form S-1 that has been declared effective by the SEC.
Primo Brands (NYSE: PRMB) ha annunciato un'importante offerta secondaria in cui un affiliato di One Rock Capital Partners prevede di vendere 45.000.000 azioni di azioni ordinarie di Classe A. Il venditore concederà agli underwriter un'opzione di 30 giorni per acquistare fino a 6.750.000 azioni aggiuntive.
L'offerta sarà gestita da più istituzioni finanziarie, con Morgan Stanley e BofA Securities che agiranno come manager principali congiunti. È importante notare che Primo Brands intende riacquistare 4.000.000 di azioni dagli underwriter allo stesso prezzo pagato al venditore, finanziato tramite liquidità disponibile.
La società stessa non sta vendendo azioni e tutti i proventi netti andranno al venditore. L'offerta sarà condotta attraverso una dichiarazione di registrazione shelf sul modulo S-1 che è stata dichiarata efficace dalla SEC.
Primo Brands (NYSE: PRMB) ha anunciado una oferta secundaria significativa donde un afiliado de One Rock Capital Partners planea vender 45,000,000 acciones de acciones ordinarias de Clase A. El vendedor otorgará a los suscriptores una opción de 30 días para comprar hasta 6,750,000 acciones adicionales.
La oferta será gestionada por múltiples instituciones financieras, con Morgan Stanley y BofA Securities actuando como gerentes conjuntos principales. Es importante destacar que Primo Brands tiene la intención de recomprar 4,000,000 de acciones de los suscriptores al mismo precio pagado al vendedor, financiado a través de efectivo disponible.
La empresa misma no está vendiendo acciones, y todos los ingresos netos irán al vendedor. La oferta se llevará a cabo a través de una declaración de registro en estante en el formulario S-1 que ha sido declarada efectiva por la SEC.
프리모 브랜드 (NYSE: PRMB)는 원 록 캐피탈 파트너스의 계열사가 45,000,000주 클래스 A 보통주를 판매할 계획인 중대한 2차 공모를 발표했습니다. 판매 주주는 인수자에게 30일 동안 최대 6,750,000주의 추가 주식을 구매할 수 있는 옵션을 부여합니다.
이번 공모는 여러 금융 기관이 관리하며, 모건 스탠리와 BofA 증권이 공동 주관 매니저로 활동합니다. 특히 프리모 브랜드는 인수자에게 판매 주주가 지불한 동일한 가격으로 4,000,000주를 재매입할 계획이며, 이는 현금으로 자금을 조달합니다.
회사는 주식을 판매하지 않으며, 모든 순수익은 판매 주주에게 돌아갑니다. 이번 공모는 SEC에 의해 효력이 발생한 S-1 양식의 선반 등록 신고서를 통해 진행됩니다.
Primo Brands (NYSE: PRMB) a annoncé une offre secondaire significative dans laquelle un affilié de One Rock Capital Partners prévoit de vendre 45 000 000 d'actions ordinaires de Classe A. L'actionnaire vendeur accordera aux souscripteurs une option de 30 jours pour acheter jusqu'à 6 750 000 actions supplémentaires.
L'offre sera gérée par plusieurs institutions financières, avec Morgan Stanley et BofA Securities agissant en tant que co-directeurs principaux. Il est à noter que Primo Brands a l'intention de racheter 4 000 000 d'actions auprès des souscripteurs au même prix payé à l'actionnaire vendeur, financé par des liquidités disponibles.
L'entreprise elle-même ne vend aucune action, et tous les produits nets iront à l'actionnaire vendeur. L'offre sera réalisée par le biais d'une déclaration d'enregistrement de type shelf sur le formulaire S-1 qui a été déclarée efficace par la SEC.
Primo Brands (NYSE: PRMB) hat ein bedeutendes sekundäres Angebot angekündigt, bei dem ein verbundenes Unternehmen von One Rock Capital Partners plant, 45.000.000 Aktien der Klasse A zu verkaufen. Der verkaufende Aktionär gewährt den Underwritern eine 30-tägige Option zum Kauf von bis zu 6.750.000 zusätzlichen Aktien.
Das Angebot wird von mehreren Finanzinstituten verwaltet, wobei Morgan Stanley und BofA Securities als gemeinsame Hauptbuchführer fungieren. Bemerkenswert ist, dass Primo Brands plant, 4.000.000 Aktien von den Underwritern zum gleichen Preis zurückzukaufen, den der verkaufende Aktionär erhalten hat, finanziert durch vorhandenes Bargeld.
Das Unternehmen selbst verkauft keine Aktien, und alle Nettoerlöse gehen an den verkaufenden Aktionär. Das Angebot wird über eine Shelf-Registrierungsmitteilung auf dem Formular S-1 durchgeführt, die von der SEC für wirksam erklärt wurde.
- Company demonstrates financial strength with ability to repurchase 4,000,000 shares using cash on hand
- Large secondary offering of 45,000,000 shares could create selling pressure on stock
- Major shareholder (One Rock Capital Partners) reducing stake significantly
Insights
This secondary offering represents a significant ownership shift as One Rock Capital Partners looks to reduce its stake in Primo Brands. The 45 million share offering represents approximately 11.5% of Primo's outstanding shares based on their current market cap and share price.
While secondary offerings often create selling pressure, several factors mitigate concerns. First, Primo itself will repurchase 4 million shares from the offering, demonstrating management confidence in the company's intrinsic value. This repurchase represents about 8.9% of the total offering.
The transaction structure is notably shareholder-friendly. Since proceeds go entirely to the selling stockholder rather than the company, there's no dilution for existing shareholders. The company is using cash on hand for the repurchase portion, suggesting a healthy balance sheet with available liquidity.
The impressive lineup of underwriters (Morgan Stanley, BofA Securities, J.P. Morgan, etc.) signals strong institutional interest. This broad syndicate should help efficiently absorb and distribute the large block of shares.
For investors, this likely represents a technical rebalancing rather than a fundamental change. The increase in public float may actually improve trading liquidity long-term, potentially offsetting any short-term pressure from the offering size.
Morgan Stanley and BofA Securities are acting as joint lead book-running managers for the offering. J.P. Morgan, RBC Capital Markets and Barclays are acting as joint book-running managers for the offering. BMO Capital Markets, Deutsche Bank Securities, Jefferies, Goldman Sachs & Co. LLC, Mizuho, TD Cowen, Truist Securities and William Blair are acting as joint bookrunners for the offering. Drexel Hamilton, LLC and Loop Capital Markets are acting as co-managers for the offering.
Subject to the completion of the Offering, the Company intends to repurchase from the underwriters 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. 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. The offering is subject to market and other conditions, and there can be no assurance as to whether or when the offering may be completed.
A shelf registration statement on Form S-1 (including a prospectus) relating to the offering of Class A Common Stock has been declared effective by the SEC. The offering will be made only by means of a prospectus supplement and an accompanying prospectus. You may obtain these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Copies of the prospectus supplement and accompanying prospectus related to the offering may also be obtained by contacting Morgan Stanley & Co. LLC, Attention: Prospectus Department, 180 Varick Street, 2nd Floor,
This communication is for informational purposes only and does not constitute an offer to sell, or a solicitation of an offer to buy, any security and does not constitute an offer, solicitation, or sale of any security in any jurisdiction in which such offer, solicitation, or sale would be unlawful.
About Primo Brands Corporation
Primo Brands is a leading North American branded beverage company with a focus on healthy hydration, delivering responsibly and domestically sourced diversified offerings across products, formats, channels, price points, and consumer occasions, distributed in every state and Canada.
Primo Brands employs more than 13,000 associates with dual headquarters in Tampa,
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements and forward-looking information within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements involve inherent risks and uncertainties, and several important factors could cause actual results to differ materially from those contained in any such forward-looking statement. In some cases, forward-looking statements may be identified by words such as "may," "will," "would," "should," "could," "expect," "aim," "anticipate," "believe," "estimate," "intend," "plan," "predict," "project," "seek," "potential," "opportunities," and other similar expressions and the negatives of such expressions. However, not all forward-looking statements contain these words. They also include statements regarding the Company's intentions, beliefs, or current expectations and other information that is not historical information. These statements involve known and unknown risks, uncertainties, and other factors that may cause the Company's actual results, levels of activity, performance, or achievements to be materially different from the information expressed or implied by these forward-looking statements.
Although management believes that it has a reasonable basis for each forward-looking statement contained in this press release, you are cautioned that these statements are based on a combination of facts and factors currently known by the Company and its expectations of the future, about which it cannot be certain. Important factors that could cause actual results to differ materially from the forward-looking statements include, but are not limited to, the ability to consummate the proposed secondary offering, volatility in the Company's Class A Common Stock price and those other important factors discussed in Item 1A "Risk Factors" in the Company's Annual Report on Form 10-K for the year ended December 31, 2024, as any such factors may be updated from time to time in the Company's other filings with the SEC, including the prospectus supplement on Form 424(b) being filed in connection with this offering, each accessible on the SEC's website at www.sec.gov.
As a result of these factors, the Company cannot assure you that the forward-looking statements in this press release will prove to be accurate. You should understand that it is not possible to predict or identify all such factors. Consequently, you should not consider any such list to be a complete discussion of all potential risks or uncertainties that may substantially impact the Company's business. Moreover, Primo Brands operates in a competitive and rapidly changing environment. New factors emerge from time to time and it is not possible to predict the impact of all of these factors on the Company's business, financial condition, or results of operations.
Furthermore, if any forward-looking statements prove to be inaccurate, the inaccuracy may be material. In light of the significant uncertainties in these forward-looking statements, you should not regard these statements as a representation or warranty by Primo Brands or any other person that the Company will achieve its objectives, plans, or cost savings in any specified time frame or at all. In addition, even if its results of operations, financial condition, and liquidity, and the development of the industry in which the Company operates, are consistent with the forward-looking statements contained in this press release, those results or developments may not be indicative of results or developments in subsequent periods. The forward-looking statements contained in this press release are made only as of the date of this press release. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by law.
View original content to download multimedia:https://www.prnewswire.com/news-releases/primo-brands-corporation-announces-secondary-offering-of-45-000-000-shares-of-class-a-common-stock-by-an-affiliate-of-one-rock-capital-partners-302396919.html
SOURCE Primo Brands Corporation
FAQ
How many shares is One Rock Capital Partners selling in PRMB's secondary offering?
How many shares will Primo Brands (PRMB) repurchase from the secondary offering?
Who are the lead underwriters for PRMB's secondary offering in March 2025?
Will Primo Brands (PRMB) receive any proceeds from this secondary offering?
