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About Primo Brands Corporation (NYSE: PRMB)
Primo Brands Corporation is a leading North American branded beverage company specializing in healthy hydration solutions. Formed through the merger of Primo Water Corporation and BlueTriton Brands, the company boasts an extensive portfolio of highly recognizable, sustainably sourced, and conveniently packaged beverage brands. Its offerings are distributed across over 200,000 retail outlets and direct-to-consumer channels, making it a prominent player in the hydration solutions market.
The company’s diverse portfolio includes iconic billion-dollar brands such as Poland Spring® and Pure Life®, premium offerings like Saratoga® and Mountain Valley®, and regional leaders such as Arrowhead®, Deer Park®, and Zephyrhills®. Primo Brands also provides purified water options under brands like Primo Water® and Sparkletts®, as well as flavored and enhanced beverages like Splash® and AC+ION®. These products cater to a wide range of consumer needs, from everyday hydration to premium dining experiences.
Business Model and Revenue Streams
Primo Brands operates under a multi-channel business model, leveraging both retail and direct-to-consumer avenues to drive revenue. Its innovative water dispensers, available through approximately 11,700 retail locations, establish a recurring revenue stream by encouraging repeat purchases of water solutions. The company’s Water Direct, Water Exchange, and Water Refill services further enhance consumer connectivity:
- Water Direct: Delivers sustainable hydration solutions directly to homes and businesses.
- Water Exchange: Offers pre-filled, multi-use bottles at approximately 26,500 retail locations, with discounts on bottle exchanges.
- Water Refill: Provides refill stations at around 23,500 locations for eco-conscious consumers.
Primo Brands also offers water filtration units for residential and commercial use, catering to the growing demand for clean and safe drinking water.
Commitment to Sustainability
As a leader in reusable and circular packaging, Primo Brands actively reduces waste through its innovative packaging solutions, including bottles made from recycled plastic, aluminum, and glass. The company manages over 90 springs and conserves more than 28,000 acres of land across North America to ensure a sustainable water supply. Its partnership with the International Bottled Water Association (IBWA) underscores its commitment to safety, quality, and regulatory standards.
Operational Scale and Integration
With dual headquarters in Tampa, Florida, and Stamford, Connecticut, Primo Brands employs over 13,000 associates and operates more than 70 production facilities and 240 depots. The merger with BlueTriton has expanded its operational scale, creating a vertically integrated manufacturing and distribution network that spans coast-to-coast. This integration enhances its ability to deliver superior products and services while achieving significant cost synergies.
Market Position and Competitive Edge
Primo Brands differentiates itself through its focus on sustainability, iconic brand portfolio, and innovative business model. Its recurring revenue streams, extensive retail presence, and direct-to-consumer capabilities position it as a formidable competitor in the hydration solutions industry. The company’s emphasis on environmental stewardship and community support further strengthens its brand equity and consumer trust.
Primo Brands’ commitment to innovation, sustainability, and operational excellence makes it a key player in the North American beverage market, catering to diverse consumer needs while promoting a healthier and more sustainable lifestyle.
Primo Brands (NYSE: PRMB) has announced the final results of its private exchange offers for three series of outstanding senior notes. The exchange offers included:
- €450M of 3.875% Senior Notes due 2028
- $750M of 4.375% Senior Notes due 2029
- $713M of 6.250% Senior Notes due 2029
Following the Early Tender Date (February 7, 2025), additional notes were tendered by the Expiration Date (February 25, 2025): €2.64M of 2028 Notes, $120K of 2029 Notes, and $13.69M of BlueTriton Notes. The final settlement is expected on February 28, 2025. After settlement, remaining outstanding amounts will be: €8.12M of 2028 Notes, $3.55M of 2029 Notes, and $263K of BlueTriton Notes.
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.
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