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Primo Waters (PRMWCN; B1/B+) Merger with BlueTriton Brands (TRIWAT; Caa2 Pos/CCC+)

CONSUMER STAPLES

€28s +0.3pts

  • There are merger restrictions & limitation in indebtedness clauses but as we said pressor indicative to us of no breach to covenants "transaction was structured to allow NewCo to keep both Primo Water & BlueTriton's bonds and term loans in place".
  • Triton is a private co but does have a single $770m 29s private placement (unsecured and underneath sizeable $3b in secured term loans).
  • The leverage increase still looks sanguine at net 3x post close. For reference Primo has standalone net 2.1x and gross 3.4x while Triton had net 4.6x and Moody's adj. gross 5.3x. Net debt for Primo was $608m and for Triton was $3.95b.
  • Triton is more than 2 times the revenue & EBITDA of Primo but cash generation is poor at $142m vs. Primo's $103m - may weigh on consolidated credit metrics here.

There will be a call at 1pm London; https://app.webinar.net/dWAQaJAwN4m
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