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Primo Waters (PRMWCN; B1/B+) & Bluetriton (private co) Merger

CONSUMER STAPLES

"Primo Water and BlueTriton Agree to Merge, Creating a Leading North American Pure-Play Healthy Hydration Company"

  • Combined; net revenue $6.5b, adj. EBITDA of $1.5b and FCF of $565m.
  • Expected to generate run-rate cost synergies of $200m which will be fully realised within 3years of closing. Cost of that is one-off $115m.
  • On debt; structured so both issuers bonds & term loans held in place and net leverage expected to be 3x on closing (expected 1H25) and includes cost synergies. Targeting 2-2.5x net leverage in medium term after that.
  • Targeting normalised capex as % of net revenues of 4-5%.

Primo has single Oct 28s in euros pricing to maturity at €96.6/4.8%/Z+190/OAS+200. It has a single $29 as well.

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