Greenshoe partially exercised for C$3.72 million; proceeds repay debt
By Devika Patel
Knoxville, Tenn., June 22 - Primo Water Corp. said it settled a $42.24 million public sale of stock. The deal priced for $38.53 million with a $10.13 million greenshoe on June 17.
The company sold 3,751,313 common shares at $11.26 apiece. The price per share is identical to the June 16 closing share price.
Stifel Nicolaus Weisel was the book-running manager for the offering. BB&T Capital Markets, Janney Montgomery Scott and Signal Hill were co-managers.
Proceeds will be used to repay borrowings under the company's revolving credit facility and for working capital and general corporate purposes, including establishing new store locations for Primo's water bottle exchange and refill vending services.
Primo is a Winston-Salem, N.C., provider of multi-gallon purified bottled water, self-serve filtered drinking water and water dispensers.
| Issuer: | Primo Water Corp.
|
| Issue: | Common shares
|
| Amount: | $42,239,784 (including C$3,715,169 greenshoe)
|
| Shares: | 3,751,313
|
| Price: | $11.26
|
| Warrants: | No
|
| Agents: | Stifel Nicolaus Weisel, BB&T Capital Markets, Janney Montgomery Scott and Signal Hill
|
| Pricing date: | June 17
|
| Settlement date: | June 22
|
| Stock symbol: | Nasdaq: PRMW
|
| Stock price: | $11.26 at close June 16
|
| Market capitalization: | $259.12 million
|
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