Commentary & Deal Flow

Primo Water Corp (PRMW/PRMWCN) EUR450m 144A/Reg S sr notes due 2028 (8y). NC3. Equity calw: 3y 40%. B1/B (stable/stable). Via BofA phys books/CIBC/DB/JPM/Truist/WFS joint books. No reg rights. List ISE. NY law. Settles T+10 (10/22).

IPT: 4%-4.25%.

Investor call at 10am UKT today (also did a series of investor calls Mon/Tues). Pricing today. UOP: along with a draw on its revolver, toredeem all of its EUR450m 5.50% sr notes due 07/01/24 (callable at 102.75). Biz: provider of water products and services (filtration, bottled water delivery for both home and office) in North America, Europe and Israel (FKA Cott Corp). HQ: Tampa, FL.