Commentary & Deal Flow

Primo Water Corp (PRMW/PRMWCN) EUR450m 144A/Reg S sr notes due 10/31/28 (8y). NC3 (MWC T+50bp), then at 101.938, 100.969, 100. Equity claw: 3y 40% at 103.875. B1/B (stable/stable). Via BofA phys books/CIBC/DB/JPM/Truist/WFS joint books. No reg rights. List ISE. NY law. Settles 10/22 (T+10). Reg S ISIN: XS2241804462. IPT: 4%-4.25%. Px talk: 4.00% area.

Priced: 3.875% at 100. +451bp vs DBR 0.25% 08/15/28.

Did investor call at 10am UKT today (also did a series of investor calls Mon/Tues). Books closed at 2:30pm UKT today.  UOP: along with a draw on its revolver, to redeem 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.