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8-K - FORM 8-K - Primo Water Corp | c19089e8vk.htm |
EX-99.2 - EXHIBIT 99.2 - Primo Water Corp | c19089exv99w2.htm |
Exhibit 99.1
Contact:
Primo Water Corporation
Mark Castaneda, Chief Financial Officer
(336) 331-4000
Primo Water Corporation
Mark Castaneda, Chief Financial Officer
(336) 331-4000
ICR Inc.
John Mills
Katie Turner
(646) 277-1228
John Mills
Katie Turner
(646) 277-1228
Primo Water Announces Pricing of Public Offering of 6,000,000 Shares of Common Stock
WINSTON-SALEM, N.C., June 17, 2011 (GLOBE NEWSWIRE) Primo Water Corporation (Nasdaq:
PRMW) today announced the pricing of an underwritten public offering of 6,000,000 shares of common
stock, consisting of 3,421,369 shares to be sold by Primo Water and 2,578,631 shares to be sold by
certain selling stockholders (including Culligan International Company), at a price to the public
of $11.26 per share. The net proceeds to Primo Water, after underwriting discounts and commissions
and estimated offering expenses, are expected to be approximately $36.1 million. Primo Water will
not receive any proceeds from the sale of the shares by the selling stockholders. The offering is
expected to close on or about June 22, 2011, subject to satisfaction of customary closing
conditions. Primo Water and Culligan International Company have granted the underwriters a 30 day
option to purchase up to an additional 900,000 shares at the public offering price, less the
underwriting discount, to cover over-allotments, if any.
Primo Water intends to use the net proceeds received by it from the offering to repay all
outstanding borrowings under its revolving credit facility and for working capital and general
corporate purposes, including establishing new store locations for its water bottle exchange and
refill vending services.
Stifel Nicolaus Weisel is acting as sole book-running manager for the offering, and BB&T Capital
Markets, Janney Montgomery Scott and Signal Hill are acting as co-managers.
A registration statement relating to these securities was declared effective by the Securities and
Exchange Commission on June 16, 2011. The offering of these securities will be made only by
means of a prospectus, copies of which may be obtained from Stifel, Nicolaus & Company,
Incorporated, One Montgomery Street, Suite 3700, San Francisco, California 94104, or by calling
415-364-2720.
This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor
shall there be any sale of these securities in any state or jurisdiction in which such an offer,
solicitation or sale would be unlawful prior to registration or qualification under the securities
laws of any such state or jurisdiction.
About Primo Water Corporation
Primo Water Corporation is a rapidly growing provider of three-and five-gallon purified bottled
water, self-serve filtered drinking water and water dispensers sold through major retailers
throughout the United States and Canada. Primo Waters products provide an environmentally
friendly, economical, convenient and healthy solution for consuming purified water.
Forward-Looking Statements
This press release contains forward-looking statements that are based on the beliefs and
assumptions of Primo Waters management and on information currently available to its management.
Forward-looking statements include information concerning the expected closing date of the offering
and Primo Waters anticipated use of the net proceeds received by it from the offering.
Forward-looking statements include all statements that are not historical facts and can be
identified by terms such as anticipates, believes, could, seeks, estimates, expects,
intends, may, plans, potential, predicts, projects, should, will, would or
similar expressions and the negatives of those terms.
Forward-looking statements involve known and unknown risks, uncertainties and other factors that
may cause Primo Waters actual results, performance or achievements to be materially different from
any future results, performance or achievements expressed or implied by the forward-looking
statements. These risks are discussed in greater detail in the Risk Factors section of the
registration statement relating to the public offering described herein and in other documents
filed by Primo Water with the Securities and Exchange Commission. Given these uncertainties, you
should not place undue reliance on these forward-looking statements. Also,
forward-looking statements represent the beliefs and assumptions of Primo Waters management only
as of the date hereof.
Except as required by law, Primo Water assumes no obligation to update these forward-looking
statements publicly, or to update the reasons actual results could differ materially from those
anticipated in these forward-looking statements, even if new information becomes available in the
future.