Primo Water expects to  generate $36.1m from the share sale

Primo Water expects to generate $36.1m from the share sale

Primo Water has priced the public offering of 6m shares at US$11.26 per share.

The offer comprises o3.4m shares to be sold by the company and 2.6m shares to be sold by shareholders, including Culligan International Co, it said on Friday (17 June). Primo expects to generate $36.1m from the sale.

The net proceeds will be used to repay 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.