US: Primo Water secures financing

By Michelle Russell | 29 November 2011

Primo Water's senior revolving credit facility matures in November 2013

Primo Water has secured a credit facility, providing the soft drinks firm with access to up to US$25m.

Primo Water announced the senior revolving credit facility yesterday (28 November). It matures in November 2013 and is secured by all of the company's assets, the firm said.

"We believe that borrowing availability under the credit agreement, together with our existing cash and cash flow from operations, will adequately provide us with the capital needed to support our future growth," said Primo Water's CFO, Mark Castaneda. "We appreciate our lenders' confidence in Primo Water as we continue to execute our long-term growth strategy."

Earlier this year, Primo Water narrowed its first-half net losses, thanks to soaring sales in its water division in the second quarter.

Sectors: Soft drinks, Water