Primo Water expects to generate $39.6m from the share sale

Primo Water expects to generate $39.6m from the share sale

Primo Water has closed the public offering of 6.9m shares at US$11.26 per share.

The offer comprises 3.7m shares to be sold by the company and 3.2m shares to be sold by shareholders, including Culligan International Co. Primo expects to generate $39.6m 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".