Attached files
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8-K - FORM 8-K - Primo Water Corp | g25363e8vk.htm |
Exhibit 99.1
Press Release
FOR IMMEDIATE RELEASE
|
November 18, 2010 |
Primo Water Corporation Announces Underwriters
Exercise of Over-Allotment Option and
Completion of Initial Public Offering
Exercise of Over-Allotment Option and
Completion of Initial Public Offering
(WINSTON-SALEM, NC, November 18, 2010) Primo Water Corporation (Nasdaq: PRMW) today announced
that the underwriters of its initial public offering have exercised in full their over-allotment
option to purchase an additional 1,250,000 shares of common stock. The option was granted in
connection with the Companys initial public offering of 8,333,333 shares of its common stock at
$12.00 per share, which closed November 10, 2010. The issuance of the additional 1,250,000 shares
upon the exercise of the over-allotment option closed today. The net proceeds from the initial
public offering, including the exercise of the over-allotment option, after deducting underwriting
discounts and commissions and estimated offering expenses, were approximately $104.7 million.
The approximately $14.0 million net cash proceeds from the underwriters exercise of the
over-allotment option is being added to the cash portion of the purchase price for the assets the
Company purchased from Culligan Store Solutions, LLC and Culligan of Canada, Ltd. related to their
business of providing reverse osmosis water filtration systems that generate filtered water for
refill vending machines and store-use water services in the United States and Canada.
Correspondingly, the number of shares of common stock the Company is issuing to Culligan in
connection with the asset purchase is being decreased by an amount equal to the net cash proceeds
received by the Company upon the exercise of the over-allotment option. As a result, the
approximately $105.0 million purchase price for the Culligan refill business is comprised of
approximately $74.0 million in cash and 2,587,500 shares of the Companys common stock. The
Companys purchase of the Culligan refill business closed on November 10, 2010.
Stifel Nicolaus Weisel acted as sole book-running manager for the offering, and BB&T Capital
Markets, Janney Montgomery Scott and Signal Hill acted as co-managers.
A registration statement relating to these securities was declared effective by the Securities and
Exchange Commission on November 4, 2010. The offering of these securities is being 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.
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
nationwide. The Companys products provide an environmentally friendly, economical, convenient and
healthy solution for consuming purified water.
For more information:
Mark Castaneda
Chief Financial Officer and Secretary
Primo Water Corporation
(336) 331-4000
Mark Castaneda
Chief Financial Officer and Secretary
Primo Water Corporation
(336) 331-4000