Primo Water borrows $170 million under five-year revolving facility

By Sarah Lizee

Olympia, Wash., April 3 – Primo Water Corp. provided notice to lenders to borrow about $170 million under its $350 million five-year revolving credit facility on March 31, according to an 8-K filing with the Securities and Exchange Commission.

Following the draw, the current balance of loans under the revolver is $306 million, along with $43.3 million being used for letters of credit.

The company said it elected to draw down on its revolver as a precautionary measure to increase its cash position and preserve financial flexibility considering current uncertainty in the global markets resulting from the Covid-19 outbreak.

Proceeds from the borrowings are currently being held on the company’s balance sheet and may in the future be used for working capital and other general corporate purposes.

Primo is a Winston-Salem, N.C., provider of multi-gallon purified bottled water, self-serve filtered drinking water and water dispensers.

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