WINSTON-SALEM, N.C., May 22, 2018 (GLOBE NEWSWIRE) -- Primo Water Corporation (Nasdaq:PRMW) (“Primo” or “the Company”), the leading provider of multi-gallon purified bottled water, self-service refill water and water dispensers, today announced the closing of its underwritten follow-on public offering of 5,339,450 shares of its common stock at a price of $14.00 per share to the public, which included the exercise in full by the underwriters of their option to purchase 696,450 additional shares of Primo’s common stock on the same terms and conditions. All of the shares were offered and sold by Primo. Net proceeds to Primo after deducting the underwriting discounts and commissions and estimated offering expenses payable by Primo were approximately $70.8 million. Primo intends to use the net proceeds from the offering to pay down existing indebtedness. Upon completion of the offering, the Company intends to refinance its remaining outstanding senior indebtedness. There can be no assurance as to whether or when Primo will be able to refinance its remaining outstanding senior indebtedness.

William Blair & Company, L.L.C., and BMO Capital Markets Corp. acted as joint book-running managers for the proposed offering. B. Riley FBR, Inc., Northland Securities, Inc., Barrington Research Associates, Inc. and Lake Street Capital Markets, LLC acted as co-managers for the offering.

About Primo Water Corporation

Primo Water Corporation (Nasdaq:PRMW) (“Primo” or “the Company”) is an environmentally and ethically responsible company with a purpose of inspiring healthier lives through better water. Primo is North America's leading single source provider of water dispensers, multi-gallon purified bottled water, and self-service refill water. Primo's Dispensers, Exchange and Refill products are available in over 45,000 retail locations and online throughout the United States and Canada. For more information and to learn more about Primo Water, please visit our website at www.primowater.com.