Primo Water Corporation (NYSE: PRMW) (TSX: PRMW), today announced that its wholly owned subsidiary, Primo Water Holdings Inc., priced the previously announced private placement offering of €450 million in aggregate principal amount of senior notes. The Notes will mature on October 31, 2028 and interest on the Notes will accrue and be payable semi-annually in arrears on April 30 and October 31 of each year, commencing on April 30, 2021 at the rate of 3.875% per annum. The settlement of the Notes is anticipated to occur on or about October 22, 2020, subject to customary closing conditions. The Notes will be guaranteed by Primo and certain of its existing subsidiaries that are obligors under the Company's senior secured credit facility, 5.50% Senior Notes due 2024 (the "2024 Notes") and 5.50% Senior Notes due 2025.

The net proceeds from this offering, together with borrowings under the Company's revolving credit facility, will be used to redeem all of Primo's outstanding 2024 Notes and to pay the related premium, fees and expenses (the "Redemption").

This press release is for informational purposes only and is not an offer to buy or the solicitation of an offer to sell any securities, nor does it constitute an offer, solicitation or sale of these securities in any jurisdiction in which such offer, solicitation or sale is unlawful.