Primo Water Surging on New Financing Initiatives
Shares of Primo Water (NASDAQ: PRMW) are seeing much strength during Friday's trading session after the company announced a new credit facility.
The company announced it has received a commitment from a senior lender to enter into a new long-term $20 million senior revolving credit facility.
Primo Water also expects to close a term loan for up to an additional $15 million with a separate lender, secured by certain fixed assets of the Company. The facilities are expected to have a four year term and will include customary terms and covenants, and are expected to close within 30 days.
The Company expects to use the loan proceeds to pay off its existing senior credit facility and for general working capital purposes.
Currently, shares of Primo Water are trading about 38% higher at $2.22 per share.
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