** Shares of Primo Brands Corp PRMB.N up 4 cents premarket to $31.65 after secondary offering news
** Bottled water co says 45 mln shares to be offloaded by One Rock Capital Partners
** Morgan Stanley and BofA jt are joint lead bookrunners for offering
** Alternative investment manager One Rock reducing holdings by a fifth to ~173.6 mln shares, or 46.2% stake
** PRMB has ~380.1 mln shares outstanding as of Feb 21 per the SEC prospectus filing, giving co $12 bln market cap
** Tampa, Florida and Stamford, Connecticut dual-headquartered co formed after Primo Water and BlueTriton Brands completed merger in Nov
** One Rock owned all of common stock of privately-held BlueTrition, formerly known as Nestle Waters North America, prior to the transaction
** Nestle NESN.S sold some its water brands to One Rock in 2021
** PRMB shares fell every session last week losing ~6%. But stock up ~40% over the past six months and has roughly doubled over the past year
(Lance Tupper is a Reuters market analyst. The views expressed are his own)
((lance.tupper@tr.com 1-646-279-6380))
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.