Primo Water Corp, a provider of water dispensers, environmentally responsible bulk bottled water and sparkling beverage appliances, has completed its new revolving credit facility on 30 April, with TD Bank and a term loan led by Comvest Capital.
The new revolving credit facility provides for up to $20m in borrowings through October 2015, subject to borrowing base requirements related to accounts receivable and inventory.
The $15.2m term loan was provided by Comvest Capital ($14.0m) and certain stockholders, directors and officers of the company (including Billy Prim, the company's CEO, and two board members).
The term loan matures in April 2016. The company issued warrants to purchase a total of 1,731,428 shares of common stock at an exercise price of $2.30 per share in connection with the term loan.
The company used the proceeds of the term loan to repay its existing senior credit facility and will use additional availability under the revolving credit facility for general working capital purposes.
Source: Primo Water Corporation