Primo Brands rises after $1.3 bln secondary offering priced

Primo Brands Corp's PRMB.N shares up 1% to $30.20 before the bell after pricing of secondary offering

Shares looking to snap six-session losing streak

Poland Spring bottled water owner late Mon announced 45 mln shares sold by its sponsor One Rock Capital Partners at $29.50

Offering size equates to $1.3 bln and priced at 1.3% discount to stock's last sale

Co to repurchase 4 mln of offering's shares from underwriting group led by M organ Stanley and BofA

Transactions cut investment manager One Rock's 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 current market cap of ~$11.4 bln

Tampa, Florida and Stamford, Connecticut dual-headquartered firm formed after Primo Water and BlueTriton Brands completed merger in Nov

One Rock owned all of common stock of privately-held BlueTriton, formerly known as Nestle Waters North America, prior to the deal

Nestle NESN.S sold some its water brands to One Rock in 2021

Through Mon, PRMB shares down ~3% YTD. Stock closed at $16.03 a year ago