** 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))
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