Primo Water, a provider of multi-gallon purified bottled water, self-service refill and dispensers, completed the acquisition of Glacier Water Services for approximately $273 million. Goldman Sachs provided a $196 million senior credit facility to support the transaction.

Goldman Sachs Bank, serving as administrative agent and collateral agent, provided for a five-year $186 million term loan facility, the proceeds of which were used to finance the merger, including payment of the cash portion of the merger consideration, retirement of certain indebtedness of Glacier and payment of existing indebtedness and certain costs and expenses related to the transaction. The financing also included a five-year $10 million revolving loan facility, the proceeds of which will be used for working capital, capital expenditures and general corporate purposes.

In addition to the financing, the total consideration included approximately $50 million in cash, approximately $36 million in Primo common stock, the assumption or retirement of approximately $177 million of net indebtedness and preferred stock and five-year warrants to purchase two million shares of Primo’s common stock at an exercise price of $11.88 per share.

The interest rates under the credit agreement will be calculated at either a base rate or LIBOR, subject to floors of 4.0% for the base rate and 1.0% per annum for LIBOR, respectively, and a margin, initially set at 5.50% per annum with respect to LIBOR loans and 4.50% per annum for base rate loans.

The credit facilities and related obligations are guaranteed by all direct and indirect wholly-owned U.S. subsidiaries of Primo, existing and future, subject to exceptions for immaterial subsidiaries.