Perimeter Solutions (NYSE: PRM) issues $550M 6.250% notes to fund MMT deal

Rhea-AI Filing Summary

Perimeter Solutions, Inc. disclosed that its indirect subsidiary Perimeter Holdings, LLC completed an offering of $550 million of 6.250% senior secured notes due 2034. The notes were issued under an indenture dated January 2, 2026, mature on January 15, 2034, and pay cash interest at 6.250% per year, with payments due semi-annually on January 15 and July 15, starting July 15, 2026.

Perimeter Holdings intends to use the net proceeds, together with cash on hand, to fund the cash consideration for its acquisition of Medical Manufacturing Technologies, LLC (MMT) and related fees and expenses. The notes are fully and unconditionally guaranteed on a senior secured basis by Perimeter Intermediate, LLC and, subject to exclusions, certain restricted subsidiaries, and are secured by a first-priority security interest in substantially all present and future property and assets of Perimeter Holdings and the guarantors.

The indenture includes customary covenants limiting additional debt, restricted payments, asset sales, investments, liens, affiliate transactions and certain mergers or asset transfers, along with standard events of default. If the MMT acquisition is not completed or is abandoned, Perimeter Holdings must redeem all outstanding notes at 100% of the initial issue price plus accrued interest, and in a Change of Control, holders can require repurchase at 101% of principal plus accrued interest.

Insights

Corporate credit and capital structure analyst

Perimeter raises $550M in secured notes to fund the MMT acquisition under a tightly covenanted, secured structure.

The company, through Perimeter Holdings, completed a $550 million 6.250% senior secured notes offering maturing on January 15, 2034. The notes carry cash interest with semi-annual payments beginning on July 15, 2026 and sit as general, secured, senior obligations, ranking ahead of any future subordinated debt and sharing collateral with the revolving credit facility.

Net proceeds, combined with cash on hand, are earmarked to pay the cash consideration for acquiring Medical Manufacturing Technologies, LLC and associated fees and expenses. The structure includes guarantees from Perimeter Intermediate, LLC and certain restricted subsidiaries and a first-priority security interest in substantially all present and future property and assets of the issuer and guarantors, which supports recoveries from a creditor’s perspective.

The indenture adds customary negative covenants covering restricted payments, additional indebtedness, liens, asset sales, investments, affiliate transactions and certain consolidation or merger transactions, plus standard events of default and acceleration. A notable feature is the requirement to redeem all notes at 100% of the initial issue price plus accrued interest if the MMT acquisition is not consummated or is abandoned, and a Change of Control put at 101% of principal plus accrued interest, which shapes investor protections and the linkage between this financing and the acquisition.

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): January 2, 2026

PERIMETER SOLUTIONS, INC.

(Exact name of registrant as specified in its charter)

Delaware		001-41027		33-2098357
(State or other jurisdiction of incorporation)		(Commission File Number)		(IRS. Employer Identification No.)

8000 Maryland Avenue, Suite 350

Clayton, Missouri 63105

(Address of principal executive offices, including zip code)

(314) 396-7343

Registrant’s telephone number, including area code

Not Applicable

(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
Common Stock, par value $0.0001 per share		PRM		New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 1.01 Entry into a Material Definitive Agreement.

The Offering

On January 2, 2026, Perimeter Holdings, LLC (“Perimeter Holdings”), an indirect wholly owned subsidiary of Perimeter Solutions, Inc. (the “Company”), completed its previously announced offering of $550 million in aggregate principal amount of 6.250% senior secured notes due 2034 (the “Notes”) in transactions that were exempt from the registration requirements of the Securities Act of 1933, as amended (the “Securities Act”).

The Notes were issued under an indenture, dated January 2, 2026 (the “Indenture”), by and among Perimeter Holdings, the guarantors party thereto and U.S. Bank Trust Company, National Association, as trustee and notes collateral agent. The Notes mature on January 15, 2034, and bear interest at a rate of 6.250% per annum, payable in cash semi-annually in arrears on January 15 and July 15 of each year, commencing on July 15, 2026.

Perimeter Holdings intends to use the net proceeds of the Notes, together with cash on hand, to pay the cash consideration for the acquisition of Medical Manufacturing Technologies, LLC (“MMT”) and to pay related fees and expenses.

Guarantees

The Notes are fully and unconditionally guaranteed on a senior secured basis, jointly and severally, by Perimeter Intermediate, LLC (“Perimeter Intermediate”), the direct parent of Perimeter Holdings, and, subject to certain exclusions, all of Perimeter Holdings’ existing or future restricted subsidiaries that guarantee Perimeter Holdings’ revolving credit facility.

Security

The Notes are secured, subject to permitted liens, by a first-priority security interest in substantially all present and hereafter acquired property and assets of Perimeter Holdings and the guarantors, which also constitutes collateral securing indebtedness under Perimeter Holdings’ revolving credit facility.

Ranking

The Notes are general, secured, senior obligations of Perimeter Holdings. Accordingly, the Notes will rank senior in right of payment to any future subordinated indebtedness of Perimeter Holdings. The Notes are subordinated in right of payment only to any indebtedness that ranks senior to the Notes by operation of law.

Certain Covenants

The Notes are subject to customary negative covenants, including but not limited to, certain limitations, including among other things, the ability to declare or pay dividends or make certain other payments, purchase, redeem or otherwise acquire or retire for value any equity interests or otherwise make any restricted payments, conduct certain asset sales, make certain restricted investments; incur certain indebtedness, grant certain liens, enter into certain transactions with affiliates, and consolidate, merge or transfer all or substantially all of the assets of Perimeter Intermediate and Perimeter Holdings and its subsidiaries on a consolidated basis. The Indenture also contains customary events of default and remedies (including acceleration).

Redemption

Perimeter Holdings may redeem the Notes, in whole or in part, at the redemption prices set forth in the Indenture plus accrued and unpaid interest, if any, to, but not including, the redemption date.

In the event that (i) the acquisition of MMT is not consummated on or prior to September 9, 2026, (ii) Perimeter Holdings notifies U.S. Bank Trust Company, National Association, as trustee and notes collateral of the Notes that it will not pursue the acquisition of MMT or (iii) Perimeter Holdings terminates the MMT purchase agreement without consummating the acquisition of MMT (the earliest to occur of the events described in (i), (ii) or (iii) of this sentence, an “Acquisition Triggering Event”), Perimeter Holdings will be redeem within 30 days of the Acquisition Triggering Event all of the outstanding Notes at a redemption price of 100% of the initial issue price of the Notes, plus accrued and unpaid interest to, but not including, the redemption date.

Change of Control

In the event of a Change of Control (as defined in the Indenture) each holder will have the right to require that Perimeter Holdings purchase all or a portion of such holder’s Notes at a purchase price in cash equal to 101% of the principal amount of such Notes plus accrued and unpaid interest, if any, to the date of purchase.

The foregoing description is qualified in its entirety by reference to the full text of the Indenture and the form of the Notes, copies of which are filed as Exhibits 4.1 and 4.2 to this Current Report on Form 8-K (this “Report”) and each of which is incorporated by reference into this Item 1.01.

Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.

The information set forth under Item 1.01 is incorporated by reference herein.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits:

Exhibit No.		Description
4.1		Indenture, dated January 2, 2026, by and between Perimeter Holdings, LLC, as issuer, the guarantors party thereto, and U.S. Bank Trust Company, National Association, as trustee and notes collateral agent.
4.2		Form of 6.250% Senior Secured Notes due 2034 (included in Exhibit 4.1).
104		Cover Page Interactive Data File (embedded within the Inline XBRL document).

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	Perimeter Solutions, Inc.
Date: January 2, 2026	By:	/s/ Kyle Sable
	Name:	Kyle Sable
	Title:	Chief Financial Officer

FAQ

What did Perimeter Solutions, Inc. (PRM) announce in this 8-K?

Perimeter Solutions, Inc. reported that its indirect subsidiary Perimeter Holdings, LLC completed an offering of $550 million aggregate principal amount of 6.250% senior secured notes due 2034, issued in transactions exempt from registration under the Securities Act.

What are the key terms of Perimeter Holdings, LLCs 6.250% senior secured notes due 2034?

The notes mature on January 15, 2034 and bear interest at 6.250% per annum, payable in cash semi-annually in arrears on January 15 and July 15 of each year, starting on July 15, 2026. They are general, secured, senior obligations of Perimeter Holdings.

How will Perimeter Holdings use the $550 million in senior secured notes proceeds?

Perimeter Holdings intends to use the net proceeds of the notes, together with cash on hand, to pay the cash consideration for the acquisition of Medical Manufacturing Technologies, LLC (MMT) and to pay related fees and expenses.

What guarantees and collateral support the Perimeter Holdings 2034 notes?

The notes are fully and unconditionally guaranteed on a senior secured basis by Perimeter Intermediate, LLC, the direct parent of Perimeter Holdings, and, subject to exclusions, by existing or future restricted subsidiaries that guarantee the revolving credit facility. They are secured by a first-priority security interest in substantially all present and hereafter acquired property and assets of Perimeter Holdings and the guarantors.

What happens to the notes if the MMT acquisition is not completed?

If the acquisition of MMT is not consummated by September 9, 2026, if Perimeter Holdings states it will not pursue the acquisition, or if it terminates the purchase agreement without closing, an Acquisition Triggering Event occurs. In that case, Perimeter Holdings must redeem all outstanding notes within 30 days at 100% of the initial issue price plus accrued and unpaid interest to, but not including, the redemption date.

What investor protections exist if there is a Change of Control involving Perimeter Holdings or its parent?

In the event of a Change of Control (as defined in the indenture), each holder has the right to require Perimeter Holdings to purchase all or part of its notes at 101% of the principal amount, plus accrued and unpaid interest to the purchase date.

What covenants and redemption rights apply to Perimeter Holdings senior secured notes?

The notes are subject to customary negative covenants limiting, among other things, dividends and other restricted payments, certain asset sales, restricted investments, additional indebtedness, liens, affiliate transactions, and certain mergers or asset transfers. Perimeter Holdings may also redeem the notes, in whole or in part, at the redemption prices set forth in the indenture, plus accrued and unpaid interest to the redemption date.