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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): November 9, 2023

(November 5, 2023)

 

 

Core & Main, Inc.

(Exact name of registrant as specified in its charter)

 

 

 

Delaware   001-40650   86-3149194

(State or other jurisdiction

of incorporation)

 

(Commission

File Number)

 

(IRS Employer

Identification No.)

 

1830 Craig Park Court  
St. Louis, Missouri   63146
(Address of principal executive offices)   (Zip Code)

(314) 432-4700

(Registrant’s telephone number, including area code)

N/A

(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 Class

 

Trading
Symbol

 

Name of Each Exchange

on Which Registered

Class A common stock, par value $0.01 per share   CNM   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 8.01

Other Events

Purchase and Redemption Agreement

On November 5, 2023, Core & Main, Inc. (the “Company”) completed a purchase and redemption, as the case may be, from the Selling Stockholders (as defined below) of the Company’s Class A common stock, par value $0.01 per share (the “Class A Common Stock”), and partnership interests of the Company’s subsidiary Core & Main Holdings, LP, a Delaware limited partnership (“Holdings”) (together with a corresponding number of shares of Class B common stock, par value $0.01 per share (the “Class B Common Stock”)), pursuant to a purchase and redemption agreement, dated as of November 5, 2023 (the “Purchase and Redemption Agreement”), with Holdings, CD&R Fund X Advisor Waterworks B, L.P. (“Fund X Advisor”), CD&R Fund X Waterworks B1, L.P. (“Fund X Waterworks B1”), CD&R Fund X-A Waterworks B, L.P. (“Fund X-A” and, collectively with Fund X Advisor and Fund X Waterworks B1, the “Class A Selling Stockholders”) and CD&R Waterworks Holdings, LLC (the “Paired Interest Selling Stockholder,” and, together with the Class A Selling Stockholders, the “Selling Stockholders”).

The foregoing description of the Purchase and Redemption Agreement does not purport to be complete and is qualified in its entirety by reference to the full text of the Purchase and Redemption Agreement, a copy of which is filed herewith as Exhibit 10.1 and is incorporated herein by reference.

Underwriting Agreement

On November 6, 2023, the Company, Holdings, the Selling Stockholders and Citigroup Global Markets Inc. (the “Underwriter”) entered into an underwriting agreement (the “Underwriting Agreement”) pursuant to which the Selling Stockholders agreed to sell to the Underwriter, and the Underwriter agreed to purchase from the Selling Stockholders, subject to and upon the terms and conditions set forth therein, 19,000,000 shares of the Company’s Class A Common Stock at a price of $30.44 per share. The Selling Stockholders have granted the Underwriter a 30-day option to purchase up to an additional 2,850,000 shares of Class A Common Stock.

The foregoing description of the Underwriting Agreement does not purport to be complete and is qualified in its entirety by reference to the copy thereof, which is filed herewith as Exhibit 1.1 and is incorporated herein by reference.

 

Item 9.01

Financial Statements and Exhibits

(d) Exhibits.

 

Exhibit
Number

  

Description

1.1    Underwriting Agreement, dated November 6, 2023, among Core & Main, Inc., Core & Main Holdings, LP, the selling stockholders named therein and Citigroup Global Markets Inc.
10.1    Purchase and Redemption Agreement, dated as of November 5, 2023, by and among Core & Main, Inc., Core & Main Holdings, LP, CD&R Fund X Advisor Waterworks B, L.P., CD&R Fund X Waterworks B1, L.P., CD&R Fund X-A Waterworks B, L.P. and CD&R Waterworks Holdings, LLC.
104    Cover Page Interactive Data File (embedded within the Inline XBRL document).

 


SIGNATURE

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

 

Date: November 9, 2023   CORE & MAIN, INC.
    By:  

/s/ Stephen O. LeClair

    Name:   Stephen O. LeClair
    Title:   Chief Executive Officer