<SEC-DOCUMENT>0001193125-21-210851.txt : 20210819
<SEC-HEADER>0001193125-21-210851.hdr.sgml : 20210819
<ACCEPTANCE-DATETIME>20210708163601
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001193125-21-210851
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20210708

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Core & Main, Inc.
		CENTRAL INDEX KEY:			0001856525
		STANDARD INDUSTRIAL CLASSIFICATION:	WHOLESALE-DURABLE GOODS, NEC [5099]
		IRS NUMBER:				863149194
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		1830 CRAIG PARK COURT
		CITY:			ST. LOUIS
		STATE:			MO
		ZIP:			63146
		BUSINESS PHONE:		314-432-4700

	MAIL ADDRESS:	
		STREET 1:		1830 CRAIG PARK COURT
		CITY:			ST. LOUIS
		STATE:			MO
		ZIP:			63146
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
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<TITLE>Confidential Treatment Requested by Core &amp;amp; Main, Inc. Under 17 C.F.R. 200.83</TITLE>
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 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Confidential Treatment Requested by Core&nbsp;&amp; Main, Inc. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Under 17 C.F.R. &#167;&nbsp;200.83 </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>CERTAIN
PORTIONS OF THIS LETTER AS FILED VIA EDGAR HAVE BEEN OMITTED AND FILED SEPARATELY WITH THE COMMISSION. CONFIDENTIAL TREATMENT HAS BEEN REQUESTED FOR THE OMITTED PORTIONS, WHICH HAVE BEEN REPLACED WITH THE FOLLOWING PLACEHOLDER &#147;[***]&#148; IN
THE LETTER FILED VIA EDGAR. </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">July&nbsp;8, 2021 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B><U>VIA EDGAR AND SECURE
FILE TRANSFER </U></B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">Katherine Bagley </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">U.S. Securities and Exchange Commission
</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">Office of Trade&nbsp;&amp; Services </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">Division of Corporation Finance </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="justify">100 F Street, N.E. </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">Washington, D.C. 20549-7010 </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="5%" VALIGN="top" ALIGN="left">Re:</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:ARIAL; " ALIGN="left"><B>Core&nbsp;&amp; Main, Inc.</B> </P></TD></TR></TABLE>
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<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B>&nbsp;&nbsp;&nbsp;&nbsp;</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:ARIAL; " ALIGN="left"><B>Registration Statement on Form <FONT STYLE="white-space:nowrap">S-1</FONT> </B></P></TD></TR></TABLE>
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<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B>&nbsp;&nbsp;&nbsp;&nbsp;</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:ARIAL; " ALIGN="left"><B>File <FONT STYLE="white-space:nowrap">No.&nbsp;333-256382</FONT> </B></P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">Dear Ms. Bagley: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL" ALIGN="justify">This letter sets forth the
response of Core&nbsp;&amp; Main, Inc. (the &#147;<U>Registrant</U>&#148;), to comment&nbsp;17 contained in your letter dated May&nbsp;14, 2021, relating to the Draft Registration Statement on <FONT STYLE="white-space:nowrap">Form&nbsp;S-1</FONT>
confidentially submitted by the Registrant on April&nbsp;16, 2021, and provides additional information for the staff (the &#147;<U>Staff</U>&#148;) of the U.S. Securities and Exchange Commission (the &#147;<U>Commission</U>&#148;) to review the
above referenced Registration Statement on <FONT STYLE="white-space:nowrap">Form&nbsp;S-1,</FONT> filed on May&nbsp;21, 2021 (the &#147;<U>Registration Statement</U>&#148;), as amended by Amendment No.&nbsp;1 to the Registration Statement, filed on
June&nbsp;14, 2021, and Amendment No.&nbsp;2 to the Registration Statement, filed on July&nbsp;6, 2021 (&#147;<U>Amendment No.</U><U></U><U>&nbsp;2</U>&#148;). Capitalized terms used but not defined herein have the meanings assigned to them in
Amendment No.&nbsp;2. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><U>Comment 17 </U></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL" ALIGN="justify">For
the Staff&#146;s convenience, we have included the prior comment&nbsp;17 from the Staff in bold, italicized type below, followed by the Registrant&#146;s response. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:ARIAL"><B><I>17. We note your disclosure that &#147;[t]he amount of the cash payments that we will be required to make under the Tax Receivable Agreements is
expected to be significant.&#148; Please provide an estimate of the cash payments that will be required under the Tax Receivable Agreements, or tell us why you are unable to do so. </I></B></P>
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<TD VALIGN="top">K.&nbsp;Bagley</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">2</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">July&nbsp;8,&nbsp;2021</TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Confidential Treatment Requested by Core&nbsp;&amp; Main, Inc. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Under 17 C.F.R. &#167;&nbsp;200.83 </B></P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL" ALIGN="justify">In response to the Staff&#146;s comment, in respect of the Former Limited Partners Tax
Receivable Agreement, the Registrant advises the Staff that assuming (<U>i</U>)&nbsp;no material changes in relevant tax law, (<U>ii</U>)&nbsp;a constant corporate tax rate of 25.1%, which represents a pro forma tax rate that includes a provision
for U.S. federal income taxes and assumes the highest statutory rate apportioned to each state and local jurisdiction, and (<U>iii</U>)&nbsp;that the Registrant earns sufficient taxable income in each year to realize on a current basis all tax
benefits that are subject to the Former Limited Partners Tax Receivable Agreement, the Registrant would recognize a Former Limited Partners Tax Receivable Agreement liability and a decrease to additional
<FONT STYLE="white-space:nowrap">paid-in</FONT> capital of approximately $97.2&nbsp;million, which represents an estimate of the cash payments that will be required under the Former Limited Partners Tax Receivable Agreement based on the assumptions
set forth above. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL" ALIGN="justify">With respect to the Continuing Limited Partners Tax Receivable Agreement, the Registrant advises the Staff that
assuming (<U>i</U>)&nbsp;that the Continuing Limited Partners exchanged all of their Partnership Interests immediately after the completion of the offering at an assumed initial public offering price of $[***] per share of the Class&nbsp;A common
stock, (<U>ii</U>)&nbsp;no material changes in relevant tax law, (<U>iii</U>)&nbsp;a constant corporate tax rate of 25.1%, which represents a pro forma tax rate that includes a provision for U.S. federal income taxes and assumes the highest
statutory rate apportioned to each state and local jurisdiction, and (<U>iv</U>)&nbsp;that the Registrant earns sufficient taxable income in each year to realize on a current basis all tax benefits that are subject to the Continuing Limited Partners
Tax Receivable Agreement, the Registrant would recognize a Continuing Limited Partners Tax Receivable Agreement liability of approximately $569.7&nbsp;million, which represents an estimate of the cash payments that will be required under the
Continuing Limited Partners Tax Receivable Agreement based on the assumptions set forth above. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL" ALIGN="justify">The Registrant has attached herewith
as <U>Annex&nbsp;A</U> for the Staff&#146;s review page&nbsp;57 of Amendment No.&nbsp;2 revised to reflect the foregoing information. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL" ALIGN="justify">The Registrant advises the Staff that the estimated cash payments to be made under the Continuing Limited Partners Tax Receivable
Agreement reflect, in part, the Registrant&#146;s belief of what the indicative price range to be disclosed in the Registrant&#146;s preliminary prospectus (the &#147;<U>Preliminary Prospectus</U>&#148;) forming part of the Registration Statement
may be, but that the actual indicative price range to be included in the Preliminary Prospectus will not be determined until the Registrant completes a valuation process with the underwriters for the initial offering to the public of shares of the
Registrant&#146;s Class&nbsp;A common stock (the &#147;IPO&#148;). This valuation process is expected to be completed shortly before the commencement of the roadshow for the IPO, which is scheduled to occur on or around [***], 2021. Therefore, the
amount of the estimated cash payments to be made under the Continuing Limited Partners Tax Receivable Agreement is subject to further change. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL" ALIGN="justify">Finally, the Registrant advises the Staff that it has also updated page&nbsp;58 of Amendment No.&nbsp;2 (included in <U>Annex A</U>) to
provide the aggregate payment amount upon early termination of each of the Tax Receivable Agreements. </P>
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<TD VALIGN="top">K.&nbsp;Bagley</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">3</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">July&nbsp;8,&nbsp;2021</TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Confidential Treatment Requested by Core&nbsp;&amp; Main, Inc. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Under 17 C.F.R. &#167;&nbsp;200.83 </B></P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><U>Supplemental Information </U></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL" ALIGN="justify">In addition, in order to facilitate the Staff&#146;s ongoing review of the Registration Statement, the Registrant has included in
<U>Annex&nbsp;A</U> certain pages of Amendment No.&nbsp;2 revised to reflect certain indicative share amounts and related pricing information based on an assumed initial offering price to the public per share of the Registrant&#146;s Class&nbsp;A
common stock, after giving effect to the Reorganization Transactions that are expected to occur immediately prior to the consummation of the IPO (&#147;<U>Preliminary Price Information</U>&#148;). The Registrant advises the Staff that the
Preliminary Price Information represents the Registrant&#146;s belief of what the indicative price range to be disclosed in the Preliminary Prospectus may be, but that the actual indicative price range to be included in the Preliminary Prospectus
will not be finally determined until shortly before the commencement of the roadshow for the offering, which is scheduled to occur on or around [***], 2021. Therefore, the indicative Preliminary Price Information is subject to further change, which
may result from various factors outside of the Registrant&#146;s control including, but not limited to, then-current market conditions and subsequent business, market, and other developments affecting the Registrant. However, the Registrant believes
that, barring unforeseen events, the Preliminary Price Information will not be subject to significant change. The actual price range (which will comply with the Staff&#146;s interpretation regarding the parameters of a bona fide price range) will be
included in an amendment to the Registration Statement prior to distribution of the Preliminary Prospectus to potential investors. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><U>Confidential Treatment
Request </U></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL" ALIGN="justify">Due to the commercially sensitive nature of information contained in this letter, the Registrant hereby requests,
pursuant to 17&nbsp;C.F.R.&nbsp;&#167;200.83, that certain portions of this letter be maintained in confidence, not be made part of any public record and not be disclosed to any person. The Registrant has filed a separate letter with the Office of
Freedom of Information and Privacy Act Operations in connection with the confidential treatment request, pursuant to Rule 83 of the Commission&#146;s Rules on Information and Requests, 17&nbsp;C.F.R.&nbsp;&#167; 200.83. For the Staff&#146;s
reference, the Registrant has enclosed a copy of the Registrant&#146;s letter to the Office of Freedom of Information and Privacy Act Operations, as well as a copy of this correspondence, marked to show the portions redacted from the version filed
via EDGAR and for which the Registrant is requesting confidential treatment. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL" ALIGN="justify">Pursuant to Rule&nbsp;418(b) promulgated under the
Securities Act of 1933, as amended (the &#147;<U>Securities Act</U>&#148;), this supplemental information is being provided to the Staff on a supplemental, confidential basis only and is not to be filed with, or deemed a part of, the Draft
Registration Statement on Form <FONT STYLE="white-space:nowrap">S-1</FONT> confidentially submitted by the Registrant on May&nbsp;14, 2021 or any amendments or supplements thereto, including the Registration Statement. The Registrant respectfully
requests that the Staff return this letter and the attached <U>Annex&nbsp;A</U> pursuant to Rule&nbsp;418 of the Securities Act once the Staff has completed its review. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">*&nbsp;&nbsp;&nbsp;&nbsp;*&nbsp;&nbsp;&nbsp;&nbsp;* </P>
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<TD VALIGN="top">K.&nbsp;Bagley</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">4</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">July&nbsp;8,&nbsp;2021</TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Confidential Treatment Requested by Core&nbsp;&amp; Main, Inc. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Under 17 C.F.R. &#167;&nbsp;200.83 </B></P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:5%; font-size:10pt; font-family:ARIAL" ALIGN="justify">If you have any questions regarding this letter, please do not hesitate to call me at (212)
<FONT STYLE="white-space:nowrap">909-6478</FONT> or Peter Loughran at (212) <FONT STYLE="white-space:nowrap">909-6375.</FONT> </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
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<TD VALIGN="top">Best Regards,</TD></TR>
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<TD HEIGHT="16"></TD></TR>
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<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ Paul M. Rodel</TD></TR>
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<TD VALIGN="bottom">Paul M. Rodel</TD></TR>
</TABLE></DIV> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="5%" VALIGN="top" ALIGN="left">cc:</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:ARIAL; " ALIGN="left">Rufus Decker </P></TD></TR></TABLE>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:ARIAL; " ALIGN="left">Dietrich King </P></TD></TR></TABLE>
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<TR style = "page-break-inside:avoid">
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<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:ARIAL; " ALIGN="left">Patrick Kuhn </P></TD></TR></TABLE>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="8%" VALIGN="top" ALIGN="left">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:ARIAL; " ALIGN="left">U.S. Securities and Exchange Commission </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:ARIAL; " ALIGN="left">Stephen O. LeClair </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="8%" VALIGN="top" ALIGN="left">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:ARIAL; " ALIGN="left">Core&nbsp;&amp; Main, Inc. </P></TD></TR></TABLE>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">Enclosures </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Annex A </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>[***] </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Confidential Treatment Requested by
Core&nbsp;&amp; Main, Inc. </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Under 17 C.F.R. &#167;&nbsp;200.83 </B></P>
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