Keurig Dr Pepper 8-K Report, Material Agreement (Mar 31, 2025)

On March 31, 2025, Keurig Dr Pepper Inc. entered into a new unsecured revolving credit agreement with lenders and issuing banks party thereto and JPMorgan Chase Bank, N.A. as administrative agent.

The facility provides for a $4 billion^a revolving credit line, usable for general corporate purposes and working capital, and matures on March 31, 2030. Borrowings bear interest at either term SOFR plus a margin of 0.750% to 1.250%, or an alternative base rate plus a margin of zero to 0.250%, depending on the rating of certain of the Company's index debt. The agreement contains customary investment-grade representations, warranties, and affirmative and negative covenants, including a financial covenant requiring a minimum interest coverage ratio of 3.25 to 1.00, and customary events of default, including a change of control.

In connection with the new agreement, the Company terminated its existing revolving credit agreement dated February 23, 2022, under which no amounts had been drawn prior to termination. The filing is a refinancing of the Company's revolving liquidity line rather than a new borrowing, but it signals continued access to committed bank credit on a five-year term. The full agreement is filed as Exhibit 10.1 and is incorporated by reference.