01—Abstract
Summary
Summary of the 8-K filed April 30, 2025. Cited figures are marked; the original filing is the authoritative source.
Keurig Dr Pepper Inc. (KDP) reported in this Form 8-K, filed April 30, 2025, that on April 28, 2025 it entered into an underwriting agreement with BNP Paribas Securities Corp., BofA Securities, Inc., J.P.
Morgan Securities LLC and Truist Securities, Inc., as representatives of the underwriters, to issue and sell $2.0 billiona in aggregate principal amount of senior notes in four tranches of $500 million each: Floating Rate Senior Notes due 2026, 4.350% Senior Notes due 2028, 4.600% Senior Notes due 2030 and 5.150% Senior Notes due 2035. The company estimates net proceeds of approximately $1,986 million after underwriting discounts and offering expenses. It intends to use the proceeds for general corporate purposes, including repaying certain outstanding commercial paper borrowings and/or certain of its outstanding senior notes.
The offering was made under a Form S-3 registration statement (File No. 333-266989) filed August 19, 2022, and closing is expected on May 5, 2025, subject to customary closing conditions. The underwriting agreement is filed as Exhibit 1.1.
02—Key points
Key Highlights
- Total offering of $2.0 billion in senior notes, with four tranches of $500 million each
- Tranches include Floating Rate Senior Notes due 2026, 4.350% notes due 2028, 4.600% notes due 2030 and 5.150% notes due 2035
- Estimated net proceeds of approximately $1,986 million after underwriting discounts and offering expenses
- Proceeds intended for general corporate purposes, including repayment of commercial paper and/or certain outstanding senior notes
- Offering made under Form S-3 registration statement (File No. 333-266989) filed August 19, 2022
- Expected closing date of May 5, 2025, subject to customary closing conditions
- Underwriting agreement dated April 28, 2025 filed as Exhibit 1.1
03—Questions
Frequently Asked Questions
How much debt is Keurig Dr Pepper issuing and in what form?
The company agreed to issue and sell a total of $2.0 billion in aggregate principal amount of senior notes, comprising $500 million each of Floating Rate Senior Notes due 2026, 4.350% Senior Notes due 2028, 4.600% Senior Notes due 2030 and 5.150% Senior Notes due 2035.
How much cash will the company receive from the offering?
The company estimates net proceeds of approximately $1,986 million after underwriting discounts and offering expenses.
What will Keurig Dr Pepper use the proceeds for?
The company intends to use the net proceeds for general corporate purposes, including repayment of certain outstanding commercial paper borrowings and/or certain of its outstanding senior notes.
Who are the underwriters and when is the offering expected to close?
The representatives of the underwriters are BNP Paribas Securities Corp., BofA Securities, Inc., J.P. Morgan Securities LLC and Truist Securities, Inc. The closing is expected to occur on May 5, 2025, subject to customary closing conditions.
Under what registration statement was the offering made?
The offering was made pursuant to a Form S-3 registration statement (File No. 333-266989) that the company filed with the SEC on August 19, 2022.
04—Continue