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Keurig Dr Pepper 8-K Report, Material Agreement (Apr 1, 2026)

Reports
Acquisitions & Dispositions·Material Agreements·Securities & Listing+3
Filing Date
Filed April 1, 2026
Period End
March 30, 2026
Security
KDP
In the record · 2016–202610-K1210-Q338-K216

KDP filed 12 annual reports (10-K), 33 quarterly reports (10-Q) and 216 current reports (8-K) between 2016 and 2026.

  1. Material agreement8-K · Mar ’17Mar ’17
  2. Leadership change8-K · Jun ’19Jun ’19
  3. Leadership change8-K · Jun ’21Jun ’21
  4. Material agreement8-K · May ’25May ’25

01—Abstract

Summary

Summary of the 8-K filed April 1, 2026. Cited figures are marked; the original filing is the authoritative source.

On March 30, 2026, Keurig Dr Pepper Inc. (KDP) issued and sold 4,500,000 shares of Series A Convertible Perpetual Preferred Stock at $1,000a per share, for an aggregate purchase price of $4.5 billion, to investors including KKR and Apollo-affiliated entities.

The net proceeds were used to finance part of the acquisition of JDE Peet's N.V. The company also closed a Pod Manufacturing Joint Venture investment on the same date, in which a JV Investor Partner made a capital contribution of approximately $4 billionb to Keurig JV, LP in exchange for a 49% interest in the joint venture, which owns or has access to KDP's assets used to manufacture K-Cup pods and other unbrewed single-serve beverages in the United States and Canada. Proceeds from that contribution also financed part of the JDE Peet's acquisition.

The 364-Day Bridge Credit Agreement was terminated on March 30, 2026, after its remaining commitments were reduced to zero. On April 1, 2026, Kodiak BidCo B.V., a wholly-owned subsidiary, settled the tender offer for JDE Peet's shares at €31.85 per share in cash. As of March 27, 2026, 466,712,270 shares, representing 96.22%c of the shares, had been tendered, for an aggregate consideration of approximately €14.86 billion.

A post-closing acceptance period runs through April 13, 2026. The filing states that KDP plans to separate into two independent, U.S.-listed companies after an interim operating period: Beverage Co., led by Tim Cofer, and Global Coffee Co., led by Rafael Oliveira, who was named CEO of the coffee operating unit. The companies are targeting operational readiness to separate by year-end 2026, though timing depends on leverage levels and market conditions.

02—Key points

Key Highlights

  1. Issued 4,500,000 Series A Convertible Perpetual Preferred Shares for $4.5 billion on March 30, 2026, to fund part of the JDE Peet's acquisition.
  2. Pod Manufacturing JV closed March 30, 2026, with a ~$4 billion capital contribution by the JV Investor Partner for a 49% interest in Keurig JV, LP.
  3. The 364-Day Bridge Credit Agreement was terminated on March 30, 2026, after its remaining commitments were reduced to zero.
  4. Kodiak BidCo settled the JDE Peet's offer on April 1, 2026 at €31.85 per share, with 96.22% of shares tendered as of March 27, 2026 (approximately €14.86 billion aggregate consideration).
  5. A post-closing acceptance period runs through April 13, 2026; JDE Peet's shares are expected to be delisted from Euronext Amsterdam on April 30, 2026.
  6. Rafael Oliveira named CEO of the coffee operating unit and future Global Coffee Co.; Tim Cofer to lead Beverage Co. after the planned separation.
  7. Separation into two U.S.-listed companies is targeted for operational readiness by year-end 2026, subject to leverage and market conditions.

03—Questions

Frequently Asked Questions

  1. How was the JDE Peet's acquisition financed?

    The filing states that KDP used net proceeds from U.S. dollar and euro notes offerings, the sale of interests in the Pod Manufacturing JV, the sale of the Convertible Preferred Stock, and borrowings under its delayed draw term loan, together with cash on hand, to fund the acquisition and related fees and expenses.

  2. What are the terms of the Convertible Preferred Stock?

    The company issued 4,500,000 shares of Series A Convertible Perpetual Preferred Stock at $1,000 per share, for $4.5 billion in aggregate. The terms are set out in a Certificate of Designations filed in Delaware on March 30, 2026, which is attached as Exhibit 3.1. The filing describes the terms only in summary and refers to earlier 8-K reports for further detail.

  3. What does the Pod Manufacturing JV investment mean for KDP?

    A JV Investor Partner contributed approximately $4 billion to Keurig JV, LP for a 49% interest in the joint venture. The joint venture owns or has access to KDP's assets and facilities used to manufacture K-Cup pods and other unbrewed single-serve beverages in the United States and Canada.

  4. When will JDE Peet's shareholders receive payment for shares tendered after March 27, 2026?

    Shares tendered during the post-closing acceptance period, which runs through April 13, 2026, are expected to be settled within five business days after it expires. The company states it cannot guarantee that shareholders will receive payment within that period.

04—Continue

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