Business
Keurig Dr Pepper Announces Early Tender Results and Upsizing of Tender Offers for Outstanding Series of its Senior Unsecured Notes
BURLINGTON, Mass. and FRISCO, Texas, April 20, 2022 /PRNewswire/ -- As part of the Company's strategic refinancing announced on April 7, 2022, Keurig Dr
About this update from Keurig Dr Pepper Inc.
[{"type":"text","content":"BURLINGTON, Mass. and FRISCO, Texas, April 20, 2022 /PRNewswire/ -- As part of the Company's strategic refinancing announced on April 7, 2022, Keurig Dr Pepper Inc. (NASDAQ: KDP) today announced the early tender results for its series of tender offers to purchase for cash certain of its outstanding series of senior unsecured notes. \nIn making the announcement, KDP indicated that it exercised its previously disclosed right to amend such tender offers to increase the maximum amounts initially disclosed, resulting in an increase of approximately $520 million in the total aggregate purchase price, excluding accrued and unpaid interest, for the tender offers. The tender offer transaction supports KDP's strategic refinancing objectives to continue to strengthen its liquidity profile and optimize its interest expense.\nDetails of Tender Offers\nKDP initially offered to purchase for cash: (i) up to $400,000,000 aggregate purchase price, excluding accrued and unpaid interest (the \"2025 Maximum Amount\"), of its 4.417% Senior Notes due 2025 (the \"2025 Notes\"), (ii) up to $600,000,000 aggregate purchase price, excluding accrued and unpaid interest (the \"2028 Maximum Amount\"), of its 4.597% Senior Notes due 2028 (the \"2028 Notes\") and (iii) up to $600,000,000 aggregate purchase price, excluding accrued and unpaid interest (the \"Long Dated Maximum Amount\" and, together with the 2025 Maximum Amount and the 2028 Maximum Amount, the \"Maximum Amounts\"), of its 5.085% Senior Notes due 2048, its 4.985% Senior Notes due 2038, its 4.500% Senior Notes due 2045 and its 4.420% Senior Notes due 2046 (collectively, the \"Long Dated Notes\" and, together with the 2025 Notes and the 2028 Notes, the \"Notes\"), subject to prioritized acceptance levels listed in the table below.\nThe Company also exercised its previously disclosed right to amend such tender offers to (i) increase the previously announced 2025 Maximum Amount from $400,000,000 to $485,000,000, (ii) increase the previously announced 2028 Maximum Amount from $600,000,000 to a total cash amount sufficient to accept for purchase all 2028 Notes validly tendered and not validly withdrawn prior to or at the Early Tender Date (approximately $929,000,000) and (iii) increase the previously announced Long Dated Maximum Amount from $600,000,000 to a total cash amount sufficient to accept for p...