Business
Keurig Dr Pepper Announces Strategic Refinancing to Extend Debt Maturities and Enhance Liquidity Profile
Commences a Public Offering of Senior Notes and the Refinancing and Upsizing of Revolving Credit Facility BURLINGTON, Mass. and PLANO, Texas, April 7, 2020
About this update from Keurig Dr Pepper Inc.
[{"type":"text","content":"Commences a Public Offering of Senior Notes and the Refinancing and Upsizing of Revolving Credit Facility\n\n\nBURLINGTON, Mass. and PLANO, Texas, April 7, 2020 /PRNewswire/ -- Keurig Dr Pepper (NYSE: KDP) (the \"Company\" or \"KDP\") announced today a strategic refinancing program, intended to extend the Company's debt maturities and enhance its liquidity profile. \nIn making the announcement, the Company indicated that it has commenced a public offering of senior notes, subject to market and other customary conditions, as well as the refinancing and upsizing of the Company's existing revolving credit facility. The Company intends to use the net proceeds from the sale of the notes to repay short-term commercial paper notes and current borrowings under its existing revolving credit facilities. The strategic refinancing is not expected to change the Company's total debt balance or its deleveraging commitments.\n\"The strategic refinancing announced this morning is another proactive step we are taking at KDP to increase our existing excess liquidity to a level that would far exceed potential increased liquidity needs, even in the event of a protracted downturn. We have consistently taken a conservative approach to managing our business, including our balance sheet and financial health, and today's announcement is yet another indication of this financial discipline,\" stated Chief Financial Officer Ozan Dokmecioglu.\nBofA Securities Inc., Goldman Sachs & Co. LLC and J.P. Morgan Securities LLC will act as joint book-running managers for the notes offering.\nThe offering of the notes is being made only by means of a prospectus and related prospectus supplement. Copies may be obtained from: BofA Securities, Inc., 200 North College Street, 3rd Floor, Charlotte, North Carolina 28255-0001, Attention: Prospectus Department, telephone: 1-800-294-1322 or by email at [email protected]; Goldman Sachs & Co. LLC, Prospectus Department, 200 West Street, New York, NY 10282, telephone: 1-866-471-2526, facsimile: 212-902-9316 or by email at [email protected]; and from J.P. Morgan Securities LLC, 383 Madison Avenue, New York, New York 10179, Attn: Investment Grade Syndicate Desk, telephone: (212) 834-4533. An effective registration statement is on file with the Securities and Exchange Commission (\"SEC\"), and a copy of the...