BURLINGTON, Mass. and
PLANO, Texas, March 1, 2021 /PRNewswire/ -- Keurig Dr Pepper
Inc. (NASDAQ: KDP) announced today the commencement of a
public offering of senior notes and the Company's intent to enter
into a new 364-day revolving credit facility. The Company intends
to use the net proceeds from the sale of the notes to fund the
redemption of certain outstanding senior unsecured notes and to
permanently repay in full and terminate its term loan facility that
matures in February 2023 and, in each
case, to pay any related premiums, accrued and unpaid interest and
fees and expenses related thereto. The remaining net proceeds, if
any, will be used to fund the costs of the offering and for other
general corporate purposes.
Commenting on the announcement, Keurig Dr Pepper CFO and
President, International, Ozan
Dokmecioglu, stated, "Since the time of the merger nearly
three years ago, we have driven significant cash flow for KDP,
allowing us to rapidly delever. This strong performance also led to
the recent outlook upgrade of KDP by Moody's Investor
Services. The strategic refinancing we are launching today
will further enhance our liquidity profile and strengthen our
balance sheet, supporting our delivery of the three-year merger
targets we established in 2018 and reiterated last week."
BofA Securities, Goldman Sachs & Co. LLC, J.P. Morgan and
SMBC Nikko Securities America, Inc. will act as joint book-running
managers for the offering of senior notes, which is being made only
by means of a prospectus and related prospectus supplement. The
Company has filed a registration statement (including the
prospectus and related prospectus supplement) with the Securities
and Exchange Commission (the "SEC") for the offering to which this
communication relates. Before you invest, you should read the
prospectus and related prospectus supplement incorporated in that
registration statement and other documents the Company has filed
with the SEC for more complete information about the Company and
the offering. You may get these documents for free by visiting
EDGAR on the SEC Web site at www.sec.gov. Alternatively,
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
dg.prospectus_requests@bofa.com; 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
prospectus-ny@ny.email.gs.com; J.P. Morgan Securities LLC, 383
Madison Avenue, New York, New York
10179, Attn: Investment Grade Syndicate Desk, telephone: (212)
834-4533; and SMBC Nikko Securities America, Inc., 277 Park Avenue,
New York, New York 10172, Attn:
Debt Capital Markets, telephone: 1-888-868-6856 or by email at
prospectus@smbcnikko-si.com.
This press release does not constitute an offer to sell or the
solicitation of an offer to buy, nor shall there be any sale of,
the notes in any jurisdiction in which such offer, solicitation, or
sale would be unlawful prior to registration or qualification under
the securities laws of any such jurisdiction.
About Keurig Dr Pepper
Keurig Dr Pepper (KDP) is a
leading beverage company in North America, with annual revenue
in excess of $11 billion and nearly 27,000
employees. KDP holds leadership positions in soft drinks, specialty
coffee and tea, water, juice and juice drinks and mixers, and
markets the #1 single serve coffee brewing system in the U.S.
and Canada. The Company's portfolio of more than 125 owned,
licensed and partner brands is designed to satisfy virtually any
consumer need, any time, and includes Keurig®, Dr
Pepper®, Green
Mountain®, Canada Dry®,
Snapple®, Bai®, Mott's®,
CORE® and The Original Donut Shop®. Through
its powerful sales and distribution network, KDP can deliver its
portfolio of hot and cold beverages to nearly every point of
purchase for consumers. The Company is committed to sourcing,
producing and distributing its beverages responsibly through
its Drink Well. Do Good. corporate responsibility
platform, including efforts around circular packaging, efficient
natural resource use and supply chain sustainability.
Forward-Looking Statements
Certain statements contained herein are "forward-looking
statements" within the meaning of applicable securities laws and
regulations. These statements are often, but not always, made
through the use of words or phrases such as "may," "might,"
"should," "could," "predict," "potential," "believe," "expect,"
"continue," "will," "anticipate," "seek," "estimate," "intend,"
"plan," and "would," or the negative version of those words or
other comparable words or phrases of a future or forward-looking
nature. These forward-looking statements have been based on
the Company's current views with respect to future events and the
timing of this notes offering. These forward-looking
statements are subject to a number of risks and uncertainties
including prevailing market conditions, as well as other factors.
All of the forward-looking statements are qualified in their
entirety by reference to the factors discussed under "Risk Factors"
in Part I, Item 1A of the Company's Annual Report on Form 10-K for
the year ended December 31, 2020 and
the Company's other filings with the SEC. Forward-looking
statements represent the Company's estimates and assumptions only
as of the date that they were made. The Company does not undertake
any duty to update the forward-looking statements, and the
estimates and assumptions associated with them, after the date of
this release, except to the extent required by applicable law.
Contact information
Investors:
Tyson Seely
(781) 418-3352
tyson.seely@kdrp.com
Steve Alexander
(972) 673-6769
steve.alexander@kdrp.com
Media:
Katie Gilroy
(781) 418-3345
katie.gilroy@kdrp.com
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SOURCE Keurig Dr Pepper