BURLINGTON, Mass. and FRISCO, Texas, Feb. 29,
2024 /PRNewswire/ -- Keurig Dr Pepper Inc. (NASDAQ:
KDP) (the "Company" or "KDP") today announced the pricing of its
previously-announced public offering of 86,956,522 shares through a
registered secondary offering, at a price to the public of
$29.10 per share. JAB has also
granted an option to the underwriter to purchase up to an
additional 13,043,478 shares for a period of 30 days following the
date of the offering.
KDP has indicated its intent to repurchase an aggregate of 35
million shares in this offering (the "Repurchase") at the per share
price to be paid by the underwriter in the offering. The Repurchase
is being effected under its previously announced $4 billion repurchase authorization of which
approximately $1.8 billion will
remain outstanding following the offering.
Following the completion of the offering, assuming full exercise
of the underwriter's option to purchase additional shares, JAB will
beneficially own approximately 21% of KDP's outstanding common
stock, giving effect to the Repurchase, bringing KDP's public float
to approximately 79%.
Under the terms of the transaction, the remaining shares
beneficially owned by JAB will be subject to a 180 day lock-up
agreement with the underwriter.
Morgan Stanley is acting as the underwriter for the
offering.
The offering will be made only by means of an effective
registration statement and a prospectus. The Company has previously
filed with the U.S. Securities and Exchange Commission (the "SEC")
a registration statement (including a prospectus) on Form S-3 (File
No. 333-266989) and a prospectus supplement, each dated
August 19, 2022, as well as a
preliminary prospectus supplement for the offering to which this
communication relates. Before you invest, you should read the
prospectus in that registration statement, the accompanying
prospectus supplements and other documents the issuer has filed
with the SEC for more complete information about the issuer and
this offering. These documents can be accessed through the SEC's
website at www.sec.gov or by contacting Morgan Stanley &
Co. LLC, Attn: Prospectus Department, 180 Varick Street, 2nd Floor,
New York, NY 10014. This press
release shall not constitute an offer to sell or the solicitation
of an offer to buy, nor shall there be any sale of these securities
in any state or jurisdiction in which such offer, solicitation or
sale would be unlawful prior to registration or qualification under
the securities laws of any such state or jurisdiction.
Investor Contacts:
Jane Gelfand
T: 888-340-5287
jane.gelfand@kdrp.com
Chethan Mallela
T: 888-340-5287
chethan.mallela@kdrp.com
Media Contact:
Katie Gilroy
T: 781-418-3345
katie.gilroy@kdrp.com
About Keurig Dr Pepper
Keurig Dr Pepper (KDP) is a leading beverage company in North
America, with annual revenue of more than $14 billion and
approximately 28,000 employees. KDP holds leadership positions in
liquid refreshment beverages, including 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®, Canada Dry®, Clamato®,
CORE®, Green Mountain Coffee Roasters®,
Mott's®, Snapple®, 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's Drink
Well. Do Good. corporate responsibility platform is focused on the
greatest opportunities for impact in the environment, its supply
chain, the health and well-being of consumers and with its people
and communities.
FORWARD LOOKING STATEMENTS
Certain statements contained herein are "forward-looking
statements" within the meaning of applicable securities laws and
regulations. These forward-looking statements can generally be
identified by the use of words such as "outlook," "guidance,"
"anticipate," "expect," "believe," "could," "estimate," "feel,"
"forecast," "intend," "may," "plan," "potential," "project,"
"should," "target," "will," "would," and similar words.
Forward-looking statements by their nature address matters that
are, to different degrees, uncertain. These statements are based on
the current expectations of our management, are not predictions of
actual performance, and actual results may differ materially.
Forward-looking statements are subject to a number of risks and
uncertainties, including the factors disclosed in our Annual Report
on Form 10-K, the prospectus supplements and subsequent filings
with the SEC. We are under no obligation to update, modify or
withdraw any forward-looking statements, except as required by
applicable law.
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SOURCE Keurig Dr Pepper