Item 8.01. Other Events.
On March 1, 2021, Keurig Dr Pepper Inc. ("KDP" or the "Company") entered into an
underwriting agreement (the "Underwriting Agreement") with BofA Securities,
Inc., Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC and SMBC Nikko
Securities America, Inc., as representatives of the several underwriters named
therein (the "Underwriters") pursuant to which the Company agreed to issue and
sell a total of $1,150 million aggregate principal amount of its 0.750% Senior
Notes due 2024 (the "2024 Notes"), $500 million aggregate principal amount of
its 2.250% Senior Notes due 2031 (the "2031 Notes") and $500 million aggregate
principal amount of its 3.350% Senior Notes due 2051 (the "2051 Notes" and,
together with the 2024 Notes and the 2031 Notes, the "Notes") to the
Underwriters. The Company estimates that the net proceeds from the offering will
be approximately $2,134 million (after underwriting discounts and offering
expenses). The Underwriting Agreement contains customary representations and
warranties, conditions to closing, indemnification rights, obligations of the
parties and termination provisions.
The Company intends to use the net proceeds from the offering, together with
cash on hand, 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 offering of the Notes was made pursuant to the Company's registration
statement on Form S-3 (File Nos. 333-233477 and 333-233506). The closing of the
offering of the Notes is expected to occur on March 15, 2021, subject to the
satisfaction of customary closing conditions.
The foregoing summary of the Underwriting Agreement is not complete and is
qualified in its entirety by reference to the full and complete text of the
Underwriting Agreement, a copy of which is filed as Exhibit 1.1 hereto and is
incorporated herein by reference.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
Exhibit No. Description
1.1 Underwriting Agreement, dated March 1, 2021, by and among the
Company and BofA Securities, Inc., Goldman Sachs & Co. LLC, J.P.
Morgan Securities LLC and SMBC Nikko Securities America, Inc., as
representatives of the several underwriters named therein.
104 Cover Page Interactive Data File, formatted in Inline XBRL.
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