Keurig Dr Pepper Inc Issues $2,150 Million Aggregate Principal Amount of Senior Unsecured Notes, Consisting of $1,150 Million Aggregate Principal Amount of 0.750% Senior Notes Due 2024
March 15, 2021 at 04:34 pm EDT
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On March 15, 2021, Keurig Dr Pepper Inc. issued $2,150 million aggregate principal amount of senior unsecured notes, consisting of $1,150 million aggregate principal amount of 0.750% Senior Notes due 2024, $500 million aggregate principal amount of 2.250% Senior Notes due 2031 and $500 million aggregate principal amount of 3.350% Senior Notes due 2051 (the “2051 Notes” and, together with the 2024 Notes and the 2031 Notes, the “Notes”), pursuant to an indenture, dated as of December 15, 2009, between the Company and Wells Fargo Bank, N.A., as trustee (the “Base Indenture”), as supplemented by the Eleventh Supplemental Indenture thereto, dated as of March 15, 2021, among the Company, the Subsidiary Guarantors (as defined herein) and Wells Fargo Bank, N.A., as trustee (the “Eleventh Supplemental Indenture” and, together with the Base Indenture, the “Indenture”). Interest on each series of Notes will be payable on March 15 and September 15 of each year, beginning on September 15, 2021. The 2024 Notes will mature on March 15, 2024, the 2031 Notes will mature on March 15, 2031 and the 2051 Notes will mature on March 15, 2051. The Notes will not be entitled to any sinking fund. The Notes were issued in an underwritten offering registered under the Securities Act of 1933, as amended. Affiliates of the Trustee have been initial purchasers in previous offerings of notes by the Company and lenders under the Company’s credit agreements. The Notes are the unsecured and unsubordinated obligations of the Company and rank equally in right of payment with all of the Company’s current and future unsubordinated indebtedness. The Notes are fully and unconditionally guaranteed by certain of the Company’s domestic subsidiaries (each a “Subsidiary Guarantor”) and all of its existing and future subsidiaries that guarantee any of its other indebtedness (each a “Subsidiary Guarantee”). Each such Subsidiary Guarantee is an unsecured and unsubordinated obligation of the Subsidiary Guarantor providing such Subsidiary Guarantee and ranks equally in right of payment with such Subsidiary Guarantor’s current and future unsubordinated indebtedness.
Keurig Dr Pepper Inc. is is a leading producer of non-alcoholic beverages in North America. The group markets hot drinks, soft drinks, flavoured water, fruit juices, concentrated and syrups. Net sales break down by family of products as follows:
- refreshment beverages (59.6%): Dr Pepper, Canada Dry, A&W, 7UP, Sunkist, Squirt, Big Red, RC Cola, Vernors, Snapple, Mott's, Bai, Hawaiian Punch, Clamato, Yoo-Hoo, Core, ReaLemon, evian, Vita Coco, Mr and Mrs T mixers and other brands ;
- coffee (27.5%): Green Mountain Coffee Roasters, The Original Donut Shop, McCafé, Laughing Man, REVV and Van Houtte brands. In addition, the group offers coffee machines and accessories;
- beverage concentrates (13%): Peñafiel, Clamato, Squirt, Canada Dry, Dr Pepper, Mott's and Crush brands.
At the end of 2023, the group had 30 manufacturing sites located mainly in the United States (24).
The United States account for 87.5% of net sales.
Keurig Dr Pepper Inc Issues $2,150 Million Aggregate Principal Amount of Senior Unsecured Notes, Consisting of $1,150 Million Aggregate Principal Amount of 0.750% Senior Notes Due 2024