Keurig Dr Pepper Inc. (NASDAQ: KDP) announced today a strategic refinancing intended to further strengthen its balance sheet and enhance its liquidity profile. The strategic refinancing includes the commencement of a public offering of senior notes and a concurrent series of tender offers to purchase for cash certain of KDP’s outstanding series of senior unsecured notes.
The Company intends to use the net proceeds from this offering, together with cash on hand, if necessary, to fund the purchase price and accrued and unpaid interest for the notes purchased in the Tender Offers and to redeem an outstanding series of senior unsecured notes.
This offering is not contingent on the consummation of the Tender Offers or the redemption. In the event that the Tender Offers and the redemption are not consummated, the Company intends to use the net proceeds from this offering for general corporate purposes, including working capital, acquisitions, retirement of debt and other business opportunities.
Keurig Dr Pepper is a leading beverage company in North America, with annual revenue approaching $13 billion and approximately 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
KDP shares let go of 14 cents to $37.70