Keurig Dr Pepper markets three-part offering of senior notes

Chicago, March 1 – Keurig Dr Pepper Inc. is in the market with a three-part offering of senior notes, according to a 424B3 filing with the Securities and Exchange Commission.

All of the notes will come with make-whole calls that convert to par calls a certain number of months before the associated maturity date.

Any change of control would constitute a triggering even where the notes would be repurchased at 101.

The company is additionally conducting an at-the-market offering of 4.3 million shares of its common stock and is in the market for a 364-day revolving credit facility.

BofA Securities, Inc., Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC and SMBC Nikko Securities America, Inc. are joint bookrunners.

Proceeds will be used to fund the redemption of the company’s 3.2% 2021-A notes due Nov. 15, 2021, the 2021-B 2.53% notes due Nov. 15, 2021, the 2.7% notes due Nov. 15, 2022 and the 4.057% 2023 merger notes due May 25, 2023. Additionally, the offering will help to permanently repay the company’s $425 million term loan facility due in February 2023. Remaining proceeds will be used to fund the costs of the offering and other general corporate purposes.

The beverage conglomerate is based in Burlington, Mass.

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