Keurig Dr Pepper gets $1.5 billion 364-day revolving credit facility

By Sarah Lizee

Olympia, Wash., April 15 – Keurig Dr Pepper Inc. entered into a new unsecured 364-day credit agreement on Tuesday with JPMorgan Chase Bank, NA as administrative agent, providing for a $1.5 billion revolver, according to an 8-K filing with the Securities and Exchange Commission.

Borrowings may be used for general corporate purposes and working capital.

The credit agreement will mature on April 13, 2021 and replaces the company’s former $750 million 364-day credit agreement, which has been terminated.

The interest rate is Libor plus 225 basis points to 275 bps, based on debt ratings.

There is a financial covenant in the form of a total net leverage ratio.

The beverage conglomerate is based in Burlington, Mass.

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