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

By Wendy Van Sickle

Columbus, Ohio, March 26 – Keurig Dr Pepper Inc. entered into a new unsecured 364-day credit agreement on Wednesday with Bank of America, 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 March 23, 2022 and replaces the company’s former $1.5 billion 364-day credit agreement, which has been terminated.

The interest rate is Libor plus 100 basis points to 162.5 bps, based on debt ratings.

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

BofA Securities, Inc., Goldman Sachs Bank USA and JPMorgan Chase Bank, NA acted as joint lead arrangers and bookrunners.

Goldman Sachs and JPMorgan are the syndication agents.

Mizuho Bank, Ltd., Wells Fargo Bank, NA, BNP Paribas, Morgan Stanley MUFG Loan Partners, LLC, Cooperatieve Rabobank UA, New York Branch, Intesa Sanpaolo SpA, New York Branch, HSBC Bank USA, NA, Sumitomo Mitsui Banking Corp., Industrial and Commercial Bank of China Ltd., New York Branch, Truist Bank, Toronto-Dominion Bank, New York Branch and U.S. Bank NA are the documentation agents.

The beverage conglomerate is based in Burlington, Mass.

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