KDP issues $2B in senior notes; JAB sells 75M shares in secondary offering

Keurig Dr Pepper Inc.

Issued $2.0B aggregate principal of senior unsecured notes across four tranches: floating rate due 2026, 4.350% due 2028, 4.600% due 2030, and 5.150% due 2035.
Notes are unsecured, rank equally with existing unsubordinated debt, and are fully guaranteed by certain domestic subsidiaries.
JAB BevCo completed secondary offering of 75M KDP shares at ~$33.33 each, gross proceeds ~$2.5B; KDP received no proceeds.
JAB BevCo is a holding company majority-owned by JAB Holding Company, previously announced as a registered secondary offering.
Indenture includes standard change-of-control put at 101%, customary events of default, and negative covenants on secured debt and sale-leasebacks.

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