KDP raises $3B convertible preferred from KKR & Apollo, $4B JV for pod manufacturing to fund JDE Peet's buy

Keurig Dr Pepper Inc.

Issues 3M shares of 4.75% Series A Convertible Perpetual Preferred at $1,000/share for $3B to KKR and Apollo.
Enters JV commitment with KKR, Apollo, Goldman Sachs: $4B cash for 49% stake in pod manufacturing subsidiary.
Proceeds from both financings will partially fund the pending acquisition of JDE Peet’s (all ordinary shares).
Preferred converts at $37.25/share, with initial 50% conversion cap; spin-off of coffee business triggers adjustments.
JV includes 8-year call right for KDP, 15-year conversion right for JV partner, and quarterly cash distributions.

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