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.

Key facts

Extracted from this filing and checked against the source text.

Equity Issuances SEC 8-K Item 3.02/3.03 confidence 0.9

Keurig Dr Pepper Inc. issued 3,000,000 shares of a new series of Series A Convertible Perpetual Preferred Stock of preferred stock to Pour Purchaser L.P. and AP Pour Holdings, L.P. for purchase price per share of $1,000 and an aggregate purchase price of $3.0 billion.

Security: preferred stock
Shares: 3,000,000 shares of a new series of Series A Convertible Perpetual Preferred Stock
Purchaser: Pour Purchaser L.P. and AP Pour Holdings, L.P.
Consideration: purchase price per share of $1,000 and an aggregate purchase price of $3.0 billion

Exact text from the filing

Pursuant to the Preferred Investment Agreement, on the terms and subject to the conditions set forth therein, the Company agreed to issue and sell to the Preferred Investors (the date of such issuance, the “ Issue Date ”), and the Preferred Investors agreed to purchase from the Company, 3,000,000 shares of a new series of Series A Convertible Perpetual Preferred Stock, par value $0.01 per share (the “ Convertible Preferred Stock ”), of KDP for a purchase price per share of $1,000 and an aggregate purchase price of $3.0 billion

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Keurig Dr Pepper Inc. filing history →

Source: SEC EDGAR

accession 0001193125-25-257489

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