---
schema_version: "secwatch.filing_event.v1"
accession: "0001193125-25-257489"
form_type: "8-K"
ticker: "KDP"
cik: "0001418135"
company_name: "Keurig Dr Pepper Inc."
filed_at: "2025-10-30T23:59:59+00:00"
generated_at: "2026-05-17T01:17:29.082005+00:00"
event_type: "m_and_a"
sentiment: "neutral"
materiality_score: 0.9
calibrated_materiality_score: 0.9
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001193125-25-257489
- form_type: 8-K
- ticker: KDP
- cik: 0001418135
- company_name: Keurig Dr Pepper Inc.
- filed_at: 2025-10-30T23:59:59+00:00
- event_type: m_and_a
- sentiment: neutral
- materiality_score: 0.9
- calibrated_materiality_score: 0.9
- confidence: high
- sec_items: 1.01, 3.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1418135/000119312525257489/0001193125-25-257489-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1418135/000119312525257489/d36737d8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001193125-25-257489
- JSON: https://secwatch.observer/filing/0001193125-25-257489.json
- Plain text: https://secwatch.observer/filing/0001193125-25-257489.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.