KDP - Keurig Dr Pepper raises $3B to refinance debt
Keurig Dr Pepper (NASDAQ:KDP) has priced its previously announced $3B public offering of senior unsecured notes in three tranches. The offering consists of $1B of 3.950% senior notes due 2029, $850M of 4.050% senior notes due 2032 and $1.15B of 4.500% senior notes due 2052. The offering is expected to close on April 22, 2022. The company estimates net proceeds of $2.961B. Concurrently with this offering, the company commenced a series of tender offers to purchase for cash certain of its outstanding series of senior unsecured notes. The company intends to use the net proceeds from this offering, together with cash on hand to fund the purchase price and accrued and unpaid interest for the notes purchased in the Tender Offers and to redeem an outstanding series of senior unsecured notes or for general corporate purposes, including working capital, acquisitions, retirement of debt and other business opportunities.
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Keurig Dr Pepper raises $3B to refinance debt