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KDP announces pricing of up to 100 million shares of common stock by JAB and repurchase of 35M shares

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DESCAMEX COFFELOVERS 2024
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BURLINGTON, Mass. and FRISCO, Texas, USA – Keurig Dr Pepper Inc. (the “Company” or “KDP”) announced on February 29th, 2024, the pricing of its previously-announced public offering of 86,956,522 shares through a registered secondary offering, at a price to the public of $29.10 per share.

JAB has also granted an option to the underwriter to purchase up to an additional 13,043,478 shares for a period of 30 days following the date of the offering.

DVG De Vecchi

KDP has indicated its intent to repurchase an aggregate of 35 million shares in this offering (the “Repurchase”) at the per share price to be paid by the underwriter in the offering.

The Repurchase is being effected under its previously announced $4 billion repurchase authorization of which approximately $1.8 billion will remain outstanding following the offering.

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Following the completion of the offering, assuming full exercise of the underwriter’s option to purchase additional shares, JAB will beneficially own approximately 21% of KDP’s outstanding common stock, giving effect to the Repurchase, bringing KDP’s public float to approximately 79%.

Under the terms of the transaction, the remaining shares beneficially owned by JAB will be subject to a 180 day lock-up agreement with the underwriter.

Joachim Creus, CEO of JAB stated: “The proceeds from our sale of Keurig Dr Pepper shares allow us to maintain our leverage target in line with our financial policies, as we continue to build out our investment portfolio.

KDP will continue to be one of our most important investments and we expect to continue to be a long-term anchor shareholder in KDP, at or above the 20% ownership level.”

Morgan Stanley is acting as the underwriter for the proposed secondary offering.

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