KDP · 8-K · 20260806PR000048
Outstanding Indebtedness
Keurig Dr Pepper Inc. · 2026-08-06 · Importance 64 · Surprise 42 · Contradicted
To finance the JDE Peet’s Acquisition, KDP arranged a $3.6 billion delayed draw term loan and approximately $6 billion of senior unsecured notes. At June 30, 2026, pro forma principal amounts included $1.978 billion of commercial paper, $25.222 billion of senior unsecured notes, and $3.185 billion of delayed draw term-loan borrowings. Total principal amounts were $30.385 billion, reduced by $1.517 billion of cash and cash equivalents to $28.868 billion of net principal amounts. The June 30, 2026 pro forma management leverage ratio was 4.4 times pro forma adjusted EBITDA.
Key facts
- Convertible preferred stock liquidation preference as of June 30, 2026: $4,500 million and reported convertible preferred stock carrying amount $4,418 million source
- Total long-term obligations as of June 30, 2026: $21,586 million source
- June 30, 2026 principal amount of commercial paper notes: $1,978 source
- June 30, 2026 principal amount of senior unsecured notes: $25,222 source
- June 30, 2026 principal amount of delayed draw term loan: $3,185 source
Impact estimates
| metric | direction | stage | expected | basis |
|---|---|---|---|---|
| liability | negative | realized | — | Convertible preferred stock liquidation preference as of June 30, 2026: $4,500 million and reported convertible preferred stock carrying… |
| liability | negative | realized | — | Total long-term obligations as of June 30, 2026: $21,586 million |
| liability | negative | realized | — | June 30, 2026 principal amount of commercial paper notes: $1,978 |
| liability | negative | realized | — | June 30, 2026 principal amount of senior unsecured notes: $25,222 |
| liability | negative | realized | — | June 30, 2026 principal amount of delayed draw term loan: $3,185 |