Bulletin: Chobani Global Holdings LLC Ratings Remain On CreditWatch Positive On La Colombe Acquisition

This report does not constitute a rating action. CHICAGO (S&P Global Ratings) Dec. 18, 2023—Our ratings on New York-based yogurt-seller Chobani Global Holdings LLC remain on CreditWatch with positive implications after it closed its acquisition of La Colombe, a ready-to-drink coffee company, for $900 million. Chobani funded the acquisition with a newly issued $550 million term loan, cash on hand, and the exchange of Keurig Dr Pepper Inc.?s minority equity stake in La Colombe into Chobani equity. Pro forma S&P Global Ratings-adjusted leverage after this transaction is approximately 7.5x (including a 2.5x adjustment for the preferred equity held by an institutional investor). This was in line with our expectations when we placed our ratings Chobani on CreditWatch positive on Dec.

...December 18, 2023 This report does not constitute a rating action. CHICAGO (S&P Global Ratings) Dec. 18, 2023--Our ratings on New York-based yogurt-seller Chobani Global Holdings LLC remain on CreditWatch with positive implications after it closed its acquisition of La Colombe, a ready-to-drink coffee company, for $900 million. Chobani funded the acquisition with a newly issued $550 million term loan, cash on hand, and the exchange of Keurig Dr Pepper Inc.'s minority equity stake in La Colombe into Chobani equity. Pro forma S&P Global Ratings-adjusted leverage after this transaction is approximately 7.5x (including a 2.5x adjustment for the preferred equity held by an institutional investor). This was in line with our expectations when we placed our ratings Chobani on CreditWatch positive on Dec. 6, 2023. Our ratings remain on CreditWatch positive because a possible upgrade to `B' is contingent on the company addressing its 2025 unsecured notes maturities in early 2024 before they become...

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