Keurig Dr Pepper Inc.'s Proposed Senior Unsecured Notes Rated 'BBB'

NEW YORK (S&P Global Ratings) Mar 4, 2024--S&P Global Ratings today assigned its 'BBB' issue-level rating to Keurig Dr Pepper Inc.'s (KDP) proposed senior unsecured notes (final amounts and maturities to be determined). The company intends to use the net proceeds from this issuance for general corporate purposes, including to repay its commercial paper borrowings and certain outstanding senior notes and to repurchase up to 35 million of the 86.9 million KDP common shares that JAB Holding Co. S.A.R.L. is selling through a secondary offering. All of our existing ratings on KDP, including our 'BBB' long-term issuer credit rating and stable outlook, are unchanged. This transaction will modestly increase the company's S&P Global Ratings-adjusted debt to EBITDA because--in addition to

...March 4, 2024 NEW YORK (S&P Global Ratings) Mar 4, 2024--S&P Global Ratings today assigned its '###' issue-level rating to Keurig Dr Pepper Inc.'s (KDP) proposed senior unsecured notes (final amounts and maturities to be determined). The company intends to use the net proceeds from this issuance for general corporate purposes, including to repay its commercial paper borrowings and certain outstanding senior notes and to repurchase up to 35 million of the 86.9 million KDP common shares that JAB Holding Co. S.A.R.L. is selling through a secondary offering. All of our existing ratings on KDP, including our '###' long-term issuer credit rating and stable outlook, are unchanged. This transaction will modestly increase the company's S&P Global Ratings-adjusted debt to EBITDA because--in addition to using the proceeds to fund its upcoming maturities--it plans to use some of the proceeds to fund share repurchases. We estimate KDP's S&P Global Ratings-adjusted leverage pro forma for this issuance...

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