Keurig Dr Pepper Announces Pricing of Public Offering of Common Stock

Detailed summary

FRISCO, Texas and BURLINGTON, Mass., Nov. 12, 2026 /PRNewswire/ -- Keurig Dr Pepper Inc. (NASDAQ: KDP) ("KDP" or the "Company") today announced the pricing of its previously…

FRISCO, Texas and BURLINGTON, Mass., Nov. 12, 2026 /PRNewswire/ -- Keurig Dr Pepper Inc. (NASDAQ: KDP) ("KDP" or the "Company") today announced the pricing of its previously announced underwritten public offering of 57,971,015 shares of its common stock, par value $0.01 per share (the "Offering"), at a price to the public of $34.50 per share. KDP's common stock is listed on the Nasdaq Global Select Market under the symbol "KDP."

KDP has granted the underwriters of the Offering a 30-day option to purchase up to an additional 8,695,652 shares of common stock, at the same price per share as the other shares of common stock purchased by the underwriters in the Offering. The Offering is expected to close on November 16, 2026, subject to customary closing conditions.

Consistent with its stated capital allocation strategy, KDP intends to use the net proceeds from the Offering to accelerate deleveraging to optimize its balance sheet ahead of the previously announced separation into two independent, publicly traded companies, Beverage Co. and Global Coffee Co., which is targeted to occur in early 2027. This deleveraging is expected to strengthen the investment grade ratings profile of both Beverage Co. and Global Coffee Co. and provide each company with additional financial capacity to invest and execute on their respective strategic priorities.

Goldman Sachs & Co. LLC and Morgan Stanley are acting as joint book-running managers for the Offering.

The Offering will be made only by means of an effective registration statement and a prospectus. The Company has previously filed with the U.S. Securities and Exchange Commission (the "SEC") an automatic shelf registration statement (including a prospectus) on Form S-3 (File No. 333-289652) dated August 15, 2025, which became effective upon filing. This Offering is being made solely by means of a prospectus supplement and accompanying prospectus.

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