Keurig Dr Pepper Announces Sale of up to 100 million Shares of Common Stock by JAB and Repurchase of 35 million Shares by KDP
Summary
and FRISCO, Texas, Feb. 29, 2024 /PRNewswire/ -- Keurig Dr Pepper Inc. (NASDAQ: KDP) today announced that a subsidiary of JAB Holding Company s.a.r.l. 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.As part of the offering, certain directors and officers of KDP have indicated an interest to purchase KDP shares.Following the completion of the offering, assuming full exercise of the underwriters option to purchase additional shares, JAB will beneficially own approximately 21% of KDPs outstanding common stock, giving effect to the Repurchase, bringing KDPs public float to approximately 79%.Joachim Creus, CEO of JAB stated: "The proceeds from our sale of KDP shares allow us to maintain our leverage target in line with our financial policies, as we continue to build out our investment portfolio. "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.Morgan Stanley is acting as the underwriter for the proposed secondary offering.The offering will be made only by means of an effective registration statement and a prospectus. These documents can be accessed through the SECs website at www.sec.gov or by contacting Morgan Stanley & Co. LLC, Attn: Prospectus Department, 180 Varick Street, 2nd Floor, New York, NY 10014. The Companys portfolio of more than 125 owned, licensed and partner brands is designed to satisfy virtually any consumer need, any time, and includes Keurig\xae, Dr Pepper\xae, Canada Dry\xae, Clamato\xae, CORE\xae, Green Mountain Coffee Roasters\xae, Motts\xae, Snapple\xae, and The Original Donut Shop\xae.