News

Keurig Dr Pepper closes secondary offering of common stock

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March 9, 2020

Keurig Dr Pepper announced the completion of its previously announced registered public secondary offering of 40 million shares of the common stock, or approximately 2.8% of the company's outstanding common stock, for gross proceeds of approximately $1.08 billion. All of the shares have been sold by Maple Holdings B.V. and by Mondelēz International Holdings LLC. The selling stockholders have granted the underwriter a 30-day option to purchase up to an additional 6 million shares of the common stock.

Maple Holdings is majority-owned by JAB Holdings B.V., which has directly purchased 7.4 million shares of the common stock in this offering at a price equal to the price paid for the common stock by the underwriter, for approximately $200 million. JAB may also purchase additional shares if the underwriter exercises its option. The net impact of the offering increased the float by approximately 2.3%.

Following the completion of the offering, and assuming the underwriter does not subsequently exercise its option to purchase additional shares, Maple and JAB will collectively beneficially own approximately 65.1% of the company's outstanding common stock.