Keurig Dr Pepper signs €10.35 billion term loan to help fund JDE Peet's acquisition
On December 18, 2025, Keurig Dr Pepper entered into a 364-day term loan facility of up to €10.35 billion, with Morgan Stanley Senior Funding as administrative agent, and amended its bridge credit agreement to reduce that bridge facility by the same €10.35 billion, to €5.85 billion. The term loan may be used to fund the contemplated acquisition of JDE Peet's, which is a large new borrowing commitment that shareholders should weigh against the deal's terms.
Key points
- Term loan facility: up to €10.35 billion, 364-day term, interest at EURIBOR plus 0.750% to 1.750% based on index debt ratings.
- Bridge loan commitment cut by €10.35 billion, from €16.2 billion to €5.85 billion, under Amendment No. 1 dated December 18, 2025.
- Financial covenants include a minimum interest coverage ratio of 3.25 to 1.00 and a maximum total net leverage ratio of 6.25 to 1.00, the latter applying only upon a ratings downgrade.
- Commitment fee on undrawn amounts begins December 23, 2025, at 0.060% to 0.200% per annum.
The filing
Written by AI (Anthropic Claude, claude-haiku-5-5) on Nov 8, 2026, 1:42 AM ET, from the text of the filing and its press-release exhibits only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on December 19, 2025.
Briefs are written by AI from the filing text (each brief's own page names the model) and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the model's reading of the filing for shareholders, not a price forecast. Not investment advice.