Keurig Dr Pepper to sell $3.0 billion of convertible preferred stock to KKR, Apollo
On October 27, 2025, Keurig Dr Pepper agreed to sell 3,000,000 shares of Series A Convertible Perpetual Preferred Stock at $1,000 per share, or $3.0 billion in total, to investors affiliated with KKR and Apollo. The company plans to use the proceeds to fund part of the consideration for its tender offer to acquire JDE Peet's, and the preferred stock would rank senior to common stock on dividends and liquidation.
Key points
- 3,000,000 Series A convertible perpetual preferred shares at $1,000 each, an aggregate $3.0 billion, issued to KKR and Apollo investors
- Preferred dividend rate of 4.75% per annum, with an initial conversion price of $37.25 per common share
- Proceeds fund part of the JDE Peet's acquisition; closing requires expiration of HSR waiting periods and a substantially concurrent closing of the acquisition
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 October 30, 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.