Key facts
- Keurig Dr Pepper said it would grant underwriters a 30-day option to buy up to an additional $300 million of shares at the offering price.
- Goldman Sachs and Morgan Stanley are acting as joint book-running managers for the offering, the company said.
- Keurig Dr Pepper reported long-term debt excluding capitalized leases of about $21.06 billion as of September 30, 2026, per its latest quarterly filing.
- Keurig Dr Pepper shares fell about 4% in premarket trading on November 12, 2026.
Keurig Dr Pepper said on November 12, 2026 that it plans to raise $2 billion through an underwritten public stock offering, with net proceeds intended to repay or repurchase about $2 billion of outstanding debt. The company said it would also grant underwriters a 30-day option to purchase up to an additional $300 million of shares at the offering price. Goldman Sachs and Morgan Stanley are acting as joint book-running managers.
The offering comes ahead of the beverage maker's planned breakup into two publicly traded companies, Beverage Co. and Global Coffee Co. Keurig announced the separation in 2025 and said the transaction is expected to close in early 2027.
As of September 30, 2026, Keurig Dr Pepper reported long-term debt excluding capitalized leases of about $21.06 billion, according to its latest quarterly filing. The company completed the $18 billion buyout of Dutch coffee and tea company JDE Peet's in April 2026.
In the week before the offering announcement, Keurig said it expects slower US coffee profit growth in the fourth quarter on cautious spending and increased competition from private players. Shares of the company fell about 4% in premarket trading on November 12, 2026.