WASHINGTON (dpa-AFX) - Keurig Dr Pepper Inc. (KDP), a beverage company, on Thursday announced the pricing of its public offering of 57,971,015 shares of common stock at $34.50 per share.
The offering is expected to close on November 16.
The company has granted underwriters a 30-day option to purchase up to an additional 8,695,652 shares at the same price per share.
The company intends to use the net proceeds to repay or repurchase approximately $2 billion of its outstanding debt.
The move comes ahead of its planned separation into two independent publicly traded companies, Beverage Co. and Global Coffee Co.
The separation is targeted for early 2027.
The company said the debt reduction is expected to strengthen the investment-grade credit profiles of both businesses and provide them with additional financial capacity to support their growth plans.
Keurig Dr Pepper closed trading 7.40% lesser at $35.42 on the Nasdaq. In the overnight the stock traded 0.06% higher at $35.44.
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