Dr. Pepper Snapple offers $400 million of notes due 2027, 2045

By Cristal Cody

Tupelo, Miss., June 5 – Dr. Pepper Snapple Group, Inc. plans to price a $400 million offering in taps of its senior notes due 2027 and 2045, according to a news release on Monday.

The Rule 144A and Regulation S deal will include a $100 million add-on to its 3.43% senior notes due 2027 and a $300 million reopening of its 4.5% senior notes due 2045.

Dr. Pepper originally sold $400 million of the 10-year notes on Dec. 5, 2016 at 99.956 to yield 3.435% and a spread of Treasuries plus 105 basis points.

The company originally sold $250 million of the 2045 notes on Oct. 29, 2015 at 99.738 to yield 4.516%, or Treasuries plus 155 bps.

Proceeds will be used to fund the purchase of the company’s outstanding 7.45% notes due 2038 and 6.82% notes due 2018 in a tender offer. Any proceeds not used in the notes purchase will be used for general corporate purposes.

Dr. Pepper Snapple is a maker of non-alcoholic beverages based in Plano, Texas.

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