Keurig Dr Pepper secures additional $1.5 billion funding for JDE Peet's buyout
Feb 23 (Reuters) - Keurig Dr Pepper KDP.O said on Monday it had raised an additional $1.5 billion of equity funding from long-term investors as part of its financing plan for the roughly $18 billion acquisition of Dutch coffee giant JDE Peet's JDEP.AS.
The company added that it was no longer considering a partial public listing of the beverages unit, which was one of the two companies Keurig Dr Pepper planned to carve out after the merger.
It now expects the deal to close in early April, and targets a planned split of its combined business into Global Coffee Co and Beverage Co by the end of the year.
Keurig Dr Pepper had first announced plans to buy JDE Peet's in August last year to take on industry leader Nestle NESN.S and tackle high commodity costs.
The additional financing allowed the company to cut its projected debt level to about 4.5 times earnings after the acquisition, down from about 4.6 times earnings it had expected in October when it said it raised $7 billion to fund the deal.
The latest funding was also led by Apollo APO.N and KKR KKR.N0, with an early pledge from accounts advised by T. Rowe Price Investment Management, the company added.
Shares of Keurig Dr Pepper have fallen about 15% since the deal was first announced and were largely unchanged in extended trading.
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