Keurig Dr Pepper Inc.

3. Long-term Obligations and Borrowing Arrangements

The following table summarizes our long-term obligations:

The following table summarizes our short-term borrowings and current portion of long-term obligations:

SENIOR UNSECURED NOTES

(1)The carrying amount includes unamortized discounts, debt issuance costs, and fair value adjustments related to the DPS Merger.

(2)Our floating rate notes bear interest at a rate equal to Compounded SOFR (as defined in the respective supplemental indenture) plus a spread of 0.580% and 0.880% for the 2026-B Notes and the 2027-B Notes, respectively.

(3)The 2028 Euro Notes, 2030 Euro Notes, 2032 Euro Notes, 2035 Euro Notes, 2029-C Notes, 2031-C Notes, 2036 Notes, and 2056 Notes (together, the Maple Notes) were issued by Maple and are guaranteed by Keurig Dr Pepper Inc. and certain of our subsidiaries that guarantee our other senior indebtedness, which guarantees will terminate upon the Separation.

On March 26, 2026, Maple completed the issuance of the 2029-C Notes, 2031-C Notes, 2036 Notes, and 2056 Notes, with an aggregate principal amount of $2.55 billion. The discount associated with the notes was approximately $3 million, and we incurred $18 million in debt issuance costs. In addition, Maple completed the issuance of the 2028 Euro Notes, 2030 Euro Notes, 2032 Euro Notes and 2035 Euro Notes with an aggregate principal amount of €3 billion, and we incurred $20 million in debt issuance costs. The proceeds from the issuance of the Maple Notes were used to fund the JDE Peet's Acquisition and to pay related fees and expenses in connection with the JDE Peet's Acquisition and related transactions.

VARIABLE-RATE BORROWING ARRANGEMENTS

Delayed Draw Term Loan Agreement

The Delayed Draw Term Loan Agreement provides for a 364-day senior unsecured term loan facility in an aggregate amount not to exceed €10.35 billion, the proceeds of which may be used to fund the JDE Peet's Acquisition, as well as related fees and expenses.

Borrowings under the Delayed Draw Term Loan Agreement bear interest at a rate per annum equal to EURIBOR plus a margin of 0.750% to 1.750% depending on the rating of certain of our index debt. The undrawn commitments under the facility are subject to a commitment fee which commenced on December 23, 2025, at a per annum rate of 0.060% to 0.200% depending on the rating of certain of our index debt.

On March 6, 2026, we entered into an amendment to the Delayed Draw Term Loan Agreement with Maple, the guarantors party thereto, the lenders party thereto and Morgan Stanley Senior Funding, Inc. as administrative agent. Maple joined and became a party to the Delayed Draw Term Loan Agreement as a borrower, and agreed to be jointly and severally liable, together with KDP, for all obligations of KDP and Maple under the Delayed Draw Term Loan Agreement. In addition, the amendment extends the maturity of €2.60 billion of the facility to the date that is 15 months from the date of initial funding under the Delayed Draw Term Loan Agreement. The maturity of the remaining €7.75 billion of the facility was not modified. Upon the completion of the Separation, KDP shall be automatically released from the Delayed Draw Term Loan Agreement and all of its obligations and liabilities thereunder will automatically terminate. Following the Separation, Maple will be the sole borrower under the Delayed Draw Term Loan Agreement.

In the first quarter of 2026, the Delayed Draw Term Loan Agreement facility was reduced by approximately€6.464 billion as a result of the issuance of the Maple Notes and the completion of the Preferred Investment and the JV Investment. On March 30, 2026, we borrowed€3.15 billion under the facility, and €736 million remains available and undrawn as of March 31, 2026. The interest rate in effect as of March 31, 2026 was 3.385%.

As of March 31, 2026, we were in compliance with our minimum interest coverage ratio with respect to the Delayed Draw Term Loan Agreement.

Bridge Credit Agreement

The Bridge Credit Agreement provided for a 364-day senior unsecured bridge loan facility in an aggregate amount not to exceed €5.85 billion. On March 30, 2026, we terminated the Bridge Credit Agreement. We had no outstanding loan balances as of the termination date.

Revolving Credit Agreement

The following table summarizes information about the 2025 Revolving Credit Agreement:

(1)The 2025 Revolving Credit Agreement has a $200 million letter of credit limit, with none utilized as of March 31, 2026.

As of March 31, 2026, we were in compliance with our minimum interest coverage ratio with respect to the 2025 Revolving Credit Agreement.

Commercial Paper Program

Letter of Credit Facility

In addition to the portion of the 2025 Revolving Credit Agreement reserved for issuance of letters of credit, we have an incremental letter of credit facility. Under this facility, $150 million is available for the issuance of letters of credit, $63 million of which was utilized as of March 31, 2026 and $87 million of which remains available for use.

FAIR VALUE DISCLOSURES

The fair values of our commercial paper and delayed draw term loan approximate the carrying values and are considered Level 2 within the fair value hierarchy.

The fair values of our Notes and Maple Notes are based on current market rates available to us and are considered Level 2 within the fair value hierarchy. The difference between the fair value and the carrying value represents the theoretical net premium or discount that would be paid or received to retire all the Notes and Maple Notes and related unamortized costs to be incurred at such date. The fair value of our Notes and Maple Notes was $18,894 million and $13,196 million as of March 31, 2026 and December 31, 2025, respectively.