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Dr Pepper Snapple launches exchange offer for up to $400M notes

U.S. soft drinks company Dr Pepper Snapple Group Inc. on May 17 commenced an offer for two series of unregistered senior notes due 2027 and 2045 in exchange for the same amount of SEC-registered senior notes with the same maturity dates.

The company is offering to exchange up to $100 million of its outstanding privately held 3.430% senior notes due 2027 for a like principal amount of registered 3.430% senior notes due 2027, and $300 million of its outstanding privately held 4.500% senior notes due 2045 for a like principal amount of its registered 4.500% senior notes due 2045.

Dr Pepper Snapple added that any notes not exchanged will continue to be subject to the existing transfer restrictions.

The 2027 notes will be payable June 15 and Dec. 15 of each year, while the 2045 notes will be payable every May 15 and Nov. 15.

The exchange offer will expire 11:59 p.m. ET on June 14, unless extended.