Keurig Dr Pepper

Pre‑deal, KDP ended 2025 with cash of ~$1.03 billion and total debt of roughly $16.1 billion (notes ~$13.9 billion plus ~$2.2 billion commercial paper), implying net debt near $15.1 billion.

Interest expense was ~$754 million in 2025. Post‑JDE Peet’s, pro forma combined leverage is guided to ~4.5x with ~$9 billion of new debt, ~$8.5 billion of equity capital (including a $4.5 billion 4.75 percent convertible preferred), and the assumption of ~€5 billion of JDE bonds; management targets deleveraging before and after the coffee spin.

While investment‑grade ratings are a stated priority, the capital structure will be tighter until proceeds, synergies and free cash flow reduce leverage.