Commentary & Deal Flow

Keurig Dr Pepper (“KDP”) and Global Coffee Co., which is expected to be rated BBB- (stable) at S&P, BBB- (stable) at Fitch, and Baa3 (negative) at Moody’s*, have mandated Morgan Stanley, Goldman Sachs & Co. LLC, and J.P. Morgan to arrange a series of global fixed income investor calls on Tuesday, March 10th and Wednesday, March 11th. An electronic presentation and preliminary offering memorandums will be made available. Morgan Stanley is coordinating logistics.

In August 2025, KDP entered into a definitive agreement to acquire JDE Peet’s and subsequently separate into two independent companies – a leading refreshment beverage player and a global coffee champion. The latter, Global Coffee Co., is expected to be a scaled, pure-play leader with iconic brands in the global coffee category.

Offerings of 144A / Reg S senior unsecured notes with registration rights issued by Maple Parent Holdings Corp., a subsidiary of KDP, and guaranteed by KDP and its existing guarantors, with such guarantees to be released upon separation of Global Coffee Co., is expected to follow, consisting of both USD and EUR denominated notes in 3-, 5- 10-, and 30-years (USD) and 2-, 4-, 6- and 9-year (EUR) tenors, subject to market conditions. The notes will include a Coupon Step-Up of 25bps per agency (Moody’s/S&P) per notch below Baa3/BBB- up to a maximum of 200 bps.

Global Coffee Co. will be represented by:
Anthony DiSilvestro, Chief Financial Officer, KDP

Jane Gelfand, Senior Vice President, Strategic Finance & Capital Markets, KDP

Dan Morrell, Vice President, Treasurer, KDP

*** Marketing Schedule & Details ***

NetRoadshow Details:

Website: www.netroadshow.com/nrs/home/#!/?show=dd8199ac | Passcode: Coffee26 (not case-sensitive)

Tuesday, March 10, 2026

Call #1: 11:00am-11:45am ET / 3:00pm-3:45pm GMT | Pre-Registration Link: https://www.netroadshow.com/events/login/LE9zwo4C1A2kz1m7wNVySR8h4ybZy6zEzwN

Call #2: 12:30pm-1:15pm ET / 4:30pm-5:15pm GMT | Pre-Registration Link: https://www.netroadshow.com/events/login/LE9zwo3jk9B7hIXwpuKSvdmKLj3aFm5nq7l

Call #3: 3:00pm-3:45pm ET / 7:00pm-7:45pm GMT | Pre-Registration Link: https://www.netroadshow.com/events/login/LE9zwo3hysLz9Jz8I7wXZNBGCMRqeTpiRyE

Wednesday, March 11, 2026

Call #4: 8:00am-8:45am ET / 12:00pm-12:45pm GMT | Pre-Registration Link: https://www.netroadshow.com/events/login/LE9zwo3ifemlSw4eMjaHWErrK2KGtqxa9oa

Call #5: 9:30am-10:15am ET / 1:30pm-2:15pm GMT | Pre-Registration Link: https://www.netroadshow.com/events/login/LE9zwo4BXVmojhF0JcnEtdsd78mehN3o8ZU

Call #6: 12:00pm-12:45pm ET / 4:00pm-4:45pm GMT | Pre-Registration Link: https://www.netroadshow.com/events/login/LE9zwo3lbtCsAlxSGW9fD13bid5i66Y7g7p