Business Wire·May 4, 2026, 4:02 PM ET

Starbucks Corporation Commences Cash Tender Offers for Eight Series of Notes

SBUX

Starbucks announced tender offers to purchase up to $1.1 billion of its senior notes in cash as of May 4, 2026.
The offers are divided into Pool 1 (up to $500 million) covering 4.800% notes due 2030, 4.500% notes due 2028, and 4.000% notes due 2028.
Pool 2 covers up to $600 million for 4.500% notes due 2048, 5.400% notes due 2035, 5.000% notes due 2034, 4.900% notes due 2031, and 4.800% notes due 2033.
Acceptance priority is determined by level, with Notes validly tendered before the Early Tender Date receiving higher priority than those tendered after, regardless of priority level.
Holders must tender by 5:00 p.m. ET on May 15, 2026, to receive the Early Tender Payment of $30 per $1,000 principal amount.
The offers expire at 5:00 p.m. ET on June 2, 2026, unless extended or terminated earlier.
Consideration is calculated as the Reference Yield from a specific U.S. Treasury Security plus a Fixed Spread, with the Price Determination Date expected on May 18, 2026.
A $200 million sub-limit applies specifically to the 4.500% Senior Notes due 2048.
Accrued interest is payable in addition to the Total Consideration or Late Tender Offer Consideration on the Settlement Date.
Early Settlement is anticipated for May 20, 2026, for notes tendered by the Early Tender Date, with Final Settlement anticipated for June 4, 2026.
Holders may withdraw tenders validly submitted prior to 5:00 p.m. ET on May 15, 2026, after which withdrawal rights terminate except as required by law.
The company retains Morgan Stanley, U.S. Bancorp Investments, and Wells Fargo as Lead Dealer Managers, with additional Co-Dealer Managers and D.F. King as the Tender Agent.