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Get filing alertsStarbucks completes $1.32B debt tender, retires 64–82% of five note series
Filed May 20, 2026 · Period ending May 20, 2026 · ~1 min read
Key Changes
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high
Repurchased $1.32B principal across five senior note series for $1.30B total cost, retiring 64–82% of targeted debt and reducing interest expense.
Item 8.01 verify on EDGAR → -
medium
Retired 82% of 5.400% 2035 notes ($410M of $500M original issuance) at premium to par, leaving only $90M outstanding.
Item 8.01 verify on EDGAR → -
medium
Repurchased $200M of 4.500% 2048 notes at 17% discount to par ($166M cost), reflecting long maturity in current rate environment.
Item 8.01 verify on EDGAR → -
low
Three series (4.000% 2028, 4.900% 2031, 4.800% 2033) received zero tenders and remain fully outstanding.
Item 8.01 verify on EDGAR →
Summary
Starbucks completed a debt tender offer on May 20, 2026, repurchasing $1.316 billion in principal across five senior note series for a total cost of $1.302 billion including accrued interest. The company elected early settlement and will not purchase additional notes. Acceptance rates ranged from 64% (4.800% 2030 notes) to 82% (5.400% 2035 notes), with the highest-coupon series seeing the strongest participation.
The 4.500% 2048 notes traded at a 17% discount to par, reflecting their long maturity in the current interest rate environment. This is a routine liability management transaction that reduces Starbucks' debt load and future interest expense. The company paid premiums to par on shorter-dated, higher-coupon notes while capturing discounts on long-dated paper.
Three series received no tenders and remain fully outstanding, suggesting holders found the tender prices unattractive relative to holding to maturity. The transaction modestly improves the balance sheet but does not materially alter Starbucks' capital structure or financial flexibility.
Section-by-Section Diff
Event · Item 8.01 — Other Events
Item 8.01 — Other Events filed; see Key Changes for terms.
Added in current filing · verify on EDGAR →
On May 20, 2026, Starbucks Corporation (the “Company”) completed the settlement of its previously announced cash tender offers to purchase certain series of the Company’s notes (the “Tender Offers”).
Starbucks settled tender offers for six series of senior notes, accepting $1.316 billion in aggregate principal across five series (4.800% 2030, 4.500% 2028, 4.500% 2048, 5.400% 2035, 5.000% 2034) for a total purchase price of $1.302 billion including accrued interest. Three series (4.000% 2028, 4.900% 2031, 4.800% 2033) received no tenders and remain fully outstanding. The company elected early settlement and will not purchase additional notes.
Added in current filing · view on EDGAR →
4.800% Senior Notes due 2030 | $321,824,000 | $325,720,215.89 | $178,176,000
Starbucks repurchased $321.8 million principal of its 4.800% 2030 notes for $325.7 million total consideration, reducing the outstanding balance to $178.2 million. This represents 64.4% acceptance of the original $500 million issuance.
Added in current filing · view on EDGAR →
5.400% Senior Notes due 2035 | $410,249,000 | $423,011,846.39 | $89,751,000
Starbucks repurchased $410.2 million principal of its 5.400% 2035 notes for $423.0 million total consideration, leaving only $89.8 million outstanding. This represents 82.0% acceptance of the original $500 million issuance, the highest acceptance rate among all series tendered.
Added in current filing · view on EDGAR →
4.500% Senior Notes due 2048 | $200,000,000 | $166,067,000.00 | $800,000,000
Starbucks repurchased $200.0 million principal of its 4.500% 2048 notes for $166.1 million total consideration, reducing the outstanding balance to $800 million. The purchase price below par reflects the long maturity and current interest rate environment.
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Figures/quotes linked to EDGAR · Narrative written by AI · Jun 21, 2026 · How we verify