Starbucks (NASDAQ: SBUX) settles cash tender offers for senior notes
Filing Impact
Filing Sentiment
Form Type
8-K
Rhea-AI Filing Summary
Starbucks Corporation completed the settlement of its previously announced cash tender offers for several series of its outstanding senior notes. The company purchased and canceled portions of multiple issues, including 4.800% Senior Notes due 2030, 4.500% Senior Notes due 2028, 4.500% Senior Notes due 2048, 5.400% Senior Notes due 2035 and 5.000% Senior Notes due 2034. For example, it accepted for purchase $321,824,000 principal of 4.800% Notes due 2030, leaving $178,176,000 outstanding, and $410,249,000 principal of 5.400% Notes due 2035, leaving $89,751,000 outstanding. Starbucks elected to settle on the Early Settlement Date under its Offer to Purchase and does not intend to buy additional notes in these tender offers. Certain series, including its 4.000% Notes due 2028, 4.900% Notes due 2031 and 4.800% Notes due 2033, were not purchased and remain at prior principal amounts.
Positive
- None.
Negative
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Insights
Starbucks reduced select bond series via cash tender offers, modestly reshaping its debt profile.
Starbucks used cash tender offers to retire portions of several senior note issues, notably the 4.800% due 2030 and 5.400% due 2035, while leaving other series untouched. This shifts the mix and maturity profile of its debt without changing equity directly.
The accepted principal amounts, such as $321,824,000 of 4.800% due 2030 and $410,249,000 of 5.400% due 2035, meaningfully reduce those specific obligations. However, other large tranches like the 4.000% due 2028 and 4.900% due 2031 remain fully outstanding, so total debt reduction is partial.
The company settled on the Early Settlement Date defined in its Offer to Purchase and states it does not intend to buy additional notes under these offers. Future filings may clarify how these changes affect interest expense and refinancing needs around maturities in 2028–2048.
8-K Event Classification
Item 8.01 — Other Events
1 item
Item 8.01
Other Events
Other
Voluntary disclosure of events the company deems important to shareholders but not covered by other items.
Key Figures
4.800% Notes due 2030 repurchased: $321,824,000 principal
4.800% Notes due 2030 remaining: $178,176,000 principal
5.400% Notes due 2035 repurchased: $410,249,000 principal
+4 more
7 metrics
4.800% Notes due 2030 repurchased
$321,824,000 principal
Aggregate principal amount accepted for purchase
4.800% Notes due 2030 remaining
$178,176,000 principal
Aggregate principal amount remaining outstanding
5.400% Notes due 2035 repurchased
$410,249,000 principal
Aggregate principal amount accepted for purchase
5.400% Notes due 2035 remaining
$89,751,000 principal
Aggregate principal amount remaining outstanding
4.500% Notes due 2028 repurchased
$273,468,000 principal
Aggregate principal amount accepted for purchase
4.500% Notes due 2048 repurchased
$200,000,000 principal
Aggregate principal amount accepted for purchase
5.000% Notes due 2034 remaining
$389,649,000 principal
Aggregate principal amount remaining outstanding
Key Terms
cash tender offers, Senior Notes, Offer to Purchase, Early Settlement Date
4 terms
cash tender offers financial
"completed the settlement of its previously announced cash tender offers to purchase certain series of the Company’s notes"
A cash tender offer is when a company or investor offers to buy shares directly from shareholders for cash, usually at a price higher than the current market value. It’s a way to quickly acquire a large number of shares, often to gain control of a company or influence its decisions.
Senior Notes financial
"4.800% Senior Notes due 2030 | $321,824,000 | $325,720,215.89 | $178,176,000"
Senior notes are a type of loan that a company borrows from investors, promising to pay it back with interest. They are called "senior" because in case the company faces financial trouble, these lenders are paid back before others. This makes senior notes safer for investors compared to other types of loans or bonds.
Offer to Purchase financial
"Under the terms of the Tender Offers as set forth in the Offer to Purchase, dated May 4, 2026"
An offer to purchase is a formal proposal from one party to buy a specific amount of shares or assets from another party at a set price. It matters to investors because it signals interest in acquiring ownership and can influence the value or control of a company. Think of it as someone putting forward a clear, serious offer to buy something they find valuable.
Early Settlement Date financial
"the Company elected to settle on the Early Settlement Date (as such term is defined in the Offer to Purchase)"
An early settlement date is the new, earlier day when a financial obligation — such as the delivery of shares, payment for a bond, or completion of a corporate action — is completed sooner than originally scheduled. It matters to investors because receiving cash or assets earlier changes cash flow timing, reinvestment opportunities, tax reporting and short-term risk exposure, like getting a paycheck a week early or having a bill paid ahead of schedule.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): May 20, 2026
(Exact name of registrant as specified in its charter)
(State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) | ||||||
(Address of principal executive offices) (Zip Code)
(206 ) 447-1575
(Registrant's telephone number, including area code)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | ||||||||
| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | ||||||||
| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | ||||||||
| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) | ||||||||
Securities registered pursuant to Section 12(b) of the Act:
| Title | Trading Symbol | Name of each exchange on which registered | ||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging Growth Company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o
Item 8.01 Other Events.
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”). After giving effect to the Company’s purchase and cancellation of the notes set forth in the table below, the amounts remaining outstanding are as follows:
Description of Notes | Aggregate Principal Amount Accepted for Purchase | Total Purchase Price (includes accrued and unpaid interest) | Aggregate Principal Amount Remaining Outstanding | ||||||||
4.800% Senior Notes due 2030 | $321,824,000 | $325,720,215.89 | $178,176,000 | ||||||||
4.500% Senior Notes due 2028 | $273,468,000 | $274,664,422.50 | $476,532,000 | ||||||||
4.000% Senior Notes due 2028 | – | – | $750,000,000 | ||||||||
4.500% Senior Notes due 2048 | $200,000,000 | $166,067,000.00 | $800,000,000 | ||||||||
5.400% Senior Notes due 2035 | $410,249,000 | $423,011,846.39 | $89,751,000 | ||||||||
5.000% Senior Notes due 2034 | $110,351,000 | $112,709,691.32 | $389,649,000 | ||||||||
4.900% Senior Notes due 2031 | – | – | $500,000,000 | ||||||||
4.800% Senior Notes due 2033 | – | – | $500,000,000 | ||||||||
Under the terms of the Tender Offers as set forth in the Offer to Purchase, dated May 4, 2026, as amended by the Company’s press release announcing the early results and upsizing of the Tender Offers issued on May 15, 2026 (together, the “Offer to Purchase”), the Company elected to settle on the Early Settlement Date (as such term is defined in the Offer to Purchase) and does not intend to purchase any additional notes.
The Company did not purchase any of its 4.000% Senior Notes due 2028, 4.900% Senior Notes due 2031 and 4.800% Senior Notes due 2033, and the principal amounts outstanding for each such series of notes remain unchanged from the amounts set forth in the Company’s latest Quarterly Report on 10-Q, filed with the Securities and Exchange Commission on April 28, 2026.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| STARBUCKS CORPORATION | ||||||||||||||
| Dated: | May 20, 2026 | |||||||||||||
| By: | /s/ Joshua C. Gaul | |||||||||||||
| Joshua C. Gaul | ||||||||||||||
| vice president, assistant general counsel and corporate secretary | ||||||||||||||
FAQ
What did Starbucks (SBUX) announce regarding its senior notes on May 20, 2026?
Starbucks completed settlement of previously announced cash tender offers for several senior note series. It purchased and canceled portions of specific issues, including 4.800% notes due 2030 and 5.400% notes due 2035, while leaving other series such as 4.000% notes due 2028 unchanged.
Which Starbucks (SBUX) notes saw the largest principal amounts accepted for purchase?
The largest accepted amounts were $410,249,000 of 5.400% Senior Notes due 2035 and $321,824,000 of 4.800% Senior Notes due 2030. Starbucks also bought $273,468,000 of 4.500% notes due 2028 and $200,000,000 of 4.500% notes due 2048 under the tender offers.
How much of Starbucks (SBUX) 4.800% Senior Notes due 2030 remains outstanding?
After the tender offer, $178,176,000 principal of Starbucks 4.800% Senior Notes due 2030 remains outstanding. The company accepted $321,824,000 principal for purchase and cancellation, reducing this particular bond issue while leaving a significant portion still in the market.
Did Starbucks (SBUX) purchase any of its 4.000% Notes due 2028, 4.900% Notes due 2031 or 4.800% Notes due 2033?
Starbucks did not purchase any 4.000% Senior Notes due 2028, 4.900% Senior Notes due 2031 or 4.800% Senior Notes due 2033. The principal amounts outstanding for these series remain unchanged from those reported in its most recent Form 10-Q filed on April 28, 2026.
What are the remaining outstanding amounts for Starbucks (SBUX) 5.400% and 5.000% notes?
After the tender offers, $89,751,000 of Starbucks 5.400% Senior Notes due 2035 and $389,649,000 of its 5.000% Senior Notes due 2034 remain outstanding. The company had accepted $410,249,000 and $110,351,000 principal, respectively, for purchase and cancellation.
Will Starbucks (SBUX) buy any additional notes under these cash tender offers?
Starbucks elected to settle on the Early Settlement Date defined in its Offer to Purchase and states it does not intend to purchase any additional notes. This indicates the tender offers are effectively complete, with remaining outstanding amounts listed for each affected bond series.