Coca-Cola announces tender offers for four dollar, two euro notes

Chicago, April 28 – The Coca-Cola Co. launched tender offers on Wednesday for any and all of four series of dollar-denominated notes and two series of euro-denominated notes, according to a news release.

There are $4.25 billion of the dollar notes outstanding and €2.2 billion of the euro notes outstanding.

Dollar offers

The company is offering to buy any and all of the notes from the following four series:

• $1 billion outstanding of 2.95% notes due 2025 (Cusip: 191216CN8) to be repurchased at a price based on the 0.375% Treasury due April 15, 2024 plus 40 basis points;

• $1.75 billion outstanding of 2.875% notes due 2025 (Cusip: 191216BS8) to be repurchased at a price based on the 0.75% Treasury due March 31, 2026 plus 15 bps;

• $500 million outstanding of 2.55% notes due 2026 (Cusip: 191216BW9) to be repurchased at a price based on the 0.75% Treasury due March 31, 2026 plus 12.5 bps; and

• $1 billion outstanding 2.25% notes due 2026 (Cusip: 191216BZ3) to be repurchased at a price based on the 0.75% Treasury due March 31, 2026 plus 10 bps.

Euro dollars

The company is offering to buy any and all of the following two euro notes:

• €1 billion outstanding of 0.75% notes due 2026 (ISIN: XS1955024713) with pricing to be based on the 0.75% mid-swap rate; and

• €1.2 billion of 1.875% notes due 2026 (ISIN: XS1112678989) with pricing to be based on the 1.875% mid-swap rate.

Funding and allocation

Funding for the offers will come from new offerings denominated in dollars and euros.

Priority allocations for the new notes will be given to noteholders who tender their old notes and indicate to the dealer managers interest in subscribing to the new notes.

Details

Pricing will be determined at 10 a.m. ET on May 5

The expiration time is 5 p.m. ET on May 5, also the withdrawal deadline.

Settlement is expected for May 6 for the dollar notes and May 7 for the euro notes.

The guaranteed delivery date is 5 p.m. ET on May 7 with settlement on May 10.

There is no minimum condition for the offers.

BofA Securities, Inc. (980 387-3907, +44 20 7996 5420), Citigroup Global Markets Inc. (800 558-3745, +44 20 7986 8969), J.P. Morgan Securities LLC (866 834-4666) and J.P. Morgan Securities plc (+44 20 7134 2468) are the dealer managers.

D.F. King is the information agent and tender agent (866 796-7179, 212 269-5550, +44 20 7920 9700, ko@dfking.com, https://sites.dfkingltd.com/coca-cola).

The beverage company is based in Atlanta.

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