Coca-Cola Bottling gets commitments for $350 million revolver

By Susanna Moon

Chicago, Sept. 24 – Coca-Cola Bottling Co. Consolidated obtained a $350 million five-year unsecured revolving credit facility, according to an 8-K filing with the Securities and Exchange Commission.

The company entered into a commitment letter Tuesday with JPMorgan Chase Bank, NA, J.P. Morgan Securities LLC, Citigroup Global Markets Inc., Wells Fargo Bank, NA and Wells Fargo Securities, LLC.

Under the commitment letter, JPMorgan Chase will provide up to $90 million as the administrative agent; Citigroup and Wells Fargo Bank will each provide up to $90 million as co-syndication agents; and J.P. Morgan Securities LLC, Citigroup Global Markets Inc. and Wells Fargo Securities, LLC will be the joint lead arrangers and joint bookrunners.

Proceeds will be used to refinance the outstanding balance of the company’s existing lines of credit and for general corporate purposes.

The company may upsize the facility availability by another $100 million.

The facility will include a $50 million letter-of-credit sublimit.

The facility replaces the company’s $200 million credit agreement dated Sept. 21, 2011, which had been set to expire on Sept. 21, 2016.

Coca-Cola Bottling is a Charlotte, N.C.-based maker, seller and distributer of Coca-Cola products.

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