Coca-Cola Bottling inks $200 million revolving agreement with Piedmont

By Wendy Van Sickle

Columbus, Ohio, Sept. 19 – Coca-Cola Bottling Co. Consolidated entered into an agreement with Piedmont Coca-Cola Bottling Partnership on Monday under which Piedmont will provide an up to $200 million revolving credit line to Coca-Cola Bottling, according to an 8-K filing with the Securities and Exchange Commission.

Also on Monday, the parties entered into a fifth amended and restated promissory note under which Coca-Cola Bottling agreed to provide a $100 million revolving line of credit to Piedmont.

Piedmont is a joint venture between the Coca-Cola Bottling and the Coca-Cola Co., with Coca-Cola Bottling owning about 77.3% of Piedmont.

The $200 million line of credit terminates on Dec. 31, 2022 but has automatic one-year renewal periods unless Piedmont demands payment of any amount borrowed under the agreement prior to the termination date.

The promissory note providing for the $100 million revolving credit line to Piedmont matures on Dec. 31, 2019 with automatic one-year renewal periods unless either party provides written notice of cancellation 10 days prior to the renewal period.

Coca-Cola Bottling is a Charlotte, N.C., producer, marketer and distributor of non-alcoholic beverages.

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