The Coca-Cola Company Announces Pricing of Debt Tender Offers

Rhea-AI Summary

The Coca-Cola Company (NYSE: KO) has announced the pricing of offers to purchase any outstanding U.S. dollar-denominated and Euro-denominated notes. These offers, detailed in the Offer to Purchase dated April 28, 2021, include various series of notes with significant principal amounts, including $1 billion in 2.950% Notes due 2025 and $1.75 billion in 2.875% Notes due 2025. The total consideration for the Dollar Notes ranges from $1,083.96 to $1,085.22, based on reference yields and fixed spreads. The Offers aim to manage the Company's debt effectively.

Positive

• The Offers aim to optimize the company's debt structure.
• Total consideration for Dollar Notes indicates strong financial management.

Negative

• None.

The Coca-Cola Company (the “Company,” “we,” “us” and “our”) (NYSE: KO) today announced the pricing of its previously announced offers to purchase for cash any and all of the Company’s outstanding (i) U.S. dollar-denominated notes listed in Table I below (the “Dollar Notes”) and (ii) Euro-denominated notes listed in Table II below (the “Euro Notes”). The Dollar Notes and the Euro Notes are referred to collectively herein as the “Notes” and such offers to purchase as the “Offers” and each an “Offer.”

Each Offer was made upon the terms and subject to the conditions set forth in the offer to purchase, dated April 28, 2021 (as may be amended or supplemented from time to time, the “Offer to Purchase”), and its accompanying notice of guaranteed delivery (the “Notice of Guaranteed Delivery” and, together with the Offer to Purchase, the “Tender Offer Documents”). Capitalized terms used but not defined in this announcement have the meanings given to them in the Offer to Purchase.

The table below sets forth the Total Consideration for each series of Dollar Notes, as described in the Offer to Purchase:

TABLE I: DOLLAR NOTES SUBJECT TO THE OFFERS

Title of Notes

CUSIP Number/ISIN

Principal Amount Outstanding

UST Reference Security

Bloomberg Reference Page

Reference Yield

Fixed Spread (bps)

Total Consideration(1)

2.950% Notes due 2025

CUSIP: 191216CN8 ISIN: US191216CN81

$1,000,000,000

0.375% UST due 04/15/2024

FIT1

0.322%

40

$1,085.22

2.875% Notes due 2025

CUSIP: 191216BS8 ISIN: US191216BS87

$1,750,000,000

0.750% UST due 03/31/2026

FIT1

0.804%

15

$1,083.96

2.550% Notes due 2026

FAQ

What is the purpose of Coca-Cola's recent offers to purchase notes (KO)?

Coca-Cola's offers aim to purchase any outstanding U.S. dollar and Euro-denominated notes to optimize its debt structure.

What are the total considerations for Coca-Cola's Dollar Notes (KO)?

The total considerations for Coca-Cola's Dollar Notes range from $1,083.96 to $1,085.22 based on respective series and market conditions.

When was the Offer to Purchase for Coca-Cola's notes announced (KO)?

The Offer to Purchase for Coca-Cola's notes was announced on April 28, 2021.

What are the principal amounts of the Dollar Notes offered by Coca-Cola (KO)?

Coca-Cola's offers include $1 billion in 2.950% Notes due 2025 and $1.75 billion in 2.875% Notes due 2025.