By Cristal Cody
Tupelo, Miss., Sept. 14 – Coca-Cola Co. sold $4.1 billion of senior notes (A1/A+) in three tranches on Monday, according to a market source.
The company priced $1.3 billion of 1% notes due March 15, 2028 at a spread of Treasuries plus 55 basis points.
Initial talk was in the 85 bps over Treasuries area.
Coca-Cola sold $1.3 billion of 1.375% notes due March 15, 2031 with a Treasuries plus 70 bps spread.
Initial price talk was at the 95 bps spread area.
A $1.5 billion offering of 2.5% notes due March 15, 2051 came at a spread of Treasuries plus 110 bps.
The notes were talked to print in the 135 bps spread area.
Barclays, BofA Securities Inc., Citigroup Global Markets Inc., J.P. Morgan Securities LLC and Santander Investment Securities Inc. were the bookrunners.
The company also sold €2.6 billion of euro-denominated registered fixed-rate senior notes in three tranches on Monday.
Proceeds will be used to fund a tender offer started on Monday, including both dollar-denominated and euro-denominated notes.
Coca-Cola is an Atlanta-based beverage company.
| Issuer: | Coca-Cola Co.
|
| Amount: | $4.1 billion
|
| Description: | Senior notes
|
| Bookrunners: | Barclays, BofA Securities Inc., Citigroup Global Markets Inc., J.P. Morgan Securities LLC and Santander Investment Securities Inc.
|
| Trade date: | Sept. 14
|
| Ratings: | Moody’s: A1
|
| S&P: A+
|
| Distribution: | SEC registered
|
|
|
| Notes due 2028
|
| Amount: | $1.3 billion
|
| Maturity: | March 15, 2028
|
| Coupon: | 1%
|
| Spread: | Treasuries plus 55 bps
|
| Price guidance: | Treasuries plus 85 bps area
|
|
|
| Notes due 2031
|
| Amount: | $1.3 billion
|
| Maturity: | March 15, 2031
|
| Coupon: | 1.375%
|
| Spread: | Treasuries plus 70 bps
|
| Price guidance: | Treasuries plus 95 bps area
|
|
|
| Notes due 2051
|
| Amount: | $1.5 billion
|
| Maturity: | March 15, 2051
|
| Coupon: | 2.5%
|
| Spread: | Treasuries plus 110 bps
|
| Price guidance: | Treasuries plus 135 bps area
|
|
|
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