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Published on 3/12/2018 in the Prospect News Investment Grade Daily and Prospect News Liability Management Daily.

Coca-Cola European offers new notes in exchange for three issues

By Susanna Moon

Chicago, March 12 – Coca-Cola European Partners plc is offering to exchange three series of notes for new notes to be issued by Coca-Cola European with a guarantee from Coca-Cola European Partners US, LLC.

The company is offering to swap out the following notes:

• $525 million of 3.5% notes due 2020 for new 3.5% notes;

• $250 million of 3.25% notes due 2021 for new 3.25% notes; and

• $300 million of 4.5% notes due 2021 for new 4.5% notes.

The old notes were issued by CCEP US, as successor by merger to Coca-Cola Enterprises, Inc. and formerly named International CCE Inc., and are guaranteed by CCEP.

Along with the exchange, Coca-Cola European is soliciting consents to amend the notes to eliminate substantially all of the restrictive covenants, according to a company announcement.

The total exchange value for each $1,000 principal amount will be $1,000 principal amount of new notes plus $1.50 in cash.

The total exchange amount includes an early exchange premium of $30.00 per $1,000 principal amount of notes tendered before the early deadline of 5 p.m. ET on March 23.

Holders also will receive accrued interest to but excluding the settlement date.

The exchange offers and consent solicitations will continue until 11:59 p.m. ET on April 9.

Tendered notes may be withdrawn before the early deadline.

Holders may not deliver consents without tendering their notes, and holders who tender will be deemed to have delivered consents.

D. F. King & Co., Inc. (212 269-5550, 888 605-1956 or cce@dfking.com) is the exchange agent and information agent.

Coca-Cola European is a consumer packaged goods company based in Uxbridge, England.


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