Coca-Cola gives results on offer for three series of dollar, euro notes

By Taylor Fox

New York, March 8 – Coca-Cola Co. announced the results of its any-and-all tender offers for two series of dollar notes and one series of euro notes launched on March 1, according to a news release.

Notes

As of the 5 p.m. ET March 5 expiration date, $751,129,000 of the notes were tendered and $3,462,000 were tendered pursuant to guaranteed delivery procedures.

Specifically, Coca-Cola received the following tenders to be repurchased for the total consideration listed below per $1,000 principal amount:

• $393,184,000 of the $1.5 billion 3.2% notes due 2023 (Cusip: 191216BE9) for $1,074.81, with pricing set using the 1.625% Treasury due Oct. 31, 2023 plus a fixed spread of 10 basis points;

• $357,945,000 of the $750 million 2.5% notes due 2023 (Cusip: 191216AZ3) for $1,045.82, set using the 1.5% Treasury due March 31, 2023 plus a fixed spread of 10 bps; and

• €631,669,000 of the €1.5 billion 0.75% notes due 2023 (ISIN: XS1197832915) for €1,027.10, set based on the 1.5% German Bobl due Feb. 15, 2023 plus a fixed spread of 10 bps.

Interest will also be paid.

Coca-Cola plans to accept all notes tendered.

Pricing was determined at 10 a.m. ET on March 5.

Details

Coca-Cola was conducting the offers at the same time as proposed new registered offerings of senior notes denominated in both dollars and euros.

The offers were subject to financing conditions, contingent on Coca-Cola selling sufficient amounts of notes in the new offers to fund the tender offers.

The company sold $2.5 billion of senior notes due 2028, 2031 and 2051 on March 1.

The guaranteed delivery date is March 9.

Settlement for the dollar notes is planned for March 8. Settlement for the euro notes is expected on March 10.

Settlement for tenders under guaranteed delivery is scheduled for March 10.

Barclays (Barclays: 212 528-7581, 800 428-3242, liability.management@barclays.com; Barclays Bank: +44 20 3134 8515), Goldman Sachs & Co. LLC (212 902-6351, GS-LM-NYC@gs.com) and Santander Investment Securities Inc. (855 404-3636, 212 940-1442) are the dealer managers for the offer.

D.F. King & Co. Ltd. is the information agent and tender agent (866 620-2536, 212 269-5550, +44 20 7920 9700, ko@dfking.com, http://www.dfking.com/ko).

Coca-Cola is an Atlanta-based total beverage company.

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