Coca-Cola announces results and expiration of six tender offers

Chicago, May 6 – The Coca-Cola Co. reported the results of its tender offers launched on April 28 for any and all of four series of dollar-denominated notes and two series of euro-denominated notes, according to a news release.

There were $4.25 billion of the dollar notes outstanding and €2.2 billion of the euro notes outstanding at the start of the offer.

Dollar offers

The company received tenders for and expects to accept for purchase the listed amounts of the following four dollar series:

• $576,917,000 of the $1 billion outstanding of 2.95% notes due 2025 (Cusip: 191216CN8) for total consideration of $1,085.22 per $1,000 principal amount, based on the 0.375% Treasury due April 15, 2024 plus 40 basis points;

• $388.35 million of the $1.75 billion outstanding of 2.875% notes due 2025 (Cusip: 191216BS8) for total consideration of $1,083.96 per $1,000 principal amount, based on the 0.75% Treasury due March 31, 2026 plus 15 bps;

• $219,226,000 of the $500 million outstanding of 2.55% notes due 2026 (Cusip: 191216BW9) for total consideration of $1,080.09 per $1,000 principal amount, based on the 0.75% Treasury due March 31, 2026 plus 12.5 bps; and

• $544,058,000 of the $1 billion outstanding 2.25% notes due 2026 (Cusip: 191216BZ3) for total consideration of $1,069.75 per $1,000 principal amount, based on the 0.75% Treasury due March 31, 2026 plus 10 bps.

Those tendered amounts listed exclude the following notes that may be tendered under guaranteed delivery procedures and accepted for purchase: $712,000 of 2.95% notes due 2025; $11,362,000 of 2.875% notes due 2025; $512,000 of 2.55% notes due 2026; and $10,863,000 of 2.25% notes due 2026.

Euro offers

Noteholders tendered and the company expects to purchase the following amounts of notes from the two series of euro notes:

• €587,075,000 of the €1 billion outstanding of 0.75% notes due 2026 (ISIN: XS1955024713) for total consideration of €1,054.16 per $1,000 principal amount, based on the 0.75% mid-swap rate; and

• €343,012,000 of the €1.2 billion of 1.875% notes due 2026 (ISIN: XS1112678989) for total consideration of €1,115.15 per $1,000 principal amount, based on the 1.875% mid-swap rate.

Funding and allocation

Funding for the offers will come from new offerings denominated in dollars and euros.

The company sold $3.45 billion of notes in the U.S. market on April 28 and separately priced €1 billion of bonds on the same day.

Priority allocations for the new notes will be given to noteholders who tendered their old notes and indicated to the dealer managers interest in subscribing to the new notes.

Details

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

The expiration time was set for 5 p.m. ET on May 5, also the withdrawal deadline.

Settlement is expected for May 6 for the dollar notes and May 7 for the euro notes.

The guaranteed delivery date is 5 p.m. ET on May 7 with settlement on May 10.

There was no minimum condition for the offers.

BofA Securities, Inc. (980 387-3907, +44 20 7996 5420), Citigroup Global Markets Inc. (800 558-3745, +44 20 7986 8969), J.P. Morgan Securities LLC (866 834-4666) and J.P. Morgan Securities plc (+44 20 7134 2468) are the dealer managers.

D.F. King is the information agent and tender agent (866 796-7179, 212 269-5550, +44 20 7920 9700, ko@dfking.com, https://sites.dfkingltd.com/coca-cola).

The beverage company is based in Atlanta.

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