By Devika Patel
Knoxville, Tenn., April 29 – Coca-Cola Co. priced $3.45 billion of senior notes (A1/A+) in three tranches on Wednesday, according to an FWP filed with the Securities and Exchange Commission.
The company priced $2 billion of 2.25% 11-year notes at a spread of Treasuries plus 65 basis points. These notes priced at 99.917 to yield 2.259%.
A $750 million tranche of 2.875% 20-year notes priced at a Treasuries plus 70 bps spread. These notes priced at 99.97 to yield 2.877%.
Coca-Cola sold $700 million of 3% notes due 2051, which will be part of the same series as the $1 billion of 3% notes due 2051 issued on March 5. These were sold at Treasuries plus 80 bps and priced at 98.137 to yield 3.096%.
BofA Securities, Inc., Citigroup Global Markets Inc., Deutsche Bank Securities Inc., J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, BNP Paribas Securities Corp., HSBC Securities (USA) Inc. and Wells Fargo Securities LLC were bookrunners for the dollar-denominated notes.
The company also priced €1 billion of 0.4% notes due 2030 and 0.95% notes due 2036.
BofA Securities, Citigroup and JPMorgan are bookrunners for the euro-denominated notes.
Proceeds from the dollar notes will be used, together with cash on hand, to purchase dollar notes under tender offers launched on Thursday; likewise, proceeds from the euro notes will be used to pay for the euro notes under the tender offers.
Coca-Cola is an Atlanta-based beverage company.
| Issuer: | Coca-Cola Co.
|
| Amount: | $3.45 billion
|
| Description: | Senior notes
|
| Bookrunners: | BofA Securities, Inc., Citigroup Global Markets Inc., Deutsche Bank Securities Inc., J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, BNP Paribas Securities Corp., HSBC Securities (USA) Inc. and Wells Fargo Securities LLC
|
| Co-managers: | CastleOak Securities LP, R. Seelaus & Co. Inc., Samuel A. Ramirez & Co. Inc. and Siebert Williams Shank & Co. LLC
|
| Trade date: | April 28
|
| Settlement date: | May 5
|
| Ratings: | Moody’s: A1
|
| S&P: A+
|
| Distribution: | SEC registered
|
|
|
| 11-year notes
|
| Amount: | $2 billion
|
| Maturity: | Jan. 5, 2032
|
| Coupon: | 2.25%
|
| Price: | 99.917
|
| Yield: | 2.259%
|
| Spread: | Treasuries plus 65 bps
|
| Call: | Make-whole call at Treasuries plus 10 bps
|
|
|
| 20-year notes
|
| Amount: | $750 million
|
| Maturity: | May 5, 2041
|
| Coupon: | 2.875%
|
| Price: | 99.97
|
| Yield: | 2.877%
|
| Spread: | Treasuries plus 70 bps
|
| Call: | Make-whole call at Treasuries plus 15 bps
|
|
|
| Add-on due 2051
|
| Amount: | $700 million add-on
|
| Maturity: | March 5, 2051
|
| Coupon: | 3%
|
| Price: | 98.137
|
| Yield: | 3.096%
|
| Spread: | Treasuries plus 80 bps
|
| Call: | Make-whole call at Treasuries plus 15 bps
|
| Total outstanding: | $1.7 billion, including $1 billion sold March 5
|
|
|
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