Summary
The Coca-Cola Company (KO) filed an 8-K on September 8, 2019, disclosing the completion of a significant public offering of debt securities on September 6, 2019. The company successfully raised $2 billion by issuing $1 billion in 1.750% Notes due 2024 and $1 billion in 2.125% Notes due 2029. This debt issuance was conducted under the company's existing shelf registration statement and involved customary underwriting agreements with major financial institutions. The primary purpose of this filing is to provide transparency to investors regarding the company's financing activities and the terms of the newly issued debt. Investors should note the coupon rates and maturity dates of these notes as they represent a new layer of the company's capital structure and associated interest expense.
Key Highlights
- 1Completed a public offering of $1 billion in 1.750% Notes due 2024.
- 2Completed a public offering of $1 billion in 2.125% Notes due 2029.
- 3Total aggregate principal amount of debt issued is $2 billion.
- 4The offering was made under the company's existing Form S-3 shelf registration statement.
- 5Entered into an Underwriting Agreement with Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, and J.P. Morgan Securities LLC.
- 6The notes are governed by an Amended and Restated Indenture, originally dated April 26, 1988, with supplemental indentures.
- 7The filing includes the Underwriting Agreement and forms of the Notes as exhibits.