8-KOther EventsExhibits & Filings

COCA COLA CO 8-K Report, Corporate Update (Aug 15, 2024)

Filed August 15, 2024For Securities:KO

Summary

The Coca-Cola Company has announced the successful completion of its public offering of €1 billion in Euro-denominated notes. The offering comprised €500 million in 3.375% Notes due 2037 and €500 million in 3.750% Notes due 2053. These notes were issued under the company's existing shelf registration statement. Proceeds from this debt issuance are earmarked for general corporate purposes. This includes funding working capital, capital expenditures, potential acquisitions, and the repayment of existing borrowings. Notably, the company also intends to allocate a portion of these funds towards potential payments related to its ongoing tax litigation with the IRS and a final contingent payment due in 2025 for its acquisition of fairlife, LLC. This strategic financing aims to bolster the company's financial flexibility and support its ongoing strategic initiatives.

Key Highlights

  • 1Completed a €1 billion public offering of Euro-denominated notes.
  • 2Issued €500 million in 3.375% Notes due 2037 and €500 million in 3.750% Notes due 2053.
  • 3Proceeds to be used for general corporate purposes, including working capital and capital expenditures.
  • 4Funds may be allocated to acquisitions and repayment of borrowings.
  • 5Partial proceeds intended for ongoing tax litigation with the IRS.
  • 6A contingent payment for the fairlife, LLC acquisition in 2025 will also be funded.
  • 7The offering was made under the company's existing shelf registration statement.

Frequently Asked Questions

The Coca-Cola Company raised a total of €1 billion through the public offering of Euro Notes.

The offering consisted of €500 million aggregate principal amount of 3.375% Notes due 2037 and €500 million aggregate principal amount of 3.750% Notes due 2053.

The net proceeds are intended for general corporate purposes, which include working capital, capital expenditures, acquisitions, debt repayment, potential payments for ongoing tax litigation with the IRS, and a contingent payment related to the fairlife, LLC acquisition in 2025.

The offering was conducted under the Company's shelf registration statement on Form S-3, filed with the SEC on October 28, 2022.