Summary by Futu AI
Coca-Cola has announced the pricing terms for its Euro Notes Offering, consisting of fixed-rate notes due in 2037 and 2053. The offering includes €500 million in notes for each maturity date, with the 2037 notes carrying a 3.375% coupon and the 2053 notes a 3.750% coupon. The notes are priced slightly below their principal amount, with the 2037 notes at 98.927% and the 2053 notes at 98.339%. The proceeds from the offering, which amount to 98.427% for the 2037 notes and 97.589% for the 2053 notes after underwriting discounts, are intended for general corporate purposes. These may include working capital, capital expenditures, and potential payments related to tax litigation with the IRS and a contingent consideration payment for the acquisition of fairlife, LLC. The offering is registered with the SEC, and Coca-Cola plans to list the notes on the New York Stock Exchange. The trade date is set for August 8, 2024, with settlement on August 15, 2024. The underwriting syndicate is led by Barclays Bank PLC, BNP Paribas, and J.P. Morgan Securities plc, among others.