Coca-Cola Consolidated Signs $1.3 Billion in Term Loans and $500 Million Revolver
Coca-Cola Consolidated entered into a $1.3 billion term loan agreement and a new $500 million five-year revolving credit facility, both led by Wells Fargo, on June 10, 2024. The revolver replaces the company's existing credit agreement dated July 9, 2021, and the filing says proceeds may be used for general corporate purposes, including stock repurchases and dividends.
- Term loans: up to $800 million maturing June 10, 2027, and up to $500 million maturing June 10, 2029, drawable on a delayed basis within 90 days
- Revolving credit facility: $500 million maturing June 10, 2029, replacing the July 9, 2021 credit agreement
- Financial covenants require adjusted operating cash flow to fixed charges of at least 1.5 to 1.0 and funded debt to cash flow of no more than 6.0 to 1.0