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The Coca-Cola Company Announces Results to Date of Cash Tender Offers
Corporate,
November 23, 2010
ATLANTA, November 23, 2010 -- The
In the Any and All Offer, according to information provided by D. F. King & Co., Inc., the tender agent for the offers, $1.85 billion in aggregate principal amount of notes were validly tendered and not validly withdrawn prior to the expiration of the offer at 5:00 p.m., EST, on November 22, 2010 as more fully set forth below. The Company has accepted for payment all notes validly tendered and not validly withdrawn in the Any and All Offer and expects to make payment for the notes in same-day funds today.
Issuer |
CUSIP |
Title of Security |
Principal Amount |
Principal Amount |
Percent Tendered of Principal Amount Outstanding |
CCR |
191219BB9 |
7.125% Debentures due 2017 |
$300,000,000 |
$74,641,000 |
24.88% |
CCR |
191219BW3 |
4.500% Notes due 2019 |
$250,000,000 |
$146,940,000 |
58.78% |
CCR |
191219AV6 |
Zero Coupon Notes due 2020 |
$488,560,000 |
$185,253,000 |
37.92% |
CCR |
191219AP9 |
8.500% Debentures due 2022 |
$745,617,000 |
$317,892,000 |
42.63% |
CCR |
191219AQ7 |
8.000% Debentures due 2022 |
$236,533,000 |
$99,154,000 |
41.92% |
CCR |
191219AU8 |
6.750% Debentures due 2023 |
$250,000,000 |
$95,360,000 |
38.14% |
CCR |
191219AW4 |
7.000% Debentures due 2026 |
$299,950,000 |
$156,538,000 |
52.19% |
CCR |
191219AY0 |
6.950% Debentures due 2026 |
$500,000,000 |
$255,567,000 |
51.11% |
CCR |
191219BE3 |
6.750% Debentures due 2028 |
$400,000,000 |
$196,371,000 |
49.09% |
CCR |
191219AX2 |
6.700% Debentures due 2036 |
$299,990,000 |
$119,611,000 |
39.87% |
CCR |
191219BC7 |
6.750% Debentures due 2038 |
$250,000,000 |
$127,441,000 |
50.98% |
CCR |
191219BD5 |
7.000% Debentures due 2098 |
$250,000,000 |
$51,959,000 |
20.78% |
TCCC |
191216AF7 |
7.375% Notes due 2093 |
$117,325,000 |
$21,490,000 |
18.32% |
The Company has set the maximum principal amount of notes to be purchased pursuant to the Maximum Tender Offer as $1,601,783,000. Such maximum amount is equal to the difference between US$3,450,000,000 and the aggregate principal amount of notes validly tendered and accepted for payment in the Any and All Offer. The amounts of each series of notes to be purchased in the Maximum Tender Offer are prioritized and may be prorated as set forth in the Offer to Purchase, as supplemented on November 16, 2010.
The Maximum Tender Offer is scheduled to expire at 11:59 p.m., EST, on December 14, 2010, unless extended or earlier terminated. Holders of notes subject to the Maximum Tender Offer must tender and not withdraw their notes before the early tender date, which is 5:00 p.m., EST, on November 30, 2010, unless extended, to be eligible to receive the total consideration. Holders of notes subject to the Maximum Tender Offer who tender their notes after the early tender date will be eligible to receive the tender offer consideration, which is the total consideration minus $30 per $1,000 principal amount of notes tendered by such holder that are accepted for purchase. Holders of notes subject to the Maximum Tender Offer who tender their notes after the early tender date may not withdraw their notes except in the limited circumstances described fully in the Offer to Purchase.
The total consideration for each $1,000 principal amount of notes tendered and accepted for payment pursuant to the Maximum Tender Offer will be determined in the manner described in the Offer to Purchase by reference to a fixed spread specified for each series of the notes over the yield based on the bid side price of the U.S. Treasury Security specified on the cover page of the Offer to Purchase, as calculated by the dealer managers at 2:00 p.m., EST, on November 30, 2010. In addition to the total consideration or the tender offer consideration, as applicable, accrued interest up to, but not including, the settlement date will be paid in cash on all validly tendered notes accepted in the Maximum Tender Offer. The settlement date for the Maximum Tender Offer is currently expected to be Wednesday, December 15, 2010.
The Company has retained Deutsche Bank Securities Inc. and HSBC Securities (USA) Inc. to serve as coordinating dealer managers and Goldman, Sachs & Co. and BofA Merrill Lynch to serve as dealer managers and D.F. King & Co., Inc. to serve as the tender and information agent for the tender offers.
Requests for documents may be directed to D.F. King & Co., Inc. by telephone at 800.901.0068 (toll free) or 212.269.5550 (collect) or in writing at 48 Wall Street, 22nd Floor, New York, New York 10005. Questions regarding the tender offers may be directed to Deutsche Bank Securities Inc. at 866.627.0391 (toll free) or 212.250.2955 (collect) or HSBC Securities (USA) Inc. at 888.HSBC.4LM (toll free) or 212.525.5552 (collect).
This press release is not a tender offer to purchase or a solicitation of acceptance of a tender offer, which may be made only pursuant to the terms of the Offer to Purchase. In any jurisdiction where the laws require the tender offers to be made by a licensed broker or dealer, the tender offer will be deemed made on behalf of the Company by Deutsche Bank Securities Inc., HSBC Securities (USA) Inc., Goldman, Sachs & Co., BofA Merrill Lynch or one or more registered brokers or dealers under the laws of such jurisdiction.
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This press release may contain statements, estimates or projections that constitute "forward-looking statements" as defined under U.S. federal securities laws. Generally, the words "believe," "expect," "intend," "estimate," "anticipate," "project," "will" and similar expressions identify forward-looking statements, which generally are not historical in nature. Forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from The
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