$350 Million Credit Line Secured by Coke Florida Amid Oversubscribed Demand

Coca-Cola Beverages Florida has secured a $350 million revolving credit facility to fund investments in its business, including facilities, fleet, automation, and digital capabilities. The five-year agreement replaces an existing one of the same size and includes a $200 million accordion feature that allows the company to increase the commitment without renegotiating the whole arrangement.

The facility is unsecured, meaning banks are lending against the business itself rather than specific assets pledged as collateral. Borrowings will be priced at the secured overnight financing rate plus 0.75% to 1.25%, depending on the company's leverage.

Troy Taylor, chairman and chief executive of Coke Florida, said the facility would provide additional capacity for investments in its business, while also ensuring it has resources to serve customers, create opportunities for associates, and build a stronger business for the future.