Coke Florida Secures New $350 Million Credit Facility

Coca-Cola Beverages Florida (Coke Florida) has secured a new $350 million senior unsecured revolving credit facility to support its growth and expansion plans. The five-year agreement, arranged by Citibank, N.A., PNC Capital Markets LLC, and BofA Securities, INC., as Joint Lead Arrangers and Joint Bookrunners, replaces the company's previous $350 million agreement.

The new credit facility provides additional flexibility for Coke Florida to invest in its facilities, fleet, automation, and digital capabilities. It also ensures the company has the resources to serve its customers, create opportunities for its associates, and build a stronger business for the future.

Coke Florida's Chief Executive Officer, Troy Taylor, stated that the new credit facility strengthens the company's financial position and provides additional flexibility for strategic investments. The company's Chief Financial Officer, Paul Pheffer, added that renewing the five-year agreement highlights Coke Florida's strong financial position and the confidence its banking partners have in its long-term strategy.

The Credit Facility has a $200 million accordion feature and borrowings will bear interest at a rate of SOFR plus 0.75% to 1.25%, depending on Coke Florida's leverage ratio. The company's BBB+ credit rating provides the liquidity and flexibility to fund strategic investments and create long-term value for Coke Florida.