Coke Florida Secures Renewed Credit Facility with Potential for $500M Increase

Coca-Cola Beverages Florida (Coke Florida) has secured a renewed $350 million senior unsecured revolving credit facility. The new five-year agreement replaces the company's previous $350 million credit agreement and features a $200 million accordion provision, allowing Coke Florida to increase its total capacity to as much as $550 million with lender commitments and conditions met.

The facility was oversubscribed and added a new bank to Coke Florida's lending syndicate. Borrowings will carry interest at the Secured Overnight Financing Rate plus a spread ranging from 0.75% to 1.25%, depending on Coke Florida's leverage ratio.

Coke Florida plans to use the additional financial flexibility for investments in production and distribution facilities, its vehicle fleet, automation, and digital capabilities. The company aims to ensure sufficient liquidity to serve customers, create opportunities for employees, and support long-term value creation.