Summary by Moomoo AI
On June 10, 2024, Coca-Cola Consolidated entered into new credit agreements totaling $1.3 billion. The company secured a Term Loan Agreement providing up to $800 million maturing in 2027 and $500 million maturing in 2029, with an option to increase by $500 million. Additionally, a $500 million Revolving Credit Facility was established, maturing in 2029, with a potential $250 million increase.The Term Loan Facilities offer flexible draw options until September 8, 2024, with interest rates based on Term SOFR or Base Rate plus applicable margins determined by the company's debt rating. The Revolving Credit Facility replaces an existing agreement from 2021, offering revolving loans, swingline loans, and letters of credit. Both agreements include customary covenants and financial ratios.These facilities provide Coca-Cola Consolidated with significant financial flexibility for general corporate purposes, including stock repurchases, working capital, dividends, and capital expenditures. The agreements demonstrate the company's strong credit position and ability to secure favorable financing terms in the current market.
