Coca-Cola Consolidated Announces Commencement of Tender Offer to Purchase up to $2.0 Billion in Value of its Common Stock

Core Points - Coca-Cola Consolidated, Inc. has initiated a modified "Dutch auction" tender offer to repurchase shares of its Common Stock for a total purchase price of up to $2.0 billion [1][2] Tender Offer Details - Stockholders can tender shares at a price between $850 and $925 per share or without specifying a price, with the final purchase price determined by the company [2] - The tender offer will expire at 5:00 p.m. New York City time on June 18, 2024, unless extended or terminated [4] - The tender offer is not conditioned on a minimum number of shares being tendered but is subject to a Financing Condition requiring at least $2.5 billion in gross proceeds from new term loan facilities or senior unsecured notes [4] Funding Mechanism - The company plans to fund the tender offer through a combination of cash on hand, borrowings under a revolving credit facility, new term loan facilities, and/or proceeds from an offering of senior unsecured notes [3] Company Background - Coca-Cola Consolidated is the largest Coca-Cola bottler in the United States, serving approximately 60 million consumers across 14 states and the District of Columbia [9][10]