Registration Statement No. 333-234311
Filed Pursuant to Rule 433
Supplementing the Preliminary
Prospectus Supplement
Dated September 14, 2020
(To Prospectus dated October 24, 2019)

 

Pricing Term Sheet

Fixed-Rate Notes due 2029, 2033, and 2040

The information in this pricing term sheet relates only to the offering of euro-denominated Notes (the “Euro Notes Offering”) and should be read together with (i) the preliminary prospectus supplement dated September 14, 2020 relating to the Euro Notes Offering, filed pursuant to Rule 424(b) under the Securities Act of 1933, as amended, including the documents incorporated by reference therein, and (ii) the related base prospectus dated October 24, 2019, which forms a part of Registration Statement No. 333-234311.

 

Issuer: The Coca-Cola Company
   
Security:

0.125% Notes due 2029

0.375% Notes due 2033

0.800% Notes due 2040

   
Offering Format: SEC Registered
   
Principal Amount:

€1,000,000,000 of 2029 Notes

€750,000,000 of 2033 Notes

€850,000,000 of 2040 Notes

   
Maturity Date:

March 15, 2029 for 2029 Notes

March 15, 2033 for 2033 Notes

March 15, 2040 for 2040 Notes

   
Spread to Mid-Swap Yield:

+45 bps for 2029 Notes

+60 bps for 2033 Notes

+80 bps for 2040 Notes

   
Mid-Swap Yield:

-0.282% for 2029 Notes

-0.109% for 2033 Notes

0.048% for 2040 Notes

   
Yield to Maturity:

0.168% for 2029 Notes

0.491% for 2033 Notes

0.848% for 2040 Notes

 

 

 

 

Coupon:

0.125% per year for 2029 Notes

0.375% per year for 2033 Notes

0.800% per year for 2040 Notes

   
Interest Payment Dates:

Annually on March 15, commencing on March 15, 2021 for the 2029 Notes

Annually on March 15, commencing on March 15, 2021 for the 2033 Notes

Annually on March 15, commencing on March 15, 2021 for the 2040 Notes

   
Price to Public:

99.638% of principal amount for 2029 Notes

98.599% of principal amount for 2033 Notes

99.142% of principal amount for 2040 Notes

   
Underwriting Discounts:

0.420% of principal amount for 2029 Notes

0.500% of principal amount for 2033 Notes

0.750% of principal amount for 2040 Notes

   
Proceeds to Issuer:

99.218% of principal amount for 2029 Notes

98.099% of principal amount for 2033 Notes

98.392% of principal amount for 2040 Notes

   
Benchmark Security:

DBR 0.250% due February 15, 2029 for 2029 Notes

DBR 0.000% due August 15, 2030 for 2033 Notes

DBR 4.250% due July 4, 2039 for 2040 Notes

   
Benchmark Security Yield:

-0.588% for 2029 Notes

-0.488% for 2033 Notes

-0.266% for 2040 Notes

   
Benchmark Security Price:

107.255 for 2029 Notes

104.970 for 2033 Notes

187.180 for 2040 Notes

   
Spread to Benchmark Security:

+75.6 bps for 2029 Notes

+97.9 bps for 2033 Notes

+111.4 bps for 2040 Notes

   
Make-Whole Call:

Bund +15 bps for 2029 Notes

Bund +15 bps for 2033 Notes

Bund +20 bps for 2040 Notes

   
Use of Proceeds: The Coca-Cola Company expects to use the net proceeds from the offering, together with cash on hand, if necessary, for the purchase of the euro-denominated notes tendered pursuant to the Tender Offers (as defined in the preliminary prospectus supplement) and the payment of related accrued and unpaid interest, premiums, fees and expenses and the 2021 and 2022 Notes Redemptions (as defined in the preliminary prospectus supplement), if applicable. The Coca-Cola Company may reallocate the net proceeds depending on market and other conditions in effect at the time for general corporate purposes. The offering is not conditioned upon the completion of the Expected Notes Offering (as defined in the preliminary prospectus supplement) or the Tender Offers.

 

 

 

 

Day Count Convention: Actual / Actual (ICMA)
   
Trade Date: September 14, 2020
   
Settlement Date*: September 18, 2020 (T+4)
   
Listing: The Coca-Cola Company intends to apply to list the notes on the New York Stock Exchange.
   
ISIN / Common Code / CUSIP:

XS2233154538 / 223315453 / 191216 CZ1 for 2029 Notes

XS2233155261 / 223315526 / 191216 DA5 for 2033 Notes

XS2233155345 / 223315534 / 191216 DB3 for 2040 Notes

   
Denominations: €100,000 and integral multiples of €1,000 in excess thereof
   
Expected Ratings**:

A1 by Moody’s Investors Service, Inc.

A+ by Standard & Poor’s Ratings Services

   
MiFID II Target Market and PRIIPs: Eligible counterparties and professional clients only (all distribution channels); No PRIIPs key information document (KID) has been prepared as not available to retail in EEA or in the UK.
   
Underwriters:

Joint Book-Running Managers:

Citigroup Global Markets Limited

Credit Suisse Securities (Europe) Limited

Deutsche Bank AG, London Branch

J.P. Morgan Securities plc

Merrill Lynch International

   
 

Co-Managers:

Mischler Financial Group, Inc.

Siebert Williams Shank & Co., LLC

   
Stabilization: Stabilization/FCA

 

 

 

*Under Rule 15c6-1 under the Securities Exchange Act of 1934, trades in the secondary market are required to settle in two business days, unless the parties to any such trade expressly agree otherwise. Accordingly, purchasers who wish to trade the notes on the date of pricing or the next one succeeding business day will be required, by virtue of the fact that the notes initially settle in T+4, to specify an alternate settlement arrangement at the time of any such trade to prevent a failed settlement.

**Note: A securities rating is not a recommendation to buy, sell or hold securities and may be subject to revision or withdrawal at any time.

The issuer has filed a registration statement (including a prospectus) with the U.S. Securities and Exchange Commission (SEC) for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the issuer has filed with the SEC for more complete information about the issuer and the offering.

You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the issuer, any underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request it by calling Citigroup Global Markets Limited toll free at 1-800-831-9146, Credit Suisse Securities (Europe) Limited at 1-800-221-1037 or +44 (0) 20-7888-4021, Deutsche Bank AG, London Branch toll free at 1-800-503-4611, J.P. Morgan Securities plc toll free at 1-212-834-4533 or +44-207-134-2468, or Merrill Lynch International toll free at 1-800-294-1322.

Any legends, disclaimers or other notices that may appear below are not applicable to this communication and should be disregarded. Such legends, disclaimers or other notices have been automatically generated as a result of this communication having been sent via Bloomberg or another system.