TAMPA, Fla.--(BUSINESS WIRE)--Coca-Cola Beverages Florida, LLC (the “Company”), an independent Coca-Cola bottler based in Tampa, Florida, today announced that it entered into an agreement for a 5-year, $550 million senior unsecured credit facility (the "Credit Facility"), comprised of a $450 million unsecured revolving credit facility and a $100 million unsecured delayed draw term loan facility.
Proceeds from the Credit Facility will be used to finance the Company’s upcoming acquisition of distribution territories and operations, and cold-fill production facilities in South Florida from The Coca-Cola Company. Borrowings under the Credit Facility will bear interest at a rate of LIBOR plus a spread of 1.00% to 2.00%, depending on the Company's leverage ratio.
"We are pleased to announce the closing of our Credit Facility, which was oversubscribed and continues to demonstrate our Company's ability to access capital at highly competitive terms and rates. The Credit Facility increases our flexibility and capacity to fund our planned South Florida acquisition, as well as other planned growth and improvement initiatives. I would like to thank all of our banking partners for their continued support of our growing business,” stated Erika Noonburg-Morgan, Chief Financial Officer of the Company.
The Credit Facility was arranged by Citibank, N.A. and PNC Bank Capital Markets as Joint Lead Arrangers and Bookrunners. Citibank, N.A. is serving as Administrative Agent and PNC Bank, N.A. acted as Syndication Agents. JPMorgan Chase Bank, N.A. served as Documentation Agent. Wells Fargo Bank, N.A., BMO Harris Bank, N.A., Capital One, N.A. and Synovus Bank are participants in the Credit Facility.
About Coca-Cola Beverages Florida, LLC
Coca-Cola Beverages Florida, LLC (CCBF) is the third largest privately held Coca-Cola bottler, and fifth largest independent bottler of Coca-Cola products in the United States. CCBF makes, sells and distributes over 750 refreshing beverages of The Coca-Cola Company and other partner companies. After completing the above-mentioned South Florida acquisition, CCBF’s exclusive distribution territory will cover over 18 million consumers across 47 counties in Florida, including the major markets of Miami, Tampa, Orlando and Jacksonville. For more information, please visit www.cocacolaflorida.com.