Coca-Cola Consolidated buys back $2.4B stake from The Coca-Cola Company

* Coca-Cola Consolidated (COKE [https://seekingalpha.com/symbol/COKE]) said on Friday it has repurchased all 18.8 million shares of its common stock held by a subsidiary of The Coca-Cola Company (KO [https://seekingalpha.com/symbol/KO]) for $127 per share, totaling about $2.4 billion.
* The transaction was funded through cash on hand and a $1.2 billion, 364-day term loan, which the company plans to refinance with new term facilities.
* Following the deal, The Coca-Cola Company relinquished its seat on Coca-Cola Consolidated’s board.
* The bottler also cut its share repurchase program to $400 million from $1 billion, with about $136 million remaining authorized.
* KO -0.17% after hours to $70.43.
* Source: Press Release [https://seekingalpha.com/pr/20299432-coca-cola-consolidated-repurchases-all-outstanding-shares-held-by-the-coca-cola-company]

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