Coca-Cola Consolidated (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) 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.
