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Announcement:

Moody's: Coca-Cola system refranchising is positive for Coca-Cola Bottling Co. Consolidated

Global Credit Research - 16 Apr 2013

New York, April 16, 2013 -- Moody's Investors Service said today that the announcement by the Coca-Cola Company ("Coke") of the intent to explore refranchising of some of its bottling territories to 5 domestic bottlers is a long term positive for Coca-Cola Bottling Co. Consolidated ("CCBCC"), (Baa2, stable). Under the letter of intent, CCBCC would be granted additional distribution rights in parts of Tennessee and Kentucky which are territories that are contiguous to its current franchise territories. The proposed transaction would be accomplished through a sub bottling arrangement whereby CCBCC would make ongoing payments to Coke for exclusive distribution rights in the territories including the transfer of rights to distribute brands not owned by Coke. Under the arrangement, CCBCC would acquire certain distribution assets and working capital relating to the expanded territory but would not acquire any production assets. The proposed transaction is expected to be finalized by the end of 2013, with closing likely to occur in late 2014.

Moody's views the transaction to be a long term positive for CCBCC, since it affords the opportunity for the bottler to expand its geographic reach, scale and profit base in the US while not requiring significant capital outlay that would be involved in an outright franchise purchase. For further information please see the related Issuer Comment published today at www.Moodys.com.

Coca-Cola Bottling Co. Consolidated ("CCBCC"), headquartered in Charlotte, North Carolina, produces, markets and distributes nonalcoholic beverages, primarily products of The Coca-Cola Company. Following KO's consolidation of the North American Bottling operations of CCE, CCBCC is the largest independent Coca-Cola bottler operating in the US with approximately $1.6 billion in net revenues for fiscal 2012. The company operates in eleven states, primarily in the Southeast. The company's portfolio of products includes both sparkling and still beverages.

Linda J Montag
Senior Vice President
Corporate Finance Group
Moody's Investors Service, Inc.
250 Greenwich Street
New York, NY 10007
U.S.A.
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Peter H. Abdill, CFA
MD - Corporate Finance
Corporate Finance Group
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Releasing Office:
Moody's Investors Service, Inc.
250 Greenwich Street
New York, NY 10007
U.S.A.
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Moody's: Coca-Cola system refranchising is positive for Coca-Cola Bottling Co. Consolidated
No Related Data.

 

© 2014 Moody's Corporation, Moody's Investors Service, Inc., Moody's Analytics, Inc. and/or their licensors and affiliates (collectively, "MOODY'S"). All rights reserved.

 


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