Coca-Cola has announced a private offer to exchange up to US$1bn of its senior notes

Coca-Cola has announced a private offer to exchange up to US$1bn of its senior notes

The Coca-Cola Co has announced a private placement to exchange up to US$1bn of its senior notes due in 2016 and $1bn due in 2021.

The company intends to use the net proceeds from the offering to "fund the cash portion of a proposed offer to exchange outstanding notes issued by subsidiary Coca-Cola Refreshments", it said today (3 August).

The Coca-Cola Refreshments notes will be exchanged for notes issued by Coca-Cola and will be used to pay off company debt, the soft drinks giant said.