Commentary & Deal Flow

Coca-Cola Icecek AS (CCOLAT), NR/BBB-/BBB- (-/neg/pos), US$500m 144A/Reg S (Cat 2) 7y sustainability-linked notes due 1/20/29. MWC then 3mos par call. Tax Call. BofA (B&D)/HSBC/JPM/MUFG joint books. Investor put option: Anadolu Group and The Coca-Cola Company individually or together ceasing to control the Issuer other than as a result of the Anadolu Group or the Coca-Cola Company acquiring sole control of the company / Change of Control at 101%.  Issued in accordance with CCI’s Sustainability-Linked Bond Framework. MUFG is acting as Sole ESG Structuring Advisor. Sustainalytics has provided a Second Party Opinion. Key Performance Indicator (KPI): Water Usage Ratio (“WUR”) as liters of water withdrawn per liter of product produced (L/L). Mechanism Description: The interest rate step up in respect of the Bonds depends on the achievement by CCI of one SPT based on CCI’s KPI on 31 December 2027. KPI Baseline: 2020 Baseline: 1.69 L/L. SPT: Reduce WUR to 1.47 L/L, representing an increase in water efficiency of 13%, by 2027. Step Up Mechanism: If CCI fails to meet the SPT, the Interest Rate will step up 50bps per annum, applicable from the Interest Period commencing on January 2028 and payable at maturity or earlier redemption / repayment. UOP: Financing of tender offer for up to USD$250m of 2024 Notes, refinancing existing indebtedness, capital expenditures and general corporate purposes. CCOLAT is one of the key bottlers in the Coca-Cola Company system, serving a customer base of 430 million people across 11 countries. Pricing 1/13. Settle 1/20 (T+5).

IPTs: 4.75% area.

LAUNCHED: $500m 7y at 4.75%.