The Coca-Cola Co. is set to sell €1bn ($1.09bn) in new debt and use part of the proceeds for potential payments to its ongoing tax litigation case with the US Internal Revenue Service (IRS).
In an SEC filing yesterday (8 August), the Sprite and Fanta brands owner said it planned to issue two €500m bonds which will add to the $7bn of new borrowing by the company this year.
It added that a portion of the sum would be used for “making any potential payments in connection with our ongoing tax litigation with the United States Internal Revenue Service”.
Last week, the soft drinks giant said it was set to appeal a US court decision which reflects a liability of approximately $2.7bn. This is expected to rise to around $6bn when accounting for…
