On July 9, 2021, Coca-Cola Consolidated, Inc. entered into a credit agreement with Wells Fargo Bank, National Association, as administrative agent, swingline lender and issuing lender, and the other lenders party thereto, providing for a five-year unsecured revolving credit facility with an aggregate maximum borrowing capacity of $500 million, maturing on July 9, 2026. Subject to obtaining commitments from lenders and satisfying other conditions specified therein, at the company’s option, additional incremental revolving commitments of up to $250 million may be established under the 2021 Revolving Credit Facility to increase the aggregate revolving commitments under the 2021 Revolving Credit Facility to up to $750 million. The 2021 Revolving Credit Facility Agreement replaces the Company’s existing second amended and restated credit agreement, dated as of June 8, 2018, by and among the Company, JPMorgan Chase Bank, N.A., as administrative agent, and the other lenders party thereto. Also on July 9, 2021, the Company entered into a term loan agreement (the “Term Loan Agreement” and, together with the 2021 Revolving Credit Facility Agreement, the “Credit Agreements”) with Wells Fargo, as administrative agent, and the other lenders party thereto, providing for a senior unsecured term loan facility in the aggregate principal amount of $70 million, maturing on July 9, 2024. Subject to obtaining commitments from lenders and satisfying other conditions specified therein, at the company’s option, additional incremental term loans of up to $50 million may be established under the Term Loan Facility to increase the aggregate principal amount of term loans under the Term Loan Facility to up to $120 million. The entire amount of the Term Loan Facility was fully drawn on July 9, 2021. The company used approximately $55 million of the proceeds of the Term Loan Facility to refinance indebtedness outstanding under the 2018 Revolving Credit Facility. The company anticipates using the remaining proceeds of approximately $15 million for general corporate purposes. The company may request revolving loans, swingline loans and letters of credit under the 2021 Revolving Credit Facility. Revolving loans are available from the lenders up to the entire amount of commitments under the 2021 Revolving Credit Facility. Swingline loans are available from Wells Fargo, as swingline lender, up to $50 million. Letters of credit are available from Wells Fargo and the other lenders identified as issuing lenders in the 2021 Revolving Credit Facility Agreement up to $75 million. Revolving loans bear interest at a per annum rate equal to, at the company’s option, either (i) LIBOR plus the applicable rate, or (ii) the Base Rate plus the applicable rate. Swingline loans bear interest at a per annum rate equal to one-month LIBOR plus the applicable rate for revolving loans that are LIBOR rate loans. The applicable rates for LIBOR rate loans, base rate loans and swingline loans are set out in a pricing grid based on the applicable rating for the company’s long-term senior unsecured, non-credit-enhanced debt. The applicable rate for LIBOR rate loans varies from 0.690% to 1.075%, the applicable rate for base rate loans varies from 0.000% to 0.075%, and the applicable rate for swingline loans varies from 0.690% to 1.075%. Letter of credit fees are payable on the outstanding amounts of letters of credit at a per annum rate equal to the applicable rate for LIBOR rate loans. A facility fee is payable on the aggregate amount of commitments under the 2021 Revolving Credit Facility (regardless of the amount of loans and extensions of credit thereunder) and varies from 0.060% to 0.175%, as set out in a pricing grid based on the company’s Debt Rating. Based on the company’s current Debt Rating, under the 2021 Revolving Credit Facility, the applicable rate for LIBOR rate loans will be 0.875%, the applicable rate for base rate loans will be 0.000%, the applicable rate for swingline loans will be 0.875%, the letter of credit fee will be 0.875%, and the facility fee will be 0.125%. The company may from time to time borrow, prepay (without premium or penalty) and re-borrow amounts under the 2021 Revolving Credit Facility; provided, the company complies with the notice and other requirements set forth in the 2021 Revolving Credit Facility Agreement. Amounts borrowed under the Term Loan Facility bear interest at a per annum rate equal to, at the Company’s option, either (i) LIBOR plus the applicable rate, or (ii) the Base Rate plus the applicable rate. The applicable rates for LIBOR rate loans and base rate loans are set out in a pricing grid based on the Company’s Debt Rating. The applicable rate for LIBOR rate loans varies from 0.650% to 1.125%, and the applicable rate for base rate loans varies from 0.000% to 0.125%. Based on the company’s current Debt Rating, under the Term Loan Facility, the applicable rate for LIBOR rate loans will be 0.875%, and the applicable rate for base rate loans will be 0.000%. The company may from time to time prepay amounts borrowed under the Term Loan Facility without premium or penalty; provided, the company complies with the notice and other requirements for prepayment set forth in the Term Loan Agreement.