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The Company currently holds approximately 45% of the issued and outstanding shares of common stock of Coca-Cola Enterprises Inc. ("Coca-Cola Enterprises"), approximately 40% of Coca-Cola Amatil Limited ("Coca-Cola Amatil"), approximately 49% of Coca-Cola Beverages Ltd. ("Coca-Cola Beverages") and approximately 49% of The Coca-Cola Bottling Company of New York, Inc. ("Coca-Cola New York").
James B. Williams, a Director of the Company, is Chairman of the Board of Directors and Chief Executive Officer of SunTrust. Subsidiary banks of SunTrust engaged in ordinary course of business banking transactions in 1995, and are expected to engage in similar transactions in 1996, with Coca-Cola Enterprises and its subsidiaries, including the making of loans on customary terms.
SunTrust Bank, Atlanta participates in a syndicate of lenders which provides a senior credit facility to Coca-Cola Beverages in the aggregate amount of Cdn.$360 million, and under which SunTrust Bank, Atlanta's commitment as at December 31, 1995 was Cdn.$45 million. In 1995, SunTrust Bank, Atlanta received fees and interest of approximately Cdn.$4.06 million with respect to such facility. In the opinion of management, the terms of such arrangements are fair and reasonable and as favorable to Coca-Cola Beverages as could have been obtained from a wholly unrelated party.
SunTrust Bank, Atlanta serves as co-agent for a syndicate of banks for a $315 million credit facility dated November 21, 1995, which replaced a $200 million credit facility dated December 22, 1993, for Coca-Cola New York, for which facilities Coca-Cola New York paid to SunTrust Bank, Atlanta in 1995 an aggregate of $4.19 million for agency, closing, commitment and other fees and interest payments. Under the previous facility, SunTrust Bank, Atlanta had committed to lend Coca-Cola New York up to $55.7 million; under the new facility, its commitment is for up to $55 million. In the opinion of management, the terms of such arrangements are fair and reasonable and as favorable to Coca-Cola New York as could have been obtained from a wholly unrelated party.
Warren E. Buffett, a Director of the Company, is Chairman of the Board of Directors, Chief Executive Officer and a major share owner of Berkshire Hathaway Inc., which company holds significant equity interests in USAir Group, Inc. and Wells Fargo & Company. In 1995, USAir Group, Inc. paid approximately $175,000 to Coca-Cola Enterprises or its affiliates and approximately $639,000 to Coca-Cola New York for soft drink products, and Coca-Cola Enterprises paid approximately $414,000 to Wells Fargo & Company for armored car and other services.
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