(Reuters) - Coca-Cola Co (KO.N) announced a $4 billion debt offering on Thursday, the biggest in its history, as the world's top soft drink maker aims to take advantage of low borrowing rates.

Coke is offering to buy back a range of debt securities in a tender offer and will issue new notes with net proceeds of at least $4 billion to finance the purchase.

Last month, the soft drink maker acquired the North American operations of its largest bottler, Coca-Cola Enterprises (CCE.N), including $8 billion in debt.

By refinancing, the company hopes to be able to shorten the average length of time to its debt's maturity dates and lower its average interest rate, a company spokesman said.

Companies have rushed to issue debt in recent weeks, eager to take advantage of record low borrowing rates.

Wal-Mart Stores Inc (WMT.N) in October sold three-year notes at a record low coupon of 0.75 percent, according to data compiled by IFR, a Thomson Reuters service.

EBay Inc (EBAY.O), Microsoft Corp (MSFT.O) and PepsiCo Inc (PEP.N) tied for second place with recent issues that carried coupons of 0.875 percent.

Northrop Grumman Corp (NOC.N) set a record on Monday for the lowest coupon ever paid on BBB-rated bonds, according to IFR. The company sold $1.5 billion of debt in a three-part sale.

Northern Trust Corp (NTRS.O) sold $500 million of 10-year bonds the same day, fetching a 3.45 percent coupon, a record low for a financial investment-grade issuer.

Coke is planning to sell debt in four parts, with 18-month floating-rate notes expected to price at five basis points above the three-month London Interbank Offer Rate, or Libor, IFR reported.

The company expects a second tranche of three-year fixed-rate notes to price at 35 basis points above comparable Treasuries, a third tranche of five-year fixed-rate notes at 55 basis points above Treasuries, and a fourth tranche of 10-year fixed-rate notes at 75 basis points over Treasuries.

The first part of Coke's tender offer is set to expire at 5:00 pm ET on November 15 and the second part at 8:00 am ET on December 6.

Coke shares were up 0.8 percent at $62.47 on the New York Stock Exchange in midday trading.

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