PEP 8-K: Smart Summary

PepsiCo, Inc. issued two tranches of euro-denominated Senior Notes on July 28, 2025, comprising €500,000,000 of 3.450% Senior Notes due 2037 and €500,000,000 of 4.050% Senior Notes due 2055, with net proceeds of approximately €989 million to be used for general corporate purposes including repayment of commercial paper.

• Tranche 1: €500,000,000 aggregate principal amount of 3.450% Senior Notes due July 28, 2037; price to public 99.546%; reoffer yield 3.497%; spread to benchmark bund +77.6 basis points; spread to mid-swap +80 basis points
• Tranche 2: €500,000,000 aggregate principal amount of 4.050% Senior Notes due July 28, 2055; price to public 99.674%; reoffer yield 4.069%; spread to benchmark bund +94.4 basis points; spread to mid-swap +128 basis points
• Net proceeds to PepsiCo (before expenses): €495,230,000 for 2037 Notes and €494,870,000 for 2055 Notes; total net proceeds approximately €989 million after underwriting discounts and estimated offering expenses
• Interest payable annually on July 28 of each year, commencing July 28, 2026; day count fraction ACTUAL/ACTUAL (ICMA); minimum denomination €100,000 and integral multiples of €1,000
• Optional redemption: make-whole call at comparable government bond rate plus 15 basis points prior to April 28, 2037 (2037 Notes) and January 28, 2055 (2055 Notes); par call at any time on or after those respective par call dates
• Notes are unsecured obligations ranking equally with all other unsecured senior indebtedness; issued under Indenture dated February 12, 2024 with U.S. Bank Trust Company, National Association as Trustee; joint book-running managers: Deutsche Bank AG London Branch, HSBC Bank plc, and Mizuho International plc