Summary
PepsiCo, Inc. (PEP) filed an 8-K on March 18, 2019, to report on the successful offering of €1 billion in senior notes. The offering consisted of €500 million of 0.750% Senior Notes due 2027 and €500 million of 1.125% Senior Notes due 2031. These notes are unsecured and rank equally with PepsiCo's other senior unsecured indebtedness. The company received net proceeds of approximately €988 million after deducting underwriting discounts and estimated expenses. The funds raised are designated for general corporate purposes, providing PepsiCo with additional financial flexibility. The issuance was conducted under an existing shelf registration statement and involved a standard underwriting agreement and indenture.
Key Highlights
- 1PepsiCo completed an offering of €1 billion in senior notes on March 11, 2019.
- 2The offering comprised €500 million of 0.750% Senior Notes due 2027 and €500 million of 1.125% Senior Notes due 2031.
- 3Net proceeds received by PepsiCo were approximately €988 million.
- 4Proceeds from the offering are intended for general corporate purposes.
- 5The notes are unsecured and rank equally with PepsiCo's other senior unsecured debt.
- 6The offering was conducted under PepsiCo's existing shelf registration statement filed on Form S-3.
- 7Key financial institutions like BNP Paribas, Deutsche Bank AG, and Merrill Lynch International served as joint book-running managers.