<SEC-DOCUMENT>0001104659-20-112328.txt : 20201006
<SEC-HEADER>0001104659-20-112328.hdr.sgml : 20201006
<ACCEPTANCE-DATETIME>20201005194000
ACCESSION NUMBER:		0001104659-20-112328
CONFORMED SUBMISSION TYPE:	FWP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20201006
DATE AS OF CHANGE:		20201005

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PEPSICO INC
		CENTRAL INDEX KEY:			0000077476
		STANDARD INDUSTRIAL CLASSIFICATION:	BEVERAGES [2080]
		IRS NUMBER:				131584302
		STATE OF INCORPORATION:			NC
		FISCAL YEAR END:			1226

	FILING VALUES:
		FORM TYPE:		FWP
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	333-234767
		FILM NUMBER:		201225109

	BUSINESS ADDRESS:	
		STREET 1:		700 ANDERSON HILL RD
		CITY:			PURCHASE
		STATE:			NY
		ZIP:			10577
		BUSINESS PHONE:		9142532000

	MAIL ADDRESS:	
		STREET 1:		700 ANDERSON HILL ROAD
		CITY:			PURCHASE
		STATE:			NY
		ZIP:			10577-1444

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PEPSI COLA CO
		DATE OF NAME CHANGE:	19700903

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PEPSICO INC
		CENTRAL INDEX KEY:			0000077476
		STANDARD INDUSTRIAL CLASSIFICATION:	BEVERAGES [2080]
		IRS NUMBER:				131584302
		STATE OF INCORPORATION:			NC
		FISCAL YEAR END:			1226

	FILING VALUES:
		FORM TYPE:		FWP

	BUSINESS ADDRESS:	
		STREET 1:		700 ANDERSON HILL RD
		CITY:			PURCHASE
		STATE:			NY
		ZIP:			10577
		BUSINESS PHONE:		9142532000

	MAIL ADDRESS:	
		STREET 1:		700 ANDERSON HILL ROAD
		CITY:			PURCHASE
		STATE:			NY
		ZIP:			10577-1444

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PEPSI COLA CO
		DATE OF NAME CHANGE:	19700903
</SEC-HEADER>
<DOCUMENT>
<TYPE>FWP
<SEQUENCE>1
<FILENAME>tm2031181d2_fwp.htm
<DESCRIPTION>FREE WRITING PROSPECTUS
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Issuer Free Writing Prospectus<BR>
Filed Pursuant to Rule&nbsp;433<BR>
Registration Statement No.&nbsp;333-234767<BR>
October&nbsp;5, 2020</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PepsiCo,&nbsp;Inc.</B><BR>
0.400% Senior Notes due 2023</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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    <TD STYLE="padding: 2pt 5.4pt 2pt 15pt; border: Black 1pt solid; text-indent: -10pt; vertical-align: top; width: 20%"><FONT STYLE="font-size: 10pt">Issuer:</FONT></TD>
    <TD STYLE="padding: 2pt 5.4pt; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 80%"><FONT STYLE="font-size: 10pt">PepsiCo,&nbsp;Inc.</FONT></TD></TR>
<TR>
    <TD STYLE="padding: 2pt 5.4pt 2pt 15pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-indent: -10pt; vertical-align: top"><FONT STYLE="font-size: 10pt">Ratings (S&amp;P / Moody&rsquo;s):</FONT></TD>
    <TD STYLE="padding: 2pt 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">A+ / A1 (Stable Outlook / Stable Outlook)</FONT></TD></TR>
<TR>
    <TD STYLE="padding: 2pt 5.4pt 2pt 15pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-indent: -10pt; vertical-align: top"><FONT STYLE="font-size: 10pt">Trade Date:</FONT></TD>
    <TD STYLE="padding: 2pt 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">October&nbsp;5, 2020</FONT></TD></TR>
<TR>
    <TD STYLE="padding: 2pt 5.4pt 2pt 15pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-indent: -10pt; vertical-align: top"><FONT STYLE="font-size: 10pt">Settlement Date (T+2):</FONT></TD>
    <TD STYLE="padding: 2pt 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">October&nbsp;7, 2020</FONT></TD></TR>
<TR>
    <TD STYLE="padding: 2pt 5.4pt 2pt 15pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-indent: -10pt; vertical-align: top"><FONT STYLE="font-size: 10pt">Title of Securities:</FONT></TD>
    <TD STYLE="padding: 2pt 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">0.400% Senior Notes due 2023</FONT></TD></TR>
<TR>
    <TD STYLE="padding: 2pt 5.4pt 2pt 15pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-indent: -10pt; vertical-align: top"><FONT STYLE="font-size: 10pt">Aggregate Principal Amount Offered:</FONT></TD>
    <TD STYLE="padding: 2pt 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">$750,000,000</FONT></TD></TR>
<TR>
    <TD STYLE="padding: 2pt 5.4pt 2pt 15pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-indent: -10pt; vertical-align: top"><FONT STYLE="font-size: 10pt">Maturity Date:</FONT></TD>
    <TD STYLE="padding: 2pt 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">October&nbsp;7, 2023</FONT></TD></TR>
<TR>
    <TD STYLE="padding: 2pt 5.4pt 2pt 15pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-indent: -10pt; vertical-align: top"><FONT STYLE="font-size: 10pt">Interest Payment Dates:</FONT></TD>
    <TD STYLE="padding: 2pt 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">Semi-annually on each April&nbsp;7 and October&nbsp;7, commencing April&nbsp;7, 2021</FONT></TD></TR>
<TR>
    <TD STYLE="padding: 2pt 5.4pt 2pt 15pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-indent: -10pt; vertical-align: top"><FONT STYLE="font-size: 10pt">Benchmark Treasury:</FONT></TD>
    <TD STYLE="padding: 2pt 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">0.125% due September&nbsp;15, 2023</FONT></TD></TR>
<TR>
    <TD STYLE="padding: 2pt 5.4pt 2pt 15pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-indent: -10pt; vertical-align: top"><FONT STYLE="font-size: 10pt">Benchmark Treasury Yield:</FONT></TD>
    <TD STYLE="padding: 2pt 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">0.189%</FONT></TD></TR>
<TR>
    <TD STYLE="padding: 2pt 5.4pt 2pt 15pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-indent: -10pt; vertical-align: top"><FONT STYLE="font-size: 10pt">Spread to Treasury:</FONT></TD>
    <TD STYLE="padding: 2pt 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt; text-transform: uppercase">+</FONT><FONT STYLE="font-size: 10pt">23 basis points</FONT></TD></TR>
<TR>
    <TD STYLE="padding: 2pt 5.4pt 2pt 15pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-indent: -10pt; vertical-align: top"><FONT STYLE="font-size: 10pt">Re-offer Yield:</FONT></TD>
    <TD STYLE="padding: 2pt 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">0.419%</FONT></TD></TR>
<TR>
    <TD STYLE="padding: 2pt 5.4pt 2pt 15pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-indent: -10pt; vertical-align: top"><FONT STYLE="font-size: 10pt">Coupon:</FONT></TD>
    <TD STYLE="padding: 2pt 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">0.400%</FONT></TD></TR>
<TR>
    <TD STYLE="padding: 2pt 5.4pt 2pt 15pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-indent: -10pt; vertical-align: top"><FONT STYLE="font-size: 10pt">Price to Public:</FONT></TD>
    <TD STYLE="padding: 2pt 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">99.943%</FONT></TD></TR>
<TR>
    <TD STYLE="padding: 2pt 5.4pt 2pt 15pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-indent: -10pt; vertical-align: top"><FONT STYLE="font-size: 10pt">Optional Redemption:</FONT></TD>
    <TD STYLE="padding: 2pt 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">Make-whole call at Treasury rate plus 5 basis points</FONT></TD></TR>
<TR>
    <TD STYLE="padding: 2pt 5.4pt 2pt 15pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-indent: -10pt; vertical-align: top"><FONT STYLE="font-size: 10pt">Net Proceeds to PepsiCo (Before Expenses):</FONT></TD>
    <TD STYLE="padding: 2pt 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">$747,885,000</FONT></TD></TR>
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    <TD STYLE="padding: 2pt 5.4pt 2pt 15pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-indent: -10pt; vertical-align: top"><FONT STYLE="font-size: 10pt">Use of Proceeds:</FONT></TD>
    <TD STYLE="padding: 2pt 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">PepsiCo intends to use the net proceeds from this offering for general corporate purposes, including the repayment of commercial paper.</FONT></TD></TR>
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    <TD STYLE="padding: 2pt 5.4pt 2pt 15pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-indent: -10pt; vertical-align: top"><FONT STYLE="font-size: 10pt">Day Count Fraction:</FONT></TD>
    <TD STYLE="padding: 2pt 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">30/360</FONT></TD></TR>
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    <TD STYLE="padding: 2pt 5.4pt 2pt 15pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-indent: -10pt; vertical-align: top"><FONT STYLE="font-size: 10pt">CUSIP / ISIN:</FONT></TD>
    <TD STYLE="padding: 2pt 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">713448 FB9 / US713448FB91</FONT></TD></TR>
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    <TD STYLE="border: Black 1pt solid; padding: 2pt 5.4pt 2pt 15pt; text-indent: -10pt; vertical-align: top; width: 20%"><FONT STYLE="font-size: 10pt">Minimum Denomination:</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; padding: 2pt 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 80%"><FONT STYLE="font-size: 10pt">$2,000 and integral multiples of $1,000</FONT></TD></TR>
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    <TD STYLE="padding: 2pt 5.4pt 2pt 15pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-indent: -10pt; vertical-align: top"><FONT STYLE="font-size: 10pt">Joint
Book-Running Managers:</FONT></TD>
    <TD STYLE="padding: 2pt 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">Academy Securities,&nbsp;Inc.<BR>
CastleOak Securities, L.P.<BR>
Citigroup Global Markets Inc.<BR>
Drexel Hamilton, LLC<BR>
J.P. Morgan Securities LLC<BR>
Loop Capital Markets LLC<BR>
Mischler Financial Group,&nbsp;Inc.<BR>
R. Seelaus&nbsp;&amp; Co., LLC<BR>
Samuel A. Ramirez&nbsp;&amp; Company,&nbsp;Inc.<BR>
Siebert Williams Shank&nbsp;&amp; Co., LLC</FONT></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>An explanation of the significance of ratings may be obtained
from the ratings agencies. Generally, ratings agencies base their ratings on such material and information, and such of their own
investigations, studies and assumptions, as they deem appropriate. The security ratings above are not a recommendation to buy,
sell or hold the securities offered hereby. The ratings may be subject to review, revision, suspension, reduction or withdrawal
at any time by S&amp;P and Moody&rsquo;s. Each of the security ratings above should be evaluated independently of any other security
rating.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>The issuer has filed a registration
statement (including a prospectus) with the SEC for the offering to which this communication relates. Before you invest, you should
read the prospectus in that registration statement and other documents the issuer has filed with the SEC for more complete information
about the issuer and this offering. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively,
the issuer, any underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request
it by calling Academy Securities,&nbsp;Inc. at 1-646-736-3995, CastleOak Securities, L.P. toll-free at 1-</B></FONT><B>800-955-6332<FONT STYLE="font-size: 10pt">,
Citigroup Global Markets Inc. toll-free at 1-800-831-9146, Drexel Hamilton, LLC at 1-</FONT>212-632-0400<FONT STYLE="font-size: 10pt">,
J.P. Morgan Securities LLC at 1-212-834-4533, Loop Capital Markets LLC toll-free at 1-888-294-8898, Mischler Financial Group,&nbsp;Inc.
toll-free at 1-800-820-0640, R. Seelaus&nbsp;&amp; Co., LLC toll-free at 1-800-922-0584, Samuel A. Ramirez&nbsp;&amp; Company,&nbsp;Inc.
toll-free at 1-800-888-4086 or Siebert Williams Shank&nbsp;&amp; Co., LLC toll-free at 1-800-924-1311.</FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Any disclaimers or other notices that may appear below are
not applicable to this communication and should be disregarded. Such disclaimers or other notices were automatically generated
as a result of this communication being sent via Bloomberg or another email system.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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