<SEC-DOCUMENT>0001104659-20-112326.txt : 20201006
<SEC-HEADER>0001104659-20-112326.hdr.sgml : 20201006
<ACCEPTANCE-DATETIME>20201005192142
ACCESSION NUMBER:		0001104659-20-112326
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:		201225082

	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>
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Issuer Free Writing Prospectus<BR>
Filed Pursuant to Rule 433<BR>
Registration Statement No. 333-234767<BR>
October 5, 2020</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>PepsiCo,
Inc.</B></FONT><BR>
1.400% Senior Notes due 2031</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="text-indent: -0.125in; border: Black 1pt solid; vertical-align: top; width: 17%; padding-top: 3pt; padding-bottom: 3pt; padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Issuer:</FONT></TD>
    <TD STYLE="padding-left: 5pt; width: 83%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">PepsiCo, Inc.</FONT></TD></TR>
<TR>
    <TD STYLE="text-indent: -0.125in; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; vertical-align: top; padding-top: 3pt; padding-bottom: 3pt; padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ratings (S&amp;P / Moody&rsquo;s):</FONT></TD>
    <TD STYLE="padding-left: 5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A+ / A1 (Stable Outlook / Stable Outlook)</FONT></TD></TR>
<TR>
    <TD STYLE="text-indent: -0.125in; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; vertical-align: top; padding-top: 3pt; padding-bottom: 3pt; padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Trade Date:</FONT></TD>
    <TD STYLE="padding-left: 5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">October 5, 2020</FONT></TD></TR>
<TR>
    <TD STYLE="text-indent: -0.125in; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; vertical-align: top; padding-top: 3pt; padding-bottom: 3pt; padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Settlement Date (T+2):</FONT></TD>
    <TD STYLE="padding-left: 5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">October 7, 2020</FONT></TD></TR>
<TR>
    <TD STYLE="text-indent: -0.125in; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; vertical-align: top; padding-top: 3pt; padding-bottom: 3pt; padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title of Securities:</FONT></TD>
    <TD STYLE="padding-left: 5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.400% Senior Notes due 2031</FONT></TD></TR>
<TR>
    <TD STYLE="text-indent: -0.125in; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; vertical-align: top; padding-top: 3pt; padding-bottom: 3pt; padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Aggregate Principal Amount Offered:</FONT></TD>
    <TD STYLE="padding-left: 5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$750,000,000</FONT></TD></TR>
<TR>
    <TD STYLE="text-indent: -0.125in; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; vertical-align: top; padding-top: 3pt; padding-bottom: 3pt; padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Maturity Date:</FONT></TD>
    <TD STYLE="padding-left: 5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">February 25, 2031</FONT></TD></TR>
<TR>
    <TD STYLE="text-indent: -0.125in; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; vertical-align: top; padding-top: 3pt; padding-bottom: 3pt; padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Interest Payment Dates:</FONT></TD>
    <TD STYLE="padding-left: 5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Semi-annually on each February 25 and August 25, commencing February 25, 2021</FONT></TD></TR>
<TR>
    <TD STYLE="text-indent: -0.125in; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; vertical-align: top; padding-top: 3pt; padding-bottom: 3pt; padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Benchmark Treasury:</FONT></TD>
    <TD STYLE="padding-left: 5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.625% due August 15, 2030</FONT></TD></TR>
<TR>
    <TD STYLE="text-indent: -0.125in; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; vertical-align: top; padding-top: 3pt; padding-bottom: 3pt; padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Benchmark Treasury Yield:</FONT></TD>
    <TD STYLE="padding-left: 5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.772%</FONT></TD></TR>
<TR>
    <TD STYLE="text-indent: -0.125in; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; vertical-align: top; padding-top: 3pt; padding-bottom: 3pt; padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Spread to Treasury:</FONT></TD>
    <TD STYLE="padding-left: 5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">+</FONT><FONT STYLE="font-size: 10pt">67 basis points</FONT></TD></TR>
<TR>
    <TD STYLE="text-indent: -0.125in; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; vertical-align: top; padding-top: 3pt; padding-bottom: 3pt; padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Re-offer Yield:</FONT></TD>
    <TD STYLE="padding-left: 5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.442%</FONT></TD></TR>
<TR>
    <TD STYLE="text-indent: -0.125in; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; vertical-align: top; padding-top: 3pt; padding-bottom: 3pt; padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Coupon:</FONT></TD>
    <TD STYLE="padding-left: 5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.400</FONT><FONT STYLE="font-size: 10pt">%</FONT></TD></TR>
<TR>
    <TD STYLE="text-indent: -0.125in; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; vertical-align: top; padding-top: 3pt; padding-bottom: 3pt; padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Price to Public:</FONT></TD>
    <TD STYLE="padding-left: 5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">99.597%</FONT></TD></TR>
<TR>
    <TD STYLE="text-indent: -0.125in; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; vertical-align: top; padding-top: 3pt; padding-bottom: 3pt; padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Optional Redemption:</FONT></TD>
    <TD STYLE="padding-left: 5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Prior to November 25, 2030, make-whole call at Treasury rate plus 15 basis points; par call at any time on or after November 25, 2030</FONT></TD></TR>
<TR>
    <TD STYLE="text-indent: -0.125in; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; vertical-align: top; padding-top: 3pt; padding-bottom: 3pt; padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net Proceeds to PepsiCo (Before Expenses):</FONT></TD>
    <TD STYLE="padding-left: 5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$743,602,500</FONT></TD></TR>
<TR>
    <TD STYLE="text-indent: -0.125in; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; vertical-align: top; padding-top: 3pt; padding-bottom: 3pt; padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Use of Proceeds:</FONT></TD>
    <TD STYLE="padding-left: 5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; 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>
<TR>
    <TD STYLE="text-indent: -0.125in; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; vertical-align: top; padding-top: 3pt; padding-bottom: 3pt; padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Day Count Fraction:</FONT></TD>
    <TD STYLE="padding-left: 5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">30/360</FONT></TD></TR>
<TR>
    <TD STYLE="text-indent: -0.125in; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; vertical-align: top; padding-top: 3pt; padding-bottom: 3pt; padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CUSIP / ISIN:</FONT></TD>
    <TD STYLE="padding-left: 5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">713448 FA1 / US713448FA19</FONT></TD></TR>
<TR>
    <TD STYLE="text-indent: -0.125in; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; vertical-align: top; padding-top: 3pt; padding-bottom: 3pt; padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Minimum Denomination:</FONT></TD>
    <TD STYLE="padding-left: 5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$2,000 and integral multiples of $1,000</FONT></TD></TR>
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Book-Running Managers:</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; padding-left: 5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; width: 83%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Citigroup Global Markets Inc.</FONT><FONT STYLE="font-size: 10pt"><BR>
J.P. Morgan Securities LLC<BR>
Morgan Stanley &amp; Co. LLC</FONT></TD></TR>
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    <TD STYLE="text-indent: -0.125in; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; vertical-align: top; padding-top: 3pt; padding-bottom: 3pt; padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Co-Managers:</FONT></TD>
    <TD STYLE="padding-left: 5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ANZ Securities, Inc.<BR>
PNC Capital Markets LLC<BR>
RBC Capital Markets, LLC<BR>
U.S. Bancorp Investments, Inc.<BR>
Blaylock Van, LLC</FONT></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><B><I>&nbsp;</I></B></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-family: Times New Roman, Times, Serif"><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 </B></FONT><B>Citigroup Global Markets Inc. toll-free at 1-800-831-9146,
J.P. Morgan Securities LLC collect at 1-212-834-4533 or Morgan Stanley &amp; Co. LLC toll-free at 1-866-718-1649.</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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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