<SEC-DOCUMENT>0001104659-23-115884.txt : 20231109
<SEC-HEADER>0001104659-23-115884.hdr.sgml : 20231109
<ACCEPTANCE-DATETIME>20231108200413
ACCESSION NUMBER:		0001104659-23-115884
CONFORMED SUBMISSION TYPE:	FWP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20231109
DATE AS OF CHANGE:		20231108

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:			1230

	FILING VALUES:
		FORM TYPE:		FWP
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	333-266332
		FILM NUMBER:		231389675

	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:			1230

	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>tm2328675d4_fwp.htm
<DESCRIPTION>FWP
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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 433<BR>
Registration Statement No. 333-266332<BR>
November 8, 2023</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"><B>PepsiCo, Inc.</B><BR>
Floating Rate Notes due 2024<BR>
5.250% Senior Notes due 2025<BR>
5.125% Senior Notes due 2026</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 STYLE="vertical-align: top">
    <TD STYLE="border: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; padding-left: 0.125in"><FONT STYLE="font-size: 10pt">Issuer:</FONT></TD>
    <TD COLSPAN="3" 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"><FONT STYLE="font-size: 10pt">PepsiCo, Inc.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; padding-left: 0.125in"><FONT STYLE="font-size: 10pt">Ratings (S&amp;P / Moody&#8217;s):</FONT></TD>
    <TD COLSPAN="3" STYLE="border-right: Black 1pt solid; padding-left: 5pt; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt">A+ / A1 (Stable Outlook / Stable Outlook)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; padding-left: 0.125in"><FONT STYLE="font-size: 10pt">Trade Date:</FONT></TD>
    <TD COLSPAN="3" STYLE="border-right: Black 1pt solid; padding-left: 5pt; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt">November 8, 2023</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; padding-left: 0.125in"><FONT STYLE="font-size: 10pt">Settlement Date (T+2):</FONT></TD>
    <TD COLSPAN="3" STYLE="border-right: Black 1pt solid; padding-left: 5pt; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt">November 10, 2023</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; width: 17%; padding-top: 3pt; padding-bottom: 3pt; padding-left: 0.125in"><FONT STYLE="font-size: 10pt">Title of Securities:</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-left: 5pt; width: 29%; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt">Floating Rate Notes due 2024</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-left: 5pt; width: 27%; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt">5.250% Senior Notes due 2025</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-left: 5pt; width: 27%; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt">5.125% Senior Notes due 2026</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; padding-left: 0.125in"><FONT STYLE="font-size: 10pt">Aggregate Principal Amount Offered:</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-left: 5pt; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt">$1,000,000,000</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-left: 5pt; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt">$800,000,000</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-left: 5pt; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt">$700,000,000</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; padding-left: 0.125in"><FONT STYLE="font-size: 10pt">Maturity Date:</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-left: 5pt; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt">November 12, 2024</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-left: 5pt; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt">November 10, 2025</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-left: 5pt; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt">November 10, 2026</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; padding-left: 0.125in"><FONT STYLE="font-size: 10pt">Interest Payment Dates:</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-left: 5pt; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt">Quarterly in arrears on February 12, 2024, May 12, 2024, August 12, 2024 and November 12, 2024</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-left: 5pt; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt">Semi-annually on each May 10 and November 10, commencing May 10, 2024</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-left: 5pt; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt">Semi-annually on each May 10 and November 10, commencing May 10, 2024</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; padding-left: 0.125in"><FONT STYLE="font-size: 10pt">Benchmark Treasury:</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-left: 5pt; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt">&#8212;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-left: 5pt; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt">5.000% due October 31, 2025</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-left: 5pt; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt">4.625% due October 15, 2026</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; padding-left: 0.125in"><FONT STYLE="font-size: 10pt">Benchmark Treasury Yield:</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-left: 5pt; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt">&#8212;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-left: 5pt; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt">4.936%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-left: 5pt; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt">4.705%</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; padding-left: 0.125in"><FONT STYLE="font-size: 10pt">Spread to Treasury:</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-left: 5pt; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt">&#8212;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-left: 5pt; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt; text-transform: uppercase">+35</FONT> <FONT STYLE="font-size: 10pt">basis points</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-left: 5pt; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt; text-transform: uppercase">+43</FONT> <FONT STYLE="font-size: 10pt">basis points</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; padding-left: 0.125in"><FONT STYLE="font-size: 10pt">Re-offer Yield:</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-left: 5pt; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt">&#8212;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-left: 5pt; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt">5.286%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-left: 5pt; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt">5.135%</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; padding-left: 0.125in"><FONT STYLE="font-size: 10pt">Coupon:</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-left: 5pt; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt">Compounded SOFR plus 0.400%. The interest rate on the Floating Rate Notes due 2024 will in no event be lower than zero</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-left: 5pt; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt">5.250%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-left: 5pt; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt">5.125%</FONT></TD></TR>

<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; width: 17%; padding-top: 3pt; padding-bottom: 3pt; padding-left: 0.125in"><FONT STYLE="font-size: 10pt">Floating Rate Interest Calculation:</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-left: 5pt; border-bottom: Black 1pt solid; width: 29%; padding-top: 3pt; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt">The amount of interest accrued and payable on the Floating Rate Notes due 2024 for each interest period will be calculated by the calculation agent and will be equal to the product of (i) the outstanding principal amount of the Floating Rate Notes due 2024 multiplied by (ii) the product of (a) the interest rate for the relevant interest period multiplied by (b) the quotient of the actual number of calendar days in the relevant Observation Period divided by 360. See &#8220;Description of Notes&#8212;Floating Rate Notes&#8212;Compounded SOFR&#8221; in the prospectus supplement</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-left: 5pt; border-bottom: Black 1pt solid; width: 27%; padding-top: 3pt; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt">&#8212;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-left: 5pt; border-bottom: Black 1pt solid; width: 27%; padding-top: 3pt; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt">&#8212;</FONT></TD></TR>
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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="border: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; padding-left: 0.125in; width: 17%"><FONT STYLE="font-size: 10pt">Compounded SOFR:</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: 29%"><FONT STYLE="font-size: 10pt">A compounded average of the daily Secured Overnight Financing Rate (&#8220;SOFR&#8221;) determined by reference to the SOFR Index for each quarterly interest period in accordance with the specific formula described under &#8220;Description of Notes&#8212;Floating Rate Notes&#8212;Compounded SOFR&#8221; in the prospectus supplement</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: 27%"><FONT STYLE="font-size: 10pt">&#8212;</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: 27%"><FONT STYLE="font-size: 10pt">&#8212;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; padding-left: 0.125in"><FONT STYLE="font-size: 10pt">Price to Public:</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-left: 5pt; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt">100.000%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-left: 5pt; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt">99.933%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-left: 5pt; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt">99.973%</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; padding-left: 0.125in"><FONT STYLE="font-size: 10pt">Optional Redemption:</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-left: 5pt; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt">&#8212;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-left: 5pt; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt">Prior to November 10, 2025, make-whole call at Treasury Rate plus 10 basis points</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-left: 5pt; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt">Prior to October 10, 2026, make-whole call at Treasury Rate plus 10 basis points; par call at any time on or after October 10, 2026</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; padding-left: 0.125in"><FONT STYLE="font-size: 10pt">Net Proceeds to PepsiCo (Before Expenses):</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-left: 5pt; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt">$999,250,000</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-left: 5pt; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt">$798,264,000</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-left: 5pt; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt">$698,236,000</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; padding-left: 0.125in"><FONT STYLE="font-size: 10pt">Use of Proceeds:</FONT></TD>
    <TD COLSPAN="3" STYLE="border-right: Black 1pt solid; padding-left: 5pt; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt"><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>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; padding-left: 0.125in"><FONT STYLE="font-size: 10pt">Day Count Fraction:</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-left: 5pt; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt">Actual/360</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-left: 5pt; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt">30/360</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-left: 5pt; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt">30/360</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; padding-left: 0.125in"><FONT STYLE="font-size: 10pt">CUSIP / ISIN:</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-left: 5pt; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt">713448 FU7 / US713448FU72</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-left: 5pt; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt">713448 FV5 / US713448FV55</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-left: 5pt; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt">713448 FW3 / US713448FW39</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; padding-left: 0.125in"><FONT STYLE="font-size: 10pt">Minimum Denomination:</FONT></TD>
    <TD COLSPAN="3" STYLE="border-right: Black 1pt solid; padding-left: 5pt; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt">$2,000 and integral multiples of $1,000</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; padding-left: 0.125in"><FONT STYLE="font-size: 10pt">Book-Running
Manager:</FONT></TD>
    <TD COLSPAN="3" STYLE="border-right: Black 1pt solid; padding-left: 5pt; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt">BofA Securities, Inc.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; padding-left: 0.125in"><FONT STYLE="font-size: 10pt">Co-Managers:</FONT></TD>
    <TD COLSPAN="3" STYLE="border-right: Black 1pt solid; padding-left: 5pt; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt">AmeriVet Securities, Inc.<BR>
Blaylock Van, LLC<BR>
Drexel Hamilton, LLC<BR>
Loop Capital Markets LLC<BR>
MFR Securities, Inc.<BR>
Mischler Financial Group, Inc. <BR>
R. Seelaus &amp; Co., LLC<BR>
Samuel A. Ramirez &amp; Company, Inc. </FONT></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">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&#8217;s.
Each of the security ratings above should be evaluated independently of any other security rating.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">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 BofA Securities, Inc. toll-free
at 1-800-294-1322 or emailing dg.prospectus_requests@bofa.com.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Any disclaimers or other notices that may appear below are not applicable
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