PepsiCo, Inc. Enters into $5,000,000,000 Five Year Unsecured Revolving Credit Agreement and Announces Termination of $4,200,000,000 Five Year Unsecured Revolving Credit Agreement
May 24, 2024 at 04:32 pm
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On May 24, 2024, PepsiCo, Inc. entered into a new $5,000,000,000 five year unsecured revolving credit agreement among PepsiCo, as borrower, the lenders party thereto, and Citibank, N.A., as administrative agent. The 2024 Five Year Credit Agreement enables PepsiCo and its borrowing subsidiaries to borrow up to $5,000,000,000 in U.S. Dollars and/or Euros, including a $750,000,000 swing line subfacility for Euro-denominated borrowings permitted to be borrowed on a same day basis, subject to customary terms and conditions, and expires on May 24, 2029. PepsiCo may also, upon the agreement of either the then existing lenders or of additional banks not currently party to the 2024 Five Year Credit Agreement, increase the commitments under the 2024 Five Year Credit Agreement to up to an aggregate amount of $5,750,000,000 in U.S. Dollars and/or Euros.
PepsiCo may, up to two times during the term of the 2024 Five Year Credit Agreement, request extension of the 2024 Five Year Credit Agreement for an additional one year period. Subject to certain conditions stated in the 2024 Five Year Credit Agreement, PepsiCo and its borrowing subsidiaries may borrow, prepay and reborrow amounts under the 2024 Five Year Credit Agreement at any time during the term of the 2024 Five Year Credit Agreement. Funds borrowed under the 2024 Five Year Credit Agreement may be used for general corporate purposes of PepsiCo and its subsidiaries.
The 2024 Five Year Credit Agreement contains customary representations and warranties and events of default. In the ordinary course of their respective businesses, the lenders under the 2024 Five Year Credit Agreement and their affiliates have engaged, and may in the future engage, in commercial banking and/or investment banking transactions with PepsiCo and its affiliates. PepsiCo, Inc. announced that effective May 24, 2024, the company terminated the $4,200,000,000 five year unsecured revolving credit agreement, dated as of May 26, 2023, among PepsiCo, as borrower, the lenders party thereto, and Citibank, N.A., as administrative agent (the ?2023 Five Year Credit Agreement?).
There were no outstanding borrowings under the 2023 Five Year Credit Agreement at the time of its termination.
PepsiCo, Inc. is one of the worldwide leaders in producing non-alcoholic beverages and snacks. Net sales break down by area of activity as follows:
- North America (60.8%): sale of beverages (49.7% of net sales; sodas, concentrated juices, water, tea and coffee-based beverages; Aquafina, Diet Mountain Dew, Diet Pepsi, Gatorade, Gatorade Zero, Mountain Dew, Pepsi, Propel brands, etc.), snacks (44.7%; chips, tortillas and pretzels; Lay's, Doritos, Tostitos, Cheetos, Fritos, Ruffles, etc.), and cereals (5.6%; ready-to-eat cereals, rice, wheat, etc.);
- Europe (14.5%): sale of snacks (Cheetos, Chipita, Doritos, Lay's, Ruffles and Walkers brands) and beverages (7UP, Diet Pepsi, Lubimy Sad, Mirinda, Pepsi and Pepsi Max);
- Latin America (12.7%): sales of snacks (Cheetos, Doritos, Emperador, Lay's, Mabel, Marias Gamesa, Ruffles, Sabritas, Saladitas and Tostitos brands) and beverages (7UP, Gatorade, H2oh!, Manzanita Sol, Mirinda, Pepsi, Pepsi Black, San Carlos and Toddy)
- Asia/Pacific/Australia/New Zealand (6.7%): sale of snacks (BaiCaoWei, Cheetos, Doritos, Lay's and Smith's brands), beverages and syrups (7UP, Aquafina, Mirinda, Mountain Dew, Pepsi and Sting);
- Africa/Middle East/South Asia (5.3%): sale of snacks (Chipsy, Doritos, Kurkure, Lay's, Sasko, Spekko and White Star brands) and beverages (7UP, Aquafina, Mirinda, Mountain Dew and Pepsi).
Net sales are distributed geographically as follows: the United States (57%), Mexico (7.7%), Canada (4.1%), Russia (3.9%), China (3%), the United Kingdom (2.1%), Brazil (1.9%), South Africa (1.9%) and other (18.4%).
PepsiCo, Inc. Enters into $5,000,000,000 Five Year Unsecured Revolving Credit Agreement and Announces Termination of $4,200,000,000 Five Year Unsecured Revolving Credit Agreement
PEPSICO, INC. 
