$PEP · PepsiCo, Inc.

PepsiCo, Inc. announced the pricing of two euro-denominated senior note offerings totaling €1 billion on October 9, 2026. The company priced €500 million of 3.750% senior notes due October 16, 2029 at 99.953% of principal amount for a reoffer yield of 3.767%, and €500 million of 4.250% senior notes due October 16, 2035 at 99.824% of principal amount for a reoffer yield of 4.274%. Interest on both series will be paid annually in arrears each October 16, beginning October 16, 2027, and settlement is expected on October 16, 2026.

The notes carry ratings of A+ from S&P and A1 from Moody’s, both with stable outlooks. PepsiCo may redeem the notes prior to specified dates at a make-whole price tied to a comparable government bond rate plus either 10 or 15 basis points, and at par on or after those dates. The issuer also has the right to redeem all of the notes at par upon certain U.S. tax law changes. Payments will be made in euros, with a U.S. dollar fallback under specified circumstances.

Net proceeds before expenses are approximately €498.6 million and €497 million, respectively. PepsiCo intends to use the net proceeds for general corporate purposes, including the repayment of commercial paper. The company plans to list the notes on the Nasdaq Bond Exchange.