PepsiCo, Inc. Terminates the $3,750,000,000 364-Day Unsecured Revolving Credit Agreement, Dated as of June 1, 2020
May 28, 2021 at 04:31 pm EDT
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Effective May 28, 2021, PepsiCo, Inc. terminated the $3,750,000,000 364-day unsecured revolving credit agreement, dated as of June 1, 2020, among PepsiCo, as borrower, the lenders party thereto, and Citibank, N.A., as administrative agent. There were no outstanding borrowings under the 2020 364-Day Credit Agreement at the time of its termination. On May 28, 2021, PepsiCo entered into a new $3,750,000,000 364-day unsecured revolving credit agreement (the “2021 364-Day Credit Agreement”) among PepsiCo, as borrower, the lenders party thereto, and Citibank, N.A., as administrative agent. The 2021 364-Day Credit Agreement enables PepsiCo and its borrowing subsidiaries to borrow up to $3,750,000,000 in U.S. Dollars and/or Euros, subject to customary terms and conditions, and expires on May 27, 2022. PepsiCo may also, upon the agreement of either the then existing lenders or of additional banks not currently party to the 2021 364-Day Credit Agreement, increase the commitments under the 2021 364-Day Credit Agreement to up to $4,500,000,000 in U.S. Dollars and/or Euros. PepsiCo may request renewal of the 2021 364-Day Credit Agreement for an additional 364-day period or convert any amounts outstanding into a term loan for a period of up to one year, which term loan would mature no later than the anniversary of the then effective termination date. Subject to certain conditions stated in the 2021 364-Day Credit Agreement, PepsiCo and its borrowing subsidiaries may borrow, prepay and reborrow amounts under the 2021 364-Day Credit Agreement at any time during the term of the 2021 364-Day Credit Agreement. Funds borrowed under the 2021 364-Day Credit Agreement may be used for general corporate purposes of PepsiCo and its subsidiaries. The 2021 364-Day Credit Agreement contains customary representations and warranties and events of default. In the ordinary course of their respective businesses, the lenders under the 2021 364-Day 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. 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. 
