Shearman And Sterling

News May 28, 2021

PepsiCo $7.5 Billion Unsecured Revolving Credit Facilities

Shearman & Sterling advised Citibank, N.A., as Administrative Agent, on a $7.5 billion financing for PepsiCo, Inc. consisting of a $3.75 billion five-year revolving credit facility and a $3.75 billion 364-day revolving credit facility, in each case, to finance general corporate purposes. The new 364-day revolver’s size can be increased up to $4.5bn and its maturity may be extended by an additional 364 days. The five-year revolver’s size may also be increased up to $4.5bn and, once a year, the company may request a one-year extension period.

PepsiCo, Inc. operates as a food and beverage company worldwide. The company operates through seven segments: Frito-Lay North America; Quaker Foods North America; PepsiCo Beverages North America; Latin America; Europe; Africa, Middle East and South Asia; and Asia Pacific, Australia and New Zealand and China Region. It offers branded dips, cheese-flavored snacks, and tortillas, as well as corn, potato, and tortilla chips; cereals, rice, pasta, mixes and syrups, granola bars, grits, oatmeal, rice cakes, simply granola, and side dishes; beverage concentrates, fountain syrups, and finished goods; ready-to-drink tea, coffee, and juices; and dairy products.

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