Pepsico Inc 8-K, filed Dec 12, 2022
Pepsico Inc (PEP)
About this 8-K
Pepsico Inc filed this 8-K on December 12, 2022.
Items reported
- Item 7.01: Regulation FD disclosure
- Item 9.01: Financial statements and exhibits
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
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FORM
CURRENT REPORT
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Item 7.01. Regulation FD Disclosure.
On December 12, 2022, PepsiCo, Inc. (“PepsiCo”) irrevocably deposited with The Bank of New York Mellon, as Trustee (the “Trustee”), cash and/or U.S. government securities in an aggregate amount sufficient to pay the principal and interest on each Note listed below (each, a “Note,” and collectively, the “Notes”), which Notes were originally issued by The Quaker Oats Company, on the date that such principal and interest is due and payable, in order to defease the issuer’s obligations under the Indenture referred to below with respect to each Note.
| Title of Notes | CUSIP | Maturity | ||
| 6.79% Notes due 2023 | 74740FEV4 | 09/01/2023 | ||
| 6.80% Notes due 2023 | 74740FEW2 | 09/01/2023 | ||
| 6.81% Notes due 2023 | 74740FEX0 | 09/01/2023 | ||
| 6.96% Notes due 2024 | 74740FFD3 | 01/18/2024 | ||
| 6.89% Notes due 2024 | 74740FFF8 | 02/08/2024 | ||
| 7.47% Notes due 2024 | 747402AD7 | 03/14/2024 | ||
| 7.77% Notes due 2025 | 74740FFP6 | 05/12/2025 | ||
| 7.77% Notes due 2025 | 747402AH8 | 05/12/2025 | ||
| 7.44% Notes due 2026 | 74740FGL4 | 03/02/2026 | ||
| 7.45% Notes due 2026 | 74740FGM2 | 03/02/2026 |
Pursuant to the terms of the Indenture, PepsiCo will be deemed to have paid and discharged the entire indebtedness on all the Notes on April 12, 2023, and the provisions of the Indenture shall no longer be in effect with respect to such Notes, except as to certain provisions set forth under the Indenture (the “Defeasance”).
The Notes were issued under the indenture dated as of May 1, 1989 (the “Original Indenture”) by and between The Quaker Oats Company and The First National Bank of Chicago, as trustee, as supplemented by the first supplemental indenture dated as of January 11, 2005 (together with the Original Indenture, the “Indenture”), by and between PepsiCo and J.P. Morgan Trust Company, National Association, as trustee, to whom the Trustee succeeded in interest.
Certain United States Federal Income Tax Considerations
PepsiCo expects that the Defeasance will be treated as a taxable exchange of the Notes for U.S. federal income tax purposes. Holders of Notes are urged to consult their tax advisors as to the specific consequences of the Defeasance to them.
* * *
The information in this Item 7.01 is being furnished and shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that Section and shall not be incorporated by reference into any registration statement or other document pursuant to the Securities Act of 1933, as amended, except as otherwise expressly stated in such filing.
Item 9.01. Financial Statements and Exhibits.
| (d) Exhibits | |
| 104 | The cover page from this Current Report on Form 8-K, formatted in Inline XBRL. |
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Date: December 12, 2022 |
PepsiCo, Inc. | ||
| By: |
/s/ Cynthia A. Nastanski | ||
| Name: | Cynthia A. Nastanski | ||
| Title: | Senior Vice President, Corporate Law and Deputy Corporate Secretary | ||
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