Pepsi Said to Plan Benchmark Bond Deal With Floating-Rate NotesCharles Mead
PepsiCo Inc. plans to sell bonds in a benchmark offering that may include floating-rate debt.
The world’s largest snack-food maker may issue three-year notes with a coupon linked to the London interbank offered rate, fixed-rate debt with a similar maturity, or a combination of the two, according to a person familiar with the transaction. The offering may also include 10-year bonds, said the person, who asked not to be identified, citing lack of authorization to speak publicly.
Proceeds will be used for general corporate purposes, the Purchase, New York-based company said today in a regulatory filing. Libor, the rate at which banks say they can borrow from one another, is the standard for about $360 trillion of financial products. Benchmark offerings are typically at least $500 million.