Cases & Deals

Deutsche Bank, J.P. Morgan, and Merrill Lynch act as dealer managers in $2 billion exchange and tender offers by PepsiCo

Clients Deutsche Bank Securities Inc., J.P. Morgan Securities LLC, and Merrill Lynch, Pierce, Fenner & Smith Incorporated

Jones Day represented Deutsche Bank Securities Inc., J.P. Morgan Securities LLC, and Merrill Lynch, Pierce, Fenner & Smith Incorporated, as dealer managers, in connection with offers by PepsiCo, Inc. (Pepsi), a world leader in convenient snacks, foods, and beverages, (a) to purchase for cash $100 million of 7.29% Senior Notes due 2026, $25 million of 7.44% Senior Notes due 2026, $1 billion of 7.00% Senior Notes due 2029 and $250 million of 5.50% Senior Notes due 2035 (together, the “Metro Notes”), all of which are obligations of Pepsi-Cola Metropolitan Bottling Company, Inc., a subsidiary of Pepsi, and $750 million of 4.875% Senior Notes due 2040 and $1 billion of 5.50% Senior Notes due 2040, both issued by Pepsi, and (b) to exchange the Metro Notes for unregistered senior notes issued by Pepsi with substantially similar terms. Additionally, Pepsi conducted a consent solicitation to amend the indentures governing the Metro Notes.

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