US: PepsiCo refinances debt
PepsiCo has commenced a cash tender offer
PepsiCo has commenced a cash tender offer in order to refinance a portion of its debt.
The offer, for 7.9% of notes due 2018, consists of an offer to purchase up to US$500m aggregate principal amount of the notes, PespiCo said yesterday (19 October).
The amount being tendered for represents around 25% of the outstanding principal amount of the notes subject to the offer.
It is scheduled to expire at 23:59, US Eastern Time, on 16 November unless extended or terminated.
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