US: PepsiCo rejigs credit lines
PepsiCo secures new credit facility
PepsiCo has secured a new credit facility, providing the soft drinks giant with access to up to US$3.5bn.
PepsiCo said yesterday (15 June) that it has secured a $2.875bn four-year, unsecured revolving credit facility. It also has an option to raise this to $3.5bn at any point during the period. In addition, the soft drinks group may extend the deal for an extra year.
If it doesn't, the new facility will expire in June 2015.
At the same time as announcing the new financing, PepsiCo said that it has terminated a $2.575bn credit facility that it signed up to on 16 June 2010. The soft drinks maker said that it has also terminated a $2bn five-year credit agreement that began on 22 May 2006.
Meanwhile, a subsidiary of PepsiCo, the Pepsi-Cola Metropolitan Bottling Company, has terminated a $1.08bn credit agreement that began in 2001.
PepsiCo said of its new deal: "Funds borrowed under the Four-Year Credit Agreement may be used for general corporate purposes of PepsiCo and its subsidiaries, including but not limited to repayment of outstanding commercial paper issued by PepsiCo or its subsidiaries, working capital, capital investments and acquisitions."
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