Pepsi 2015 Annual Report Download - page 126
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Table of Contents
109
In 2015, we issued the following senior notes:
Interest Rate Maturity Date Amount
Floating rate April 2018 $ 250
1.250% April 2018 500
1.850% April 2020 750
2.750% April 2025 1,000
Floating rate July 2017 600
1.125% July 2017 650
3.100% July 2022 800
3.500% July 2025 700
4.600% July 2045 500
Floating rate October 2017 700
1.000% October 2017 450
2.150% October 2020 1,100
4.450% April 2046 750
$ 8,750 (a)
(a) Represents gross proceeds from issuances of long-term debt excluding debt issuance costs and discounts.
The net proceeds from the issuances of the above notes were used for general corporate purposes, including
the repayment of commercial paper.
In 2015, we entered into a new five-year unsecured revolving credit agreement (Five-Year Credit Agreement)
which expires on June 8, 2020. The Five-Year Credit Agreement enables us and our borrowing subsidiaries
to borrow up to $3.7225 billion, subject to customary terms and conditions. We may request that commitments
under this agreement be increased up to $4.5 billion. Additionally, we may, once a year, request renewal of
the agreement for an additional one-year period.
Also, in 2015, we entered into a new 364-day unsecured revolving credit agreement (364-Day Credit
Agreement) which expires on June 6, 2016. The 364-Day Credit Agreement enables us and our borrowing
subsidiaries to borrow up to $3.7225 billion, subject to customary terms and conditions. We may request that
commitments under this agreement be increased up to $4.5 billion. We may request renewal of this facility
for an additional 364-day period or convert any amounts outstanding into a term loan for a period of up to
one year, which would mature no later than the anniversary of the then effective termination date. The Five-
Year Credit Agreement and the 364-Day Credit Agreement together replaced our $3.7725 billion five-year
credit agreement dated as of June 9, 2014 and our $3.7725 billion 364-day credit agreement dated as of June
9, 2014. Funds borrowed under the Five-Year Credit Agreement and the 364-Day Credit Agreement may be
used for general corporate purposes. Subject to certain conditions, we may borrow, prepay and reborrow
amounts under these agreements. As of December 26, 2015, there were no outstanding borrowings under
the Five-Year Credit Agreement or the 364-Day Credit Agreement.
In addition, as of December 26, 2015, our international debt of $193 million was related to borrowings from
external parties including various lines of credit. These lines of credit are subject to normal banking terms
and conditions and are fully committed at least to the extent of our borrowings.