Davis Polk advised PepsiCo, Inc. on its registered offering of $750 million aggregate principal amount of floating-rate notes due 2013 and $1 billion aggregate principal amount of 2.5% senior notes due 2016. Citigroup Global Markets Inc., Merrill Lynch, Pierce, Fenner & Smith Incorporated and RBS Securities Inc. acted as joint book-running managers for the offering.

PepsiCo is a leading global food, snack and beverage company, with 2010 annual revenues of more than $57 billion. Either independently or through contract manufacturers, PepsiCo makes, markets and sells oat, rice and grain-based foods, as well as carbonated and non-carbonated beverages, in over 200 countries. Its largest operations are in the United States, Canada, Mexico, Russia and the United Kingdom.

The Davis Polk team included partner Joseph A. Hall and associates Sarah Ashfaq and Kristen L. Haase. Partners Avishai Shachar and Mario J. Verdolini and associates Craig A. Phillips and William A. Curran provided tax advice. Jack S. Keating was the legal assistant on the transaction. All members of the Davis Polk team are based in the New York office.