Davis Polk & Wardwell LLP advised PepsiCo, Inc. on its registered offering of $500 million aggregate principal amount of 0.875% senior notes due 2013, $1 billion aggregate principal amount of 3.125% senior notes due 2020 and $750 million aggregate principal amount of 4.875% senior notes due 2040. J.P. Morgan Securities LLC, BNP Paribas Securities Corp. and UBS Securities LLC acted as joint book-running managers for the offering.

Davis Polk is also advising PepsiCo in connection with its tender offer to purchase up to $500 million aggregate principal amount of its 7.90% notes due 2018. J.P. Morgan Securities LLC and RBS Securities Inc. are the dealer managers in connection with the tender offer.

PepsiCo is a leading global food, snack and beverage company, with 2009 annual revenues of more than $43 billion. Either independently or through contract manufacturers, PepsiCo makes, markets and sells oat, rice and grain-based snacks, as well as carbonated and non-carbonated beverages, in over 200 countries. Its largest operations are in the United States, Canada, Mexico and the United Kingdom.

The Davis Polk team includes partner Joseph A. Hall and associates Yue (Mark) Li and Daying Zhang. Partner Avishai Shachar and associates Craig A. Phillips and Juelle Gomes are providing tax advice. Jack S. Keating is the legal assistant on the transaction. All members of the Davis Polk team are based in the New York office.