Davis Polk & Wardwell LLP advised PepsiCo, Inc. on its registered offering of $1.25 billion aggregate principal amount of floating-rate notes due 2011, $1 billion aggregate principal amount of 3.1% senior notes due 2015, $1 billion aggregate principal amount of 4.5% senior notes due 2020 and $1 billion aggregate principal amount of 5.5% senior notes due 2040. Banc of America Securities LLC, Citigroup Global Markets Inc., RBS Securities Inc., BNP Paribas Securities Corp., HSBC Securities (USA) Inc. and UBS Securities LLC acted as joint book-running managers for the offering.

PepsiCo is one of the world's largest food and beverage companies, with 2008 annual revenues of more than $43 billion. The company employs approximately 198,000 people worldwide, and its products are sold in approximately 200 countries. Its principal businesses include: Frito-Lay snacks, Pepsi-Cola beverages, Gatorade sports drinks, Tropicana juices and Quaker foods. The PepsiCo portfolio includes 18 brands that generate $1 billion or more each in annual retail sales.

The Davis Polk team included partner Joseph A. Hall and associates Tabea Y. Hsi, John T. Rudy and Joel Pulliam. Partners Mario J. Verdolini and Rachel D. Kleinberg and associate Craig A. Phillips provided tax advice. All members of the Davis Polk team are based in the New York office, except for Ms. Kleinberg who is based in the Menlo Park office.