Davis Polk & Wardwell advised PepsiCo, Inc. on its registered offering of $2 billion aggregate principal amount of 7.90% senior notes due 2018. Merrill Lynch, Pierce, Fenner & Smith Incorporated, Morgan Stanley & Co. Incorporated, UBS Securities LLC and The Williams Capital Group, L.P. acted as joint book-running managers for the offering.

PepsiCo is a leading global snack and beverage company. It manufactures, markets and sells a variety of salty, convenient, sweet and grain-based snacks, carbonated and non-carbonated beverages and foods in approximately 200 countries, with its largest operations in the United States, Canada, Mexico and the United Kingdom.

The Davis Polk team included partner Joseph A. Hall and associates Tom C.W. Lin and Lisa Gisele Robinson. Partner Avishai Shachar and associate Craig A. Phillips provided tax advice. All members of the Davis Polk team are based in the New York office.