PRICING SUPPLEMENT NUMBER 23 Filed Under Rule
(To Prospectus dated January 11, 1995) 424(b)(2) and 424(c)
CUSIP 71345L DJ-4 File No. 33-57181
$25,000,000
PEPSICO, INC.
7.00% Callable Debt Securities Due September 29, 2010
Interest Payable Monthly
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Underwriter: Lehman Brothers Inc.
Initial Offering Price: 100.00%
Underwriter's Discount: 0.00%
Currency: U. S. Dollars
Date of Issue: September 29, 1995
Issuance form: Book entry
Scheduled Maturity Date: September 29, 2010
Coupon: 7.00% per annum
Day count basis: 30/360
Interest Accrual Date: September 29, 1995, or the most recent date for
which interest has been paid or provided for, as the case may be.
Interest will accrue from each Interest Accrual Date to but excluding the
next succeeding Interest Payment Date.
Interest Payment Dates: Monthly on the 29th of each month, commencing
October 29, 1995, and ending on the Scheduled Maturity Date or an earlier
Optional Redemption Date.
Principal Payment Dates: Scheduled Maturity Date, or an earlier Optional
Redemption Date.
Business Days: New York
Calculation Agent: PepsiCo, Inc.
Optional Redemption Dates: The 7.00% Callable Debt Securities Due
September 29, 2010 may be redeemed, in whole but not in
part, at the option of PepsiCo, at 100% of the principal amount
thereof, plus accrued interest to the date of such redemption, on
September 29, 1997, and semiannually thereafter on each September 29th
and March 29th, upon 15 days' written notice by PepsiCo to the holders
of such Notes.
Option to elect prepayment: None
Sinking fund: Not applicable
Settlement Date: September 29, 1995
The 7.00% Callable Debt Securities Due September 29, 2010 will be
purchased by the Underwriter at 100.00% of their principal amount (the
"Initial Offering Price"). The Underwriter has advised PepsiCo that it
intends to offer all or part of the 7.00% Callable Debt Securities Due
September 29, 2010 directly to the public initially at the Initial
Offering Price of such Debt Securities. After the 7.00% Callable Debt
Securities Due September 29, 2010 are released for sale to the public,
the offering price and other selling terms may from time to time be
varied by the Underwriter.
For U.S. federal income tax purposes, the 7.00% Callable Debt
Securities Due September 29, 2010 will be treated as Fixed Rate Debt
Securities, issued without OID. This treatment is consistent with the
applicable provisions of the Internal Revenue Code of 1986, as amended,
and the final OID regulations, which are generally effective for debt
instruments issued on or after April 4, 1994.
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Lehman Brothers Inc.
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September 22, 1995
